Overview: Prestige Enters Sahar with a Landmark Mixed-Use Development
Prestige Estates Projects Ltd has formalised its entry into Mumbai's airport-adjacent Sahar micro-market through a strategic joint venture. Advent Hotels International has formalised a strategic 50:50 joint venture with Prestige Estates Projects Ltd to develop a marquee hospitality-led project in Sahar, Mumbai, with Prestige acquiring a 50% equity stake in Advent's Special Purpose Vehicle, ACHIL, for a cash consideration of ₹504 crore.
The development is planned on a substantial land parcel in one of Mumbai's most sought-after airport-facing corridors. The project at Andheri East covers 1.5 million square feet of leasable area, carries a gross development value of $474.3 million, and sits on land measuring 21,978 square metres. This translates to roughly 5.4 acres of prime, high-barrier-to-entry land that has historically been reserved for airport hospitality assets.
The Sahar address itself is undergoing a transformation. The Sahar/Andheri East micro-market is evolving from a pure-play airport hospitality zone into a premium integrated commercial hub. Andheri East and the Sahar micro-market is emerging as a secondary commercial hub attracting mid-size IT, logistics, and e-commerce tenants, and is increasingly popular as an affordable Grade-A office alternative to BKC.
While the project is at an early, pre-RERA acquisition stage, its scale and positioning are already clear. Based on Prestige's execution track record and Sahar's evolving commercial landscape, the project is expected to emerge as a premium integrated hospitality-office complex, with the 1.5 million square feet of leasable space suggesting a configuration of roughly 400-600 hotel rooms, 300,000-400,000 square feet of Grade-A office space, and 200,000-300,000 square feet of F&B, retail and convention facilities. Completion is expected around 2028.
