Prestige Group sees Rs 1300 crore worth booking in its Marine Lines project

29 Apr 2024 , 05:38 PM

Prestige Group has received bookings worth  ₹1300 Crore at its Prestige Ocean project at Marine Lines in Mumbai.

Scattered on a 2-acre area, the Prestige Ocean  at Marine Lines offer views of both the Arabian Sea and the Queen's Necklace. The development consists of two buildings housing 169 canvas homes.

CMD of Prestige Group Irfan Razack stated, "This will be one of the most iconic luxury developments in the country and encourages us to launch the remaining inventory at Prestige Ocean Towers sooner than we anticipated."

Prestige Ocean Towers has a 4.62 lac sq. ft. carpet area that can be developed, and its projected revenue potential is ₹4,100 Crore. Prestige Group pre-launched 75 of these, with a potential value of ₹1700 Crore; of these, more than 70% had been sold.

“This property embodies opulence, serenity and an unparalleled living experience in Mumbai as we bring a legacy of excellence to the city of dreams, creating homes that resonate with elegance,” said Tariq Ahmed, CEO of West Prestige Group.

Norman Foster Architecture, Hafeez Contractor, and HBA London created the proposed property to satisfy the discriminating tastes of people looking for the best in life.

In just two years since entering the Mumbai real estate market, the Prestige Group has sold properties valued at close to ₹6,000 Crore in a variety of locations, including Prestige City in Mulund, Prestige Jasdan Classic in Mahalaxmi, Prestige Daffodils in Bandra, and Prestige Ocean Towers in Marine Lines.

In order to increase the amount of residential and commercial properties it owns in Mumbai, the company intends to purchase additional prime land parcels in BKC and Mahalaxmi in the upcoming quarters.

The Prestige Group has finished 300 projects totaling 190 million square feet of developable space. The company has an ICRA A+ credit rating and has been assigned a CRISIL DA1+ grade.

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