Joint Venture29 May 2025, 09:11 pm
Prestige Estates Projects Ltd Enters 50:50 Joint Venture with Valor Estate Limited for Commercial Project in Mumbai
AI Summary
Prestige Estates Projects Limited has entered into a framework agreement with Valor Estate Limited, Esteem Properties Private Limited, and Advent Hotels International Private Limited for jointly developing a commercial project in Mumbai. The project, which will be developed through a Special Purpose Vehicle (SPV), will have a total leasable area of approx. 1.50 million sq. ft. and a Gross Development Value of approx. Rs. 4,500 Crores. Both Valor and Prestige Estates will have a 50% economic interest in the Project. The SPV will undertake the development of the Property under the applicable provisions of the Development Control and Promotion Regulations, 2034.
Key Highlights
- Prestige Estates Projects Limited has entered into a 50:50 joint venture with Valor Estate Limited, Esteem Properties Private Limited, and Advent Hotels International Private Limited for a commercial project in Mumbai.
- The project will have a total leasable area of approx. 1.50 million sq. ft. and a Gross Development Value of approx. Rs. 4,500 Crores.
- The joint venture will be developed through a Special Purpose Vehicle (SPV).
- Both Valor and Prestige Estates will have a 50% economic interest in the Project.
- The SPV will undertake the development of the Property under the applicable provisions of the Development Control and Promotion Regulations, 2034.