Prestige Estates Seals ₹504 Crore JV to Reshape Andheri’s Skyline

In a strategic move to scale its commercial real estate portfolio, Bengaluru-based developer Prestige Estates Projects has acquired a 50 percent stake in Advent Convention and Hotels International (ACHIL) for Rs 504 crore.

Under the new investment agreement, the two entities will jointly develop a prime 21,978.22 sq. mtrs. land parcel in Andheri East, Mumbai. The planned commercial development features an estimated 1.50 million square feet of leasable area, with a projected Gross Development Value (GDV) of Rs 4,500 crore. The acquisition significantly strengthens Prestige’s foothold in India's financial capital, aligning with its aggressive expansion across the office, retail, residential, and hospitality segments.

As one of India’s premier real estate developers, Prestige Estates has delivered 313 projects encompassing 206 million sq. ft. to date. The company currently holds a robust pipeline of 128 upcoming projects totaling 195 million sq. ft.

News by Rahul Yelligetti.