Prestige Estates Projects Ltd has teamed up with Valor Group to jointly develop a ₹4,500 crore office complex in Mumbai.
According to a regulatory filing made on Thursday, Prestige Estates announced that it has signed a framework agreement with Valor Estate Ltd and its wholly owned subsidiaries to co-develop a project on land measuring a total of 21,978.22 square metres in Andheri West, Mumbai.
The upcoming development will offer a total leasable area of 1.5 million square feet and will have a Gross Development Value (GDV) of approximately ₹4,500 crore.
Under the terms of the agreement, Prestige Estates and Valor Group will each hold a 50% economic stake in the project.
“The company and Valor Group shall jointly develop an approximately 1.50 million sq. ft. leasable area commercial office complex on a 50:50 joint venture basis,” Prestige Estates said.
Prestige Estates will inject ₹504 crore into the special purpose vehicle (SPV) that will execute the project’s development.
The strategic partnership between Prestige Estates and Valor Group marks a significant move in Mumbai’s commercial real estate market. Furthermore, the developers are investing ₹4,500 crore and sharing equal ownership to transform the upcoming office complex in Andheri West into a landmark development.
Moreover, Prestige Estates’ infusion of ₹504 crore into the SPV underscores its strong commitment to the project, which is expected to deliver 1.5 million sq ft of premium leasable space. This collaboration not only strengthens both companies’ presence in the city but also reflects growing investor confidence in high-value commercial infrastructure.
