Real estate developer Prestige Group has invested Rs 704 crore in a 2.3-acre land parcel in Marine Lines, Mumbai. The land was bought from Marine Drive Hospitality and Realty (MDHRPL), a subsidiary of DB Realty, mentioned documents accessed by CRE Matrix, a real estate data analytics firm.
The Prestige Group paid a stamp duty of Rs 42.24 crore for this transaction. The registration was done on April 18, 2023.
As part of this deal, the Prestige Group was repaid Rs 625 crore and Rs 35 crore was repaid to RARE Asset Reconstruction that facilitated financial facilities to MDHRPL. The MDHRPL was paid Rs 44 crore.
Media reports mention that Tariq Ahmed, CEO, West India, Prestige Group, said, “The Prestige Group will soon be launching two majestic towers with uber luxury four bed residences. These residences will have unstinted views of the Queen’s necklace and the Arabian Sea. With this, the Prestige group will further expand its presence in Mumbai’s luxury space.”
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