Bangalore-based Prestige Group to Lead INR 7000 Crore Housing Redevelopment in Bandra

Massive Revamp in Bandra’s Housing Sector

Prestige Group, in collaboration with RC Group and Valor Estate, is set to undertake a ₹7,000 crore redevelopment project in Bandra, Mumbai. The initiative aims to transform 19 housing societies spanning four acres into modern residential complexes, marking one of the city’s largest cluster redevelopment projects.

Key Roles of Stakeholders

As the lead developer, Prestige Group will oversee the design, financing, and construction phases of the project. RC Group and Valor Estate will focus on regulatory clearances and smooth stakeholder coordination to ensure successful execution.

Timelines and Regulatory Approvals

The project is scheduled to commence construction in the first quarter of 2025-26, pending approval of floor space index (FSI) from MHADA. The redevelopment is expected to be completed within four years of the agreement being finalized.

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A Model for Urban Renewal

Experts view this project as a blueprint for large-scale urban renewal in Mumbai. With over 104 MHADA colonies identified as suitable for redevelopment, the city stands to unlock a market potential exceeding ₹1 lakh crore, driving economic growth and urban modernization.

The Role of Redevelopment in Mumbai's Real Estate Market

Redevelopment remains a critical aspect of Mumbai’s property market, addressing challenges like space constraints, aging infrastructure, and rising demand for modern housing. By revamping dilapidated buildings and chawls, such initiatives offer residents improved living conditions and upgraded amenities.

Government Policies Supporting Redevelopment

Maharashtra’s pro-redevelopment policies, including increased FSI and developer incentives, have played a pivotal role in encouraging projects like this. These efforts not only modernize the city’s housing stock but also contribute to sustainable urban growth, benefiting both residents and developers.

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