Is it true that the Prestige group of Bengaluru is planning to make a real estate foray in Mumbai?

The highly reputed real estate company in South India, Prestige Estates owned by Irfan Razack may look at a Mumbai foray. As per initial plans laid out by the group, it may look at an outlay of Rs7,500 crore or approximately $1 billion over the next 4-5 years to bankroll its Mumbai expansion plans. Prestige has till date, delivered over 250 projects in South India, both on the residential housing front and commercial projects front.

However, the missing link was that Prestige had limited presence in the North. Now it is planning a foray into the lucrative Mumbai market with plans to develop 16 million SFT across 6 key projects. Out of the 6 projects under consideration, two will be commercial projects in BKC and Mahalakshmi. It has also tied up with Balwa group of Mumbai for select franchises. Indian realty sector is seeing a smart recovery in demand.