Prestige, Valor, RC Group in talks for Rs 7,000-cr public housing redevelopment deal
Prestige Group, RC Group and Valor Estate are in advanced talks to undertake one of the largest cluster redevelopment projects of public housing colonies in Mumbai, said people aware of the development.
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The project involves redevelopment of 19 housing societies spread over four acres in the city’s Bandra locality, and is estimated to have a gross development value (GDV) of Rs 7,000 crore, they said.
“As per the terms of the tripartite agreement to be inked soon, Prestige Group will drive the project, taking charge of designing, financing and constructing the redevelopment to deliver modern residential complexes,” said one of the persons cited earlier.
RC Group and Valor Estate will focus on facilitating the pact, securing regulatory approvals and managing the coordination between various stakeholders, ensuring the smooth execution of the project, the person said.
Another source said, “Once the agreement is concluded, the joint entity will apply for the floor space index that needs to be granted by the housing body MHADA. The project’s construction is set to commence in the first quarter of 2025-26, with completion targeted to be within four years after the agreement gets signed.”
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