The development will be undertaken via Aaramnagar Realty LLP, which holds development rights for a land parcel in Versova. The project spans around 6 acres and has a total development potential of approximately 1.7 million square feet (RERA area), with an estimated gross development value of over Rs 9,000 crore.

The proposed project is planned as a premium residential development, targeting rising demand in Mumbai’s western suburbs. Versova remains a key micro-market due to its strong social infrastructure, connectivity, and proximity to major commercial hubs.

The company said the move aligns with its strategy to expand in high-demand, supply-constrained urban markets. Mumbai continues to be a focus geography for Prestige as it looks to strengthen its presence in established residential clusters.

Prestige Group has a diversified real estate portfolio spanning residential, commercial, retail, hospitality, and integrated townships. As of December 2025, the group has delivered 313 projects covering 206 million square feet and has a pipeline of 128 projects spanning 195 million square feet.

The company's consolidated net profit surged over twelve-fold to Rs 222.6 crore in Q3 FY26, from Rs 17.7 crore recorded in Q3 FY25. Revenue from operations soared 134.06% YoY to Rs 3872.6 crore in Q3 FY26.