The transaction was executed through Prestige Mulund Realty Pvt Ltd, which acquired the property from Shamvik Glasstech Pvt Ltd and General Glass Company Pvt Ltd.
The deal was registered on July 16, with the buyer paying stamp duty of Rs 6.64 crore, according to property registration documents accessed through CRE Matrix, realty data analytics platform.
The acquired property comprises a 2.35-acre plot along with an existing built-up structure measuring 4,638.06 square metres. The transaction also includes 28 car parking spaces.
ET’s email query to Prestige Group remained unanswered.
The acquisition comes as the Bengaluru-based developer continues to expand its presence in the Mumbai Metropolitan Region through outright land purchases, redevelopment projects and joint development agreements. Mumbai has emerged as one of the company’s key growth markets as it looks to diversify beyond its stronghold in southern India.
Mulund has witnessed sustained interest from developers in recent years, driven by improving connectivity through the Eastern Express Highway, upcoming Metro corridors and limited availability of large, developable land parcels. The suburb has also seen steady demand from homebuyers, prompting developers to build a larger project pipeline in the micro-market.While details of the proposed development on the newly acquired site could not be immediately ascertained, the purchase underscores developers’ continued appetite for strategically located land parcels despite elevated acquisition costs.
Land transactions have gathered pace across Mumbai over the past year as developers seek to replenish project pipelines amid healthy residential sales. Outright acquisitions, joint ventures, and redevelopment deals have increasingly become part of developers’ growth strategies, particularly in established suburban markets.
Prestige Group has been among the more active national developers expanding in Mumbai, acquiring land parcels and entering redevelopment projects across the city. The latest acquisition is expected to further strengthen its portfolio in the eastern suburbs.