Prestige Estates Projects has announced a partnership with Valor Group to co-develop a high-value commercial office complex in Mumbai, Maharashtra. Both companies have signed a framework agreement to jointly develop a project across 21,978.22 sq. mtrs. of land in Andheri West locality of the city.

The project is expected to have a total leasable area of 1.5 million sq. ft., and a gross development value (GDV) of approx. Rs 4,500 crore. Under the terms of the agreement, Prestige Estates and Valor Group will each hold a 50 percent economic interest in the venture. The development will be undertaken through a special purpose vehicle (SPV), into which Prestige Estates will invest Rs 504 crore.

The collaboration marks a significant step for both firms in expanding their commercial real estate footprint in Mumbai. Prestige Estates, headquartered in Bengaluru, is a boasts a diversified portfolio across residential, commercial, retail, and hospitality segments.