Realty developers Prestige Group, RC Group and Valor Estate are in advanced state of talks to undertake one of the largest cluster redevelopment projects of public housing colonies in Mumbai, Maharashtra.

The project involves redevelopment of 19 housing societies spread over four acres in Bandra locality, and is estimated to have a gross development value (GDV) of Rs 7,000 crore. As per the terms of the tripartite agreement expected to be signed soon, Prestige Group will drive the project, taking charge of designing, financing and constructing the redevelopment to deliver modern residential complexes.

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.

Once the agreement is concluded, the joint entity will apply for the floor space index (FSI) from the housing body MHADA.

The project’s construction is set to commence in Q1 of 2025-26, with completion targeted to be within four years after the agreement gets signed.