Valor, Prestige Estates To Build ₹45 Billion Commercial Project In Mumbai

Valor Estate Ltd. and Prestige Estates Projects Ltd. will jointly develop a 1.50 million square feet commercial office complex in Mumbai through a special purpose vehicle, the companies said in exchange filings on Thursday.

The project, valued at around ₹45 billion, will come up on land located in Sahar Village, Andheri, owned by Esteem Properties Pvt. Ltd., a subsidiary of Valor Estate.

Under the 50:50 joint venture, Prestige Estates will invest ₹5 billion in the special purpose vehicle after meeting certain conditions and will hold equal economic and voting rights. The partners plan to construct one or more commercial buildings on the site.