Prestige Estates launches phase 2 of Mulund project with ₹2,200 crore GDV

Realty firm Prestige Estates Projects Ltd on Tuesday (June 30) launched Phase 2 of Prestige Forest Hills at The Prestige City, Mulund, Mumbai, with an estimated gross development value (GDV) of ₹2,200 crore.

The phase comprises Towers C (in part) and Tower D, and is located at the foothills of Yogi Hills in Mulund West, offering forest-facing views along with connectivity to key business districts, social infrastructure, and transport corridors across Mumbai.

Phase 2 includes 500 premium residences, consisting of 3 and 4-bedroom apartments with expansive decks. Apartment sizes range from 946 square feet to 2,643 square feet RERA carpet area, with starting ticket sizes of approximately ₹2.73 crore. The total development spans about 1.7 million square feet of developable area.

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Prestige Forest Hills forms part of the landmark The Prestige City, Mulund, a large integrated township spread across approximately 32 acres, featuring premium residential developments, proposed retail, commercial, educational, healthcare, and social infrastructure.

The company had launched Phase 1 of Prestige Forest Hills, comprising Towers A & B, in August 2024. Prestige Forest Hills is spread across approximately 6.5 acres and comprises four high-rise towers complemented by an expansive podium featuring over 50 lifestyle amenities, thoughtfully curated to offer a holistic living experience amidst lush green surroundings.

This month, speaking to CNBC-TV18, Prestige Group Chairman and Managing Director Irfan Razack said real estate demand never really weakened, though easing geopolitical tensions could provide an additional boost to the sector.

According to Razack, the biggest risk to achieving sales targets is not demand but delays in regulatory approvals that can push back launches.

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Prestige Estates Projects is targeting ₹36,000 crore of residential sales this year, 2026-27 (FY27), after clocking ₹30,000 crore last year, 2025-26 (FY26), supported by a large pipeline of launches across five major cities.

He said the fears around rising costs and slowing demand have largely disappeared now. Lower oil prices are also expected to reduce pressure on construction costs and improve customer confidence.

Razack pointed to the company's recent launch of Golden Grove in Hyderabad, which did well, as evidence that buyers remained active even during the conflict.

The developer expects growth to continue. Prestige has more than ₹60,000 crore worth of projects lined up across Mumbai, Bengaluru, Hyderabad, the Capital Region (NCR) and Chennai.

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Shares of Prestige Estates Projects Limited ended at ₹1,559.50, up by ₹20.50, or 1.33%, on the BSE.