Prestige Estates pushes ₹1,000 cr mall in Mulund

Prestige Estates Projects in a newest move has jointly planned to develop a 1 million sq ft mall in Mulund suburb of Mumbai at an investment worth ₹1,000 crore, said sources elaborating that the Bangalore-based company is currently negotiating to enter into a partnership with Mumbai's Nirmal Lifestyle on this score. In the partnership Prestige will pay 50% upfront to Nirmal, while the balance amount will be invested in the project. The deal is being discussed right now and the numbers may change slightly depending on the final terms being offered and agreed upon. The asset is likely to be valued at around ₹1,800 crore. As a matter of fact, Prestige Estates Projects has been looking to acquire malls across major cities to expand its rental income base. The company has 48 million sq.ft of upcoming projects across assets classes and holds a land bank of 424 acres with potential developable area of over 42 million sq.ft. On the other hand, Nirmal Lifestyle has been looking to monetize its land parcels on Mulund's LBS Marg and is keen on a joint development pact, which would help the company get future revenues apart from an upfront payment.