Prestige Estates to redevelop Shivshahi Society in Mumbai's Worli
Prestige Estates Projects has signed an agreement to undertake a housing society redevelopment project in Mumbai's Worli locality, with a revenue potential of nearly Rs 6,000 crore. The Shivshahi society redevelopment project involves 192 tenements across 3.3 acres of land. The project has been stalled for over a decade due to various issues with earlier developers. Prestige Estates has repaid a Rs 170 crore loan and will invest over Rs 578 crore towards construction costs, compensation to society members, and premium towards availing fungible floor space index. The project has a development potential of 1 million sq ft carpet area, and after accounting for rehabilitation, the company will be able to offer around 7.5 lakh sq ft for free-sale.