Prestige pays Rs 504 crore for half of an Andheri East plot, targeting a Rs 4,500-crore office project near the airport

Prestige Estates Projects has agreed to buy a 50 per cent stake in Advent Convention and Hotels International for Rs 504 crore, turning the entity into an equal joint venture to develop a commercial scheme in Mumbai. The deal, signed on July 3, covers roughly 21,978 sq m of land at Andheri East, near Sahar and the Chhatrapati Shivaji Maharaj International Airport, with a planned leasable area of about 1.5 million sq ft and an estimated gross development value of Rs 4,500 crore. The transaction is expected to close within about 45 days. Advent's listed shares jumped around 17 per cent on the announcement.

The move underlines Prestige's intent to build a larger office and mixed-use footprint in the Mumbai Metropolitan Region, complementing its residential launches. Sahar and the wider Andheri-Kurla belt is one of Mumbai's established office corridors, anchored by airport access and metro connectivity, and continues to draw occupier and developer interest even as the residential market cools.

Why it matters for MMR property: commercial development at this scale reflects confidence in office demand and rental income in the eastern suburbs, and adds a well-capitalised out-of-state player to a market historically dominated by local names. For nearby residential micro-markets, large workplace supply can support end-user housing demand over time, though the effect is gradual and depends on leasing and delivery.

The figures here are the parties' own projections for a project still to be built; leasable area and GDV are targets, not delivered outcomes. It is best read as a signal of institutional appetite for Mumbai commercial real estate rather than a confirmed addition to supply.