Prestige Estates to take over bankrupt Ariisto Developers’ project in Mumbai

New Delhi: Bengaluru-based Prestige Estates Projects will soon take over the stuck project of now bankrupt Ariisto Developers’ in Mulund suburb of Mumbai.

Prestige Estates will a sum of Rs 370 crore to lenders of this project. It will also give away around 8 lakh square feet of commercial space that is to be developed in the project to lenders, according to the terms and conditions approved by the Mumbai Bench of NCLT.

The secured lenders are HDFC, Piramal Capital and also India Infoline. There are also some unsecured creditors and about 500 homebuyers.

This will be the largest project for Prestige in the Maximum City.

“This is the biggest project for us in Mumbai. The project has revenue potential of about Rs 10,000 crore. There will be total development of 7.5 million square feet in the project, said Prestige Estate’s CEO Venkat K. Narayana.

The company will start the first phase in May 2021 and the second phase of the project will be launched by December 2021.

The overall claims of lenders and operational creditors for the project comes Rs 2,500 crore.