Mumbai’s property landscape has undergone a significant transformation recently, with real estate giants entering the distressed assets market. Thanks to stalled and stressed projects, developers like Prestige Estates and Adani Realty—despite being non-native players—have managed to establish a strong foothold in Mumbai’s realty market.
According to market observers, exorbitant land costs, regulatory hurdles, and economic volatility have left many small- and mid-sized developers struggling, leading to stalled projects. This has opened the doors for large players like Adani and Prestige, who are leveraging these opportunities to expand their presence in the Mumbai Metropolitan Region (MMR). Projects that were once eyesores are gradually being converted into vibrant residential and commercial spaces. For these developers, taking on stalled projects is often less cumbersome than initiating greenfield developments in a new market.
Bengaluru-based Prestige Estates is rapidly expanding its footprint in Mumbai. Recently, the company acquired prime land parcels from the formerly distressed DB Realty (now Valor Estates), including sites in Mahalaxmi, Marine Lines, and Bandra Kurla Complex. Prestige is developing a mix of premium and luxury residential and commercial projects on these plots.
Meanwhile, Adani Realty is preparing to bid for delayed and long-pending projects by the Slum Rehabilitation Authority and the Maharashtra Housing and Area Development Authority, including high-profile redevelopments such as Dharavi and Motilal Nagar in Goregaon (West). With deep financial resources and the ability to navigate complex regulatory frameworks, Adani is well-positioned to revive projects that have remained dormant for years.
Adani Realty and Prestige Estates are not alone in spotting value in distressed or delayed assets. Macrotech Developers (Lodha Group) recently played a key role in the corporate resolution of Juhu’s iconic Centaur Hotel. The property’s owners had been dragged into insolvency proceedings at the National Company Law Tribunal.
In a deal involving claims totaling Rs 2,500 crore, creditors accepted a significant haircut to approve Lodha’s Rs 890-crore acquisition proposal. Lodha has now begun developing a luxury residential project on the site.
