Prestige Estates to take over $1.4-billion project from bankrupt firm

The court-appointed insolvency resolution professional Jayesh Sanghrajka declined to comment when reached by phone

Prestige Estates Projects will take over a Mum­bai housing project from bankrupt Ariisto Devel­opers following a court decision Tuesday.
 
The Bengaluru-based dev­el­oper plans to launch the first phase of the project by May and second phase toward the end of the year, Prestige’s Chief Executive Officer Venkat K Narayana said by phone on Wednesday.
 
He estimates revenues of more than Rs 100 billion ($1.4 billion) from the 7.5 million square feet under development. “This will be our largest project in Mumbai,” Naray­ana said.
 
Prestige emerged as a top bidder for beleaguered Ariisto in November 2019. But the