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Prestige Estates Shares Soar as Bombay HC Overturns MahaREAT Order in Mahalaxmi Project Dispute
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CNBC TV18•01-10-2026, 13:41
Prestige Estates Shares Soar as Bombay HC Overturns MahaREAT Order in Mahalaxmi Project Dispute
- •Prestige Estates shares recovered sharply after the Bombay High Court set aside a MahaREAT order concerning the Turf View project dispute.
- •The High Court's decision restores the earlier regulatory position, including the approval for promoter change and de-registration of the project.
- •The Turf View project, located in Mumbai's Mahalaxmi area, was initially residential but shifted to commercial development, leading to disputes with original buyers from 2007.
- •MahaRERA had previously approved a change of promoter and de-registration, but MahaREAT reversed these decisions in August 2026, restoring the project's residential status.
- •The Bombay High Court's ruling means the project can proceed under the restored regulatory position, including its proposed commercial development, following settlement of disputes.
Key Questions Answered
The Bombay High Court set aside the MahaREAT order, restoring the regulatory position that includes the October 29, 2021 order approving the change of promoter and the September 2, 2022 order permitting project de-registration.
On August 25, 2026, MahaREAT reversed earlier regulatory approvals for the change of promoter and de-registration, restoring the project's residential status following challenges from remaining affected buyers.
CPP Investments agreed to invest 3,000 crore rupees in Prestige Hospitality Ventures to acquire roughly a 27 percent stake, with the majority of the capital supporting the company's expansion.
