The project is no longer being worked on by Ubisoft's Indian studios.
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Ubisoft revealed that the Prince of Persia: The Sands of Time remake is no longer being developed at Ubisoft Pune and Ubisoft Mumbai. The project is now being led by Ubisoft Montreal, the studio that created the original Sands of Time trilogy.

The Prince of Persia: The Sands of Time remake was first announced back in September 2020. At the time, the release date for the game was set for January 2021. The first delay of the game came in December 2020, when Ubisoft pushed the game's release date from January to March 2021. Come February 2021, Ubisoft delayed the game yet again, this time to an undetermined date.

This decision is an important step and the team, building upon the work achieved by Ubisoft Pune and Ubisoft Mumbai, will now take the time they need to regroup on the scope of the game to deliver you the best experience for this remake of an all-time classic, when it's ready.
This shift in development has not resulted in any new updates to the game's release date. Ubisoft does say that they will update fans on the progress "in a future update."