Birla Estates Acquires 10 Acre Land Parcel in Bengaluru; Eyes Revenue Worth INR 900 Crores

27 Sep 2022 , 07:30 PM

Business Wire India
Birla Estates Pvt. Limited, a 100% wholly owned subsidiary and the real estate arm of Century Textiles and Industries Limited (CTIL), announced its acquisition of a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of 1 Mn sq. ft. with a revenue potential of INR 900 Crores.

The land parcel is located in a well-developed neighbourhood that is easily accessible from the Outer Ring Road as well as the 10-lane Bengaluru-Mysore Highway. It is one of the largest land parcels available for vertical development in the vicinity, dominated by plots and individual houses and Birla Estates plans to launch a premium residential development. This is in line with other land parcels developed by Birla Estates across the company’s key markets.

Commenting on the company’s new project, Mr. K.T Jithendran, CEO, Birla Estates said, “We are delighted to announce our fourth project in Bengaluru at Raja Rajeshwari Nagar. Being one of the largest land parcels in this location, it is a perfect fit for our vision to create LIFEDESIGNED^© urban premium options for residents of south Bengaluru. This outright acquisition is in line with our aggressive expansion plans across key markets of Bengaluru, MMR, Pune and NCR regions.”

To date, Birla Estates has launched two projects in Bengaluru – Birla Alokya at Whitefield and Birla Tisya in Rajajinagar. The third project, announced in early 2022 is an integrated mini-township project in North Bengaluru. Both the projects are expected to be launched in the next financial year.

Currently, Birla Estates has five ongoing residential developments spread across the Mumbai Metropolitan Region (MMR), Bengaluru, and the National Capital Region (NCR) – with new projects planned in each of these markets.

About Birla Estates

Birla Estates Private Limited is a 100% wholly owned subsidiary of Century Textiles and Industries Limited (CTIL), foraying into real estate. The initial focus of Birla Estates is leveraging the trust it enjoys, to make a difference in the sector and add value to the consumer through development of premium/higher mid-income residential housing. In the long term, the company is focused on developing world class residential, commercial and mixed-use properties and to be amongst the top real estate companies in India. Birla Estates will use a capital efficient, asset light model to source Joint Venture, ideally in Mumbai, MMR, Pune, Bangalore and NCR – which account for around 70% of the Pan India residential market – and develop the brand. The company’s focus on efficiency in design, customer centricity, sustainability and execution excellence will differentiate its offerings from those of its competitors. The company is headquartered at Mumbai and currently has regional offices in NCR and Bangalore. The business has a well- established commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai with ~6 lakh square feet of leasable area. Birla Estates is working on developing the valuable portfolio large of land owned by CTIL. These parcels are located in prominent micro-markets of Mumbai – Worli / Prabhadevi / Kalyan, Pune – Talegaon & Bangalore.