Birla Estates secures 5-acre land parcel in Gurugram

16 Jul 2024 , 11:40 AM

Birla Estates Private Limited, a wholly-owned subsidiary of Century Textiles and Industries Limited and the Aditya Birla Group’s real estate endeavour, is preparing to expand its presence in the national capital region (NCR) after acquiring a five-acre land lot in Gurugram.

Birla Estates intends to build a luxury residential building on the land parcel in sector 71 Gurugram. The project has a development potential of over 10 lakh square feet (sqft), and the business expects to earn income of more than Rs 1,400 crore, it stated on July 15.

Located on Southern Peripheral Road (SPR) Road in Sector 71, the project would provide access to Delhi and other sections of Gurugram via the Dwarka Motorway, Sohna Road, and Golf Course Extension Road.

Gurugram has been an important market for us from the start. The real estate potential in this micromarket is enormous, reinforcing our strong focus on the Delhi-NCR region. Birla Estates’ MD and CEO, K. T. Jithendran, commented, “With this acquisition, we hope to cater to homebuyers seeking exclusivity and distinctive living experiences.”

Birla Estates and Barmalt India agreed to form a joint venture (JV) in June of this year to construct a 13.27-acre land parcel for a luxury residential group housing project in Gurugram’s sector 31.

Century Textiles entered the real estate business in 2016 with its wholly-owned subsidiary Birla Estates. Birla Estates has a diverse portfolio that includes residential, commercial, and mixed-use properties.

At around 11.27 AM, Birla Estates was trading 0.92% lower at ₹1,562 per piece, against the previous close of ₹1,576.50 on NSE. The counter touched an intraday high and low of ₹1,593.80, and ₹1,558.60, respectively.

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