Birla Estates acquires 5.76 acres in Pune, plans 1.5-million-sq-ft residential development
Birla Estates, the real estate arm of the Aditya Birla Group housed under Century Textiles and Industries, has entered the Pune residential real estate market by acquiring 5.76 acres of land in Sangamwadi, a central business district in Pune.
The company plans to develop a premium residential project on the land parcel purchased from Sudarshan Chemical Industries Ltd (SCIL). It has a total development potential of over 1.5 million sq ft and an estimated revenue potential of around Rs. 2,500 crores.
“With this foray into Pune, Birla Estates is embarking on an exciting new phase after establishing itself in the MMR (Mumbai Metropolitan Region), Bengaluru and NCR (National Capital Region) markets. Pune is one of the country’s largest residential markets and this land with high revenue potential is located at the heart of the city,” said K T Jithendran, MD and CEO, Birla Estates.
According to him, the foray into Pune property market is key to the company’s growth strategy and ambition to be among the top developers in the country.
In September, the company had acquired a 10-acre land parcel at Raja Rajeshwari Nagar in South Bengaluru. This project has a development potential of 1 million sq ft with a revenue potential of Rs 900 crores.
Birla Estates, a key growth engine of Century Textiles and Industries Ltd (CTIL), currently has many projects across key markets in the country including the flagship project Birla Niyaara in Worli, one of Mumbai’s most premium locations.
Birla Niyaara has been one of the top selling residential projects in the Mumbai Metropolitan Region (MMR) and has so far achieved sales worth over Rs 2,300 crore in over a year since its launch.
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