Birla Estates buys 28.6-acre land in K’taka for project worth Rs 3,000 cr
Birla Estates said on Monday that it has acquired 28.6 acres of land in Bengaluru to develop a residential project with an estimated sales potential of Rs 3,000 crore.
In a regulatory filing, Century Textiles and Industries Ltd said its arm Birla Estates Pvt Ltd has purchased a prime 28.6-acre plot of land in the rapidly developing mini-market in Sarjapur Road, Bengaluru.
However, the company did not disclose the value of the deal.
Birla Estates is the real estate arm of the Aditya Birla Group.
“The proposed project is estimated to have a potential revenue of around Rs 3,000 crore,” the filing said.
The project will mainly include residential residences along with convenient retail options.
“We believe this area has huge potential to become the next IT hub, and our first-rate apartment complex will serve as a haven for the modern professionals of the area,” said KT Jithendran, Managing Director and CEO of Birla Estates.
Birla Estates Pvt Ltd, a wholly owned subsidiary of Century Textiles and Industries Ltd, develops premium residential housing in prime markets. The Company develops plots of land through direct purchases and light joint ventures, apart from developing its own plots of land.
Last month, Birla Estates bought a 5.76-acre land in Pune to develop a Rs 2,500 crore housing project as part of its expansion plan.
It has also acquired a prime plot of land in South Mumbai to develop a luxury housing project with a potential revenue of Rs 600 crore.
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