Birla Estates Pvt Ltd announced on Monday its acquisition of a 16.5-acre land parcel in Pune for the development of a housing project with an estimated revenue potential of Rs 2,500 crore.
Birla Estates, a wholly-owned subsidiary of Century Textiles and Industries Ltd, serves as the real estate arm of the Aditya Birla Group. This acquisition marks the company’s expansion into the Pune market, specifically in the Manjri area.
The acquired land, spanning 16.5 acres, offers a development potential of approximately 32 lakh square feet, with projected revenues of Rs 2,500 crore, according to a regulatory filing.
K T Jithendran, Managing Director and CEO of Birla Estates, highlighted Pune as a strategic market for the company, stating that this acquisition aligns with their ambitious growth objectives. He noted the rapid development of the Pune-Sholapur corridor and expressed the company’s intent to enhance living standards in Manjri through the delivery of meticulously designed homes that blend contemporary architecture with carefully selected amenities.
Birla Estates focuses on developing premium residential housing in key markets, utilizing both outright land purchases and asset-light joint ventures, in addition to developing its own land parcels. Long-term, the company aims to develop world-class residential, commercial, and mixed-use properties.
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By Proptechbuzz
By Ravi Kumar
