The realty conglomerate Birla Estates Pvt Ltd announced on Monday the acquisition of a 16.5-acre land parcel in Pune for the development of a housing project, which is expected to generate revenue of around Rs. 2,500 crore.
Birla estates is a wholly owned subsidiary of Century Textiles and Industries Ltd and the real estate venture of the Aditya Birla Group. The company announced that, they are spreading their presence in Pune with a land acquisition in Manjri, Pune.
According to the regulatory filing of the company, “The land parcel is spread across 16.5 acres with a development potential of approx. 32 lakh sq ft and an estimated revenue potential of Rs. 2,500 crore."
The MD &CEO of Birla Estates K T Jithendran, said, "Pune is a strategic market for us and this acquisition is a step towards our ambitious growth plans. The Pune Sholapur corridor is transforming at a rapid pace.”
He further said, "We intend to enhance living standards in Manjri by delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities."
In the long term, the company is focused on developing world class residential, commercial and mixed-use properties and aims to be amongst the top 5 real estate companies in India. The prime focus of the company centers round on efficiency in design, customer centricity, sustainability and execution excellence will differentiate its offerings from those of its competitors.
Birla Estates successfully undertaking the development work of premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset light joint ventures apart from developing its own land parcels.
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