Pune, India — June 25, 2024: Realty firm Birla Estates Pvt Ltd, a wholly-owned subsidiary of Century Textiles and Industries Ltd and the real estate venture of the Aditya Birla Group, has announced the acquisition of a 16.5-acre land parcel in Pune. The company plans to develop a housing project on this site with an estimated revenue potential of Rs 2,500 crore.
The newly acquired land is located in Manjri, Pune, a rapidly transforming area within the Pune Sholapur corridor. The development is expected to offer approximately 32 lakh square feet of residential space. This strategic acquisition aligns with Birla Estates' ambitious growth plans and marks a significant expansion of their presence in the Pune market.
K T Jithendran, Managing Director and CEO of Birla Estates, emphasized the importance of Pune as a key market for the company. "Pune is a strategic market for us and this acquisition is a step towards our ambitious growth plans," Jithendran stated. He highlighted the rapid transformation of the Pune Sholapur corridor and expressed the company's commitment to enhancing living standards in Manjri. "We intend to enhance living standards in Manjri by delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities," he added.
Birla Estates focuses on developing premium residential housing in major markets. The company's growth strategy includes acquiring land parcels outright, forming asset-light joint ventures, and developing its own land parcels. This latest acquisition is part of their long-term vision to create world-class residential, commercial, and mixed-use properties.
The announcement was made through a regulatory filing, reinforcing Birla Estates' commitment to transparency and strategic growth in the Indian real estate sector. The company’s endeavors in Pune are expected to significantly contribute to the local real estate landscape, providing high-quality housing options in a rapidly developing area.
Birla Estates Pvt Ltd is the real estate arm of the Aditya Birla Group and a wholly-owned subsidiary of Century Textiles and Industries Ltd. The company is known for developing premium residential projects and aims to expand its footprint across key Indian markets through strategic land acquisitions and innovative development approaches.
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