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Birla Estates buys 28.6 acre land in Bengaluru for housing development

2023-05-10

According to the company's announcement, Birla Estates has purchased a 28.6-acre plot of land in Bengaluru for housing development and anticipates earning Rs 30 billion from the venture. The project would include homes for residents as well as convenient retail options, the business noted.

In the quickly developing Sarjapur Road area of Bengaluru, Century Textiles and Industries Ltd. has announced that its subsidiary, Birla Estates Pvt Ltd., has purchased a highly sought 28.6 acre land.

The corporation withheld information about the specifics of the deal, including the purchase price.

"The proposed project is estimated to have a revenue potential of about Rs 30 billion," the business stated in its regulatory filing. According to KT Jithendran, MD and CEO of Birla Estates, "We believe that this area has enormous potential to become the next IT hub, and our Grade-A residential complex will serve as a haven for contemporary professionals in the area.

A subsidiary of Century Textiles and Industries Ltd, Birla Estates Pvt Ltd, specialises in building luxury homes in strategic markets. In addition to constructing its own properties, the company also acquires property for development through direct purchases and joint ventures with modest asset investments. Birla Estates has purchased a 5.76-acre plot of land in Pune for the development of a residential complex that is expected to cost Rs 25 billion, in keeping with its growth strategy. The business recently bought a prestigious piece of property in South Mumbai to develop a luxury housing project that will bring in an estimated Rs 6 billion.