The Business Bytes
TBB BUREAU
PUNE, APR 6, 2023
Birla Estates, the real estate arm of Century Textiles and Industries, has entered the Pune residential real estate market by acquiring 5.76 acres of land in Sangamwadi, a central business district in the city.
The company plans to develop a premium residential project on the land parcel, which has a development potential of over 1.5 million square feet and revenue potential of Rs 2,500 crore, the company said in an exchange filing.
The land was purchased from Sudarshan Chemical Industries.
“With this foray into Pune, Birla Estates is embarking on an exciting new phase after establishing itself in the MMR (Mumbai Metropolitan Region), Bengaluru and NCR (National Capital Region) markets,” said KT Jithendran, MD & CEO, Birla Estates.
The company sees the foray into the Pune housing market as the key to its growth strategy and its ambition to be among the top developers in the country.
Birla Estates, a key growth engine of Century Textiles and Industries Ltd (CTIL), currently has many projects across key markets in the country. This includes the flagship project Birla Niyaara in Worli, one of Mumbai’s most premium locations. Birla Niyaara has been one of the top selling residential projects in MMR and received an overwhelming response with sales of more than Rs 2300 crore in over a year since its launch.
