Birla Estates posts Rs 1K-crore sales bookings in Mumbai project

Birla Estates , the real estate company owned by Century Textiles and Industries, today said it has recorded a sales booking of Rs 1000 crore in its  flagship project Birla Niyaara in Worli area of Mumbai.  

Till date, the company sold 150 units in the first phase of the project, which was launched late last year. The 14 acre project will have a total of 1200 units and the company plans to develop it in phases over seven to eight years , the company said earlier.

Apartment prices start from Rs 4 crore and go upto Rs 60-Rs 70 crore, the company said. The project has apartments of different configurations. Each tower will also have a pent-house of seven bed-room configuration.

Birla brand, locational advantage and good amenities may have helped the project in garnering good sales, experts said.

“The location has a presence of luxury residential apartments, good quality Grade A offices, commercial establishments, and some of the finest places to shop and dine. Direct access to Mumbai’s coastline is what differentiates Worli from many other locations, “ said Anuj Puri, chairman at Anarock Property Consultants.

Puri said Birla Estates has managed to carve out a good slice of the Worli pie, and this was paying off.

“As such, it comes as no surprise when big-ticket deals in this micromarket are announced. Worli is always in high demand, regardless of economic fluctuations and ups and downs in the market, “ he said.

Birla Niyaara boasts of many ultra-modern amenities. The project will have three bespoke clubhouses, column free interiors, themed garden and so on.

The integrated project , one of the largest in South Mumbai, will have 2.5 million sq ft of housing, one million sq ft of office buildings and 100,000 sq ft of high street retail, the company said earlier.

The buildings are designed by world-renowned architects Foster and Partners. Sasaki and Coopers Hill oversee the master planning and are detailing the landscape.

“Through Birla Niyaara , we promote sustainable living and offer an unrivalled lifestyle through best in class services ,innovative amenities and world class design,” KT Jithendran, chief executive, Birla Estates , said.

The company plans to invest Rs 5500 crore in building the luxury housing project and expects a sales booking of Rs 10,500 crore.

The entire project have three towers of 65 stories each, though the final number of floors will depend on the FSI permitted by the municipal corporation,Century Textiles managing director JC Laddha said last year..