Birla Estates buys 28.6-acre land in K'taka for project worth Rs 3,000 cr

Birla Estates on Monday said it has acquired 28.6-acre land in Bengaluru to develop a housing project with an estimated sales potential of Rs 3,000 crore.

In a regulatory filing, Century Textiles and Industries Ltd said its arm Birla Estates Pvt Ltd has purchased the 28.6-acre prime land parcel in the fast-developing micro-market of Sarjapur Road, Bengaluru.

The company, however, did not disclose the deal value.

Birla Estates is the real estate arm of the Aditya Birla Group.

"The proposed project is estimated to have a revenue potential of about Rs 3,000 crore," the filing said.

The development will essentially comprise residential housing along with convenience retail options.

KT Jithendran, MD and CEO, of Birla Estates said, "We believe that this region has immense potential to become the next IT hub, and our Grade-A residential complex will serve as a haven for modern professionals in the area".

Birla Estates Pvt Ltd, a 100 per cent wholly-owned subsidiary of Century Textiles and Industries Ltd, develops premium residential housing in key markets. The company is developing land parcels both through outright purchases and asset-light joint ventures, apart from developing its own land parcels.

Last month, Birla Estates bought a 5.76-acre land in Pune to develop a housing project worth Rs 2,500 crore as part of its expansion plan.

It also acquired a prime land parcel in South Mumbai to develop a luxury housing project with an estimated revenue potential of Rs 600 crore.