New Delhi, Mar 26: Birla Estates has formed a joint venture to develop a 52-acre township in North Bengaluru with a revenue potential of Rs 3,000 crore.
Birla Estates Pvt Ltd is the real estate arm of Century Textiles and Industries Ltd.
The company has entered into an agreement to jointly develop a prime 52-acre land parcel in North Bengaluru with M S Ramaiah Realty LLP.
“The project has a revenue potential of Rs 3,000 crore and development potential 4 million square feet,” Birla Estates said in a statement on Friday.
The project will comprise both high and low-rise residential developments, along with retail and commercial elements.
It will be an integrated mini township project.
KT Jithendran, CEO, Birla Estates said, “Bengaluru is a focus market for Birla Estates and we are happy to be announcing our third project in a short span of time”.
At present, Birla Estates has two projects in Bengaluru — Birla Alokya at Whitefield and Birla Tisya.
Birla Estates said it would use a capital efficient and asset-light model to source joint venture, ideally in Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Delhi-NCR.
Recently, Birla Estates said it expects sales revenue of around Rs 11,000 crore from its newly launched luxury housing project in south Mumbai.
In December, the company had announced an investment of Rs 5,500 crore to develop the luxury housing project at Worli in south Mumbai.
The project ‘Birla Niyaara’ is spread over 14 acres, comprising around 1,200 housing units.
Housing sales rose in 2021 after a sharp fall in the previous year.
According to real estate consultant PropTiger.Com, housing sales across eight major cities increased 13 per cent in 2021 to 2,05,936 units from 1,82,639 units in the previous year.
Housing brokerage firm Anarock reported that sales across the top seven cities rose 71 per cent year-on-year in 2021 to 2,36,530 units. (PTI)
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