B K Birla Group's realty firm Birla Estates on Thursday said it has entered Bengaluru market with a housing project.
Birla Estates, a subsidiary of Century Textiles and Industries Ltd, forges ahead with its national expansion by announcing its entry in Bengaluru real estate market, the company said in a statement.
The project 'Birla Alokya', located on Soukya Road, Whitefield, will have 218 luxury apartments across 7.8 acres. The unit price starts from Rs 1.19 crore.
K T Jithendran, CEO, Birla Estates, said, "Bengaluru being the IT hub has major potential in terms of residential real estate development and offers a scope of huge price appreciation in the coming future, areas like Whitefield having witnessed over 33 per cent rise in property prices in the past six years as per studies".
As a part of its growth plans for the next few years, Birla Estates intends to develop a valuable portfolio of over 200 acres owned by the group which includes the strategically located 30 acre land parcel in Worli Mumbai. The company is actively pursuing joint venture deals in Mumbai Metropolitan Region, Bengaluru & Delhi NCR markets as well.
In July, Birla Estates had tied up with realty firm Anant Raj Group to develop a housing project in Gurugram with an investment of Rs 760 crore.