Birla Group JV

Realty firm Birla Estates on Monday said it has purchased a land parcel in South Mumbai to develop a premium housing project and is expecting a sales revenue of more than Rs 600 crore from this upcoming property. Birla Estates, which is the real estate arm of the Aditya Birla Group housed under Century Textiles and Industries Ltd, did not disclose the size of the land parcel and also the deal value. With a surge in housing demand post the second wave of the COVID pandemic that hit India in April-June 2021, real estate developers are aggressively acquiring land parcels -- outright as well as through partnership with landowners -- to expand their businesses. In a regulatory filing, Century Textiles and Industries Ltd informed that its subsidiary Birla Estates has acquired prime land parcel in South Mumbai's upmarket residential area of Walkeshwar at Malabar Hill. "The luxury project will hold a revenue potential of over Rs 600 crore," it said. K T Jithendran, MD and CEO, Birla Estat

The manufacturing plant is expected to be operational by early 2019