B K Birla Group firm Birla Estates has tied up with realty firm Anant Raj Group to develop a housing project in Gurugram with an investment of Rs 760 crore.
Birla Estates Pvt Ltd, a wholly-owned subsidiary of Century Textiles and Industries Ltd, in a statement said that it has entered Gurugram property market through a joint venture with Anant Raj Ltd.
The project is spread over 73 acres with saleable area potential of around 3.5 million sq ft. It will be a premium residential gated community comprising low-rise floors and group housing.
"Birla Estates' first project in Gurugram marks our foray into the high growth, high potential NCR market through a joint development model. With a lot of commercial activities picking up in this micro market around Golf Course Extension and with limited supply of quality residential supply, this market offers scope of huge price appreciation in the coming future," Birla Estate CEO K T Jithendran said.
The project would have a booking value potential of over Rs 4,000 crore.
In a separate statement, Anant Raj Group said it has formed a 50:50 joint venture with Birla Estates.
The JV 'Avarna Projects' will start construction in November this year and is expected to be completed in the next three to four years.
"The project has a total investment of approximately Rs 760 crore," the statement said.
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