Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group, has unveiled a project pipeline with a gross development value (GDV) of Rs 45,000 crore. CEO K T Jithendran announced plans, including the launch of the second phase of the Birla Niyaara project in Mumbai's Worli area, offering 8.5 to 9 lakh sq ft of saleable area. With acquisitions in Walkeshwar, Mumbai, and RR Nagar, Bengaluru, the company aims for a gross pre-booking value of Rs 3,000 crore. Birla Niyaara, priced at approximately Rs 80,000 per sq ft, emerged as the highest-selling project in the Mumbai Metropolitan Region in CY2022.
Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group, recently unveiled an impressive project pipeline with a gross development value (GDV) of Rs 45,000 crore. CEO K T Jithendran revealed plans for the upcoming quarter, including the launch of the second phase of the flagship Birla Niyaara project in Mumbai's Worli area, offering 8.5 to 9 lakh sq ft of saleable area. With projects worth Rs 16,000 crore added this fiscal year, the company eyes a gross pre-booking value of Rs 3,000 crore across Mumbai and Bengaluru developments.
Notable acquisitions in Walkeshwar, Mumbai, and RR Nagar, Bengaluru, contribute to the growth trajectory, emphasizing luxury residential and commercial ventures. The Worli launch signified the second phase for Birla Niyaara, following the successful closure of over 85 percent of sales for the initial 414 flats. The Worli expansion targets an additional 8.5 to 9 lakh sq ft of saleable area.
The company strategically refrains from immediate launches on its Pune and Prabhadevi land parcels, focusing on existing projects. Birla Estates emphasizes a cautious approach to market cannibalization and aims to dispense the current inventory before exploring launches in these micro markets.
Birla Niyaara, priced at approximately Rs 80,000 per sq ft on the carpet area, emerged as the highest-selling project in the Mumbai Metropolitan Region in CY2022, boasting a booking value of Rs 1,915 crore. The company's commercial projects in Worli and Prabhadevi, both fully leased, generate an average rental income of around Rs 130 crore.
In Q2 FY24, Birla Estates achieved significant milestones, securing bookings worth Rs 708 crore and collecting Rs 251 crore across all projects. Strategic acquisitions during the quarter included a binding MoU for a 30-acre land purchase in Thane, with a potential GDV exceeding Rs 7,600 crore, and the acquisition of approximately 6.8 acres in Mathura Road, New Delhi, with a potential GDV surpassing Rs 2,700 crore.
The company's dynamic growth trajectory is underscored by its commitment to diverse real estate ventures, combining residential and commercial developments. With a robust project pipeline, strategic acquisitions, and a focus on existing inventory, Birla Estates positions itself for sustained success in the evolving real estate landscape.
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