Birla Estates Acquires 5.76 Acres of Land in Pune to Develop Premium Residential ProjectArun Kumar 12 April 2023
Birla Estates, the real estate arm of the Aditya Birla Group, has made a significant acquisition in the Pune real estate market. The company has purchased 5.76 acres of land in the prestigious neighbourhood of Sangamwadi in Pune, marking its entry into the residential real estate market in the city.
The acquisition was facilitated by Economic Laws Practice, with Heena Chheda (Partner), Bharat Jain (Principal Associate), and Shweta Iyengar (Associate) comprising the transaction team.
Birla Estates plans to develop a premium residential project on the land parcel, which has a total development potential of over 1.5 million sq ft. and is estimated to have a revenue potential of around? 2,500 crores. The company is expected to bring its expertise and experience to the project, ensuring that the development is of the highest quality and meets the needs of the discerning Pune real estate market.
The land parcel, which was sold by Sudarshan Chemical Industries (SCIL), is located in Sangamwadi, one of Pune's key business districts, and is situated in one of the city's most prestigious neighbourhoods. The potential revenue from the land parcel is almost Rs 25 billion, making it a valuable investment for Birla Estates.
The project is known as the Birla Sangamwadi project.
With this acquisition, Birla Estates has established itself as a major player in the Pune real estate market. The company's entry into the residential real estate sector in Pune is expected to bring fresh competition and drive innovation in the market, ultimately benefiting the end-users of real estate in the city.
Another Land Acquisition in Bangalore
Birla Estates, a real estate subsidiary of the Aditya Birla Group operating under Century Textiles and Industries, has acquired a 28.6-acre prime land parcel located on Sarjapur Road in Bengaluru. Birla Estates Sarjapur Road by Birla Estates company intends to construct a residential project on this land, which is estimated to generate approximately Rs 3,000 crore in revenue. Additionally, the development will include convenient retail options.
K T Jithendran, the managing director and CEO of Birla Estates, expressed confidence in the region's potential to emerge as the next IT hub. The proposed Grade-A residential complex aims to provide a desirable living environment for modern professionals in the area.