Birla Estates Private Limited, the real estate arm of the Aditya Birla Group housed under Century Textiles and Industries Limited has purchased a 28.6-acre land parcel in eastern Bengaluru with a potential revenue of Rs 3,000 crore, the company said in a regulatory filing.
Located in the micro market of Sarjapura Road, the development will essentially comprise residential housing along with convenience retail options.
The company said the transaction is its strategic foray into the south-east Bengaluru market to develop Grade-A residences for the large pool of IT professionals working in the IT corridor of Sarjapur, Outer Ring Road, Whitefield and Electronics City.
"We believe that this region has immense potential to become the next IT hub, and our Grade-A residential complex will serve as a haven for modern professionals in the area. Our goal is to set a new standard for iconic living in Bengaluru through this project. Additionally, we are fully dedicated to creating a top-tier development that exceeds the expectations of our homebuyers,” K T Jithendran, managing director and chief executive officer of Birla Estates said.
Currently, the company, headquartered in Mumbai, has a commercial portfolio of two grade-A commercial buildings located in Worli, Mumbai with about 6 lakh square feet of leasable area.
Previously, Birla Estates announced the acquisition of a premium land parcel for a luxury residential project in the Walkeshwar area of Malabar Hill in Mumbai with a revenue potential of over Rs 600 crore.
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