Birla Estates Private Limited, a wholly-owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles) has acquired a 70.92 acre land parcel in Boisar, near Mumbai, for Rs 104.3 crore, according to a company filing on stock exchanges on December 17.
Boisar is the largest industrial suburb in the Mumbai Metropolitan Region, falling under the Palghar district of Maharashtra.
AB Real Estate has been acquiring land parcels in and around Mumbai in 2024 to ramp up project launches. In September, Birla Estate purchased a 24.5-acre land near Mumbai from Hindalco for a sum of Rs 537 crore, and in June, the company had bought 16.5 acre land in Pune for a Rs 2,500 crore housing project. In Q2 FY25, the revenue of Birla Estate rose very sharply on-year to Rs 254 crore.
During the July-September quarter, AB Real Estate acquired ownership rights of 10 acres of land parcel in Mumbai's prime area of Worli, with a GDV of Rs 14,000 crore, along with a 5-acre land parcel in Gurugram with a GDV of Rs 1,400 crore.
In June, the company had set out a target of launching Rs 12,000 crore worth of real estate projects in FY25. During an investor call after the June quarter results, the company had reiterated its plans to focus on its four key real estate markets for at least the next two years - the Mumbai Metropolitan Region, Bengaluru, the National Capital Region, and Pune. The company also has a pipeline of residential projects across the four major markets with a revenue potential of around Rs 54,000 crores.
In October, Nomura had initiated coverage on Aditya Birla Real Estate with a Buy call, and said that the company has all the ingredients to rank among India's top five real estate players.
India's Tier 1 cities are witnessing steady demand for housing, while Tier 2 cities are emerging as the new investment destinations due to infrastructure development, improving connectivity and affordable pricing.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
