ABREL's revenue increases for real estate business, booking value zooms

The company has upcoming projects worth Rs 48,000 crore in the next few years

Aditya Birla Group-backed Aditya Birla Real Estate Ltd (erstwhile Century Textiles & Industries Ltd) reported an increase in revenue for the real estate business for the October-December quarter on a year-on-year basis, of around Rs 186 crore, against around Rs 86 crore in the year-ago period. Booking value for projects rose by a significant 257 percent year-on-year to Rs 675 crore, while collections increased by 175 percent over the same period to Rs 501 crore.

Aditya Birla Real Estate Ltd (ABREL) conducts its real estate business through its subsidiary Birla Estates, while the company also has a paper and pulp business, as well as a textile business that the company is in the process of winding down.

The company sold 370,000 square feet of space in the quarter ending December 31, it said in an investor presentation, adding that it has sold most of the inventory in its projects launched till date, except in the newly-launched Birla Anayu project in Walkeshwar, the smallest of its ongoing projects. At its largest ongoing project, Birla Niyaara, the company reported that it has sold out 76 percent of the 1.8 million square feet of space that has been launched. Across three phases, Niyaara has a revenue potential of upto Rs 11,000 crore, according to company officials.

In the future, the company has outlined a gross development potential of more than Rs 48,000 crore across 26 million square feet of upcoming real estate development. These include projects in Mumbai metropolitan region, National Capital Region, Bengaluru, and Pune. In Mumbai, its largest market in revenue terms, the company is finalising plans for the ten acre land parcel in Worli that it acquired from Wadia Group chairman Nusli Wadia. That land has a booking value potential of upto Rs 14,000 crore, according to the company.

Besides greenfield projects and new phases of existing projects, the company has also planned a plotted development project in Boisar, its first one in the space.