Aditya Birla Real Estate subsidiary secures Rs 420 crore funding from World Bank-backed IFC for two projects

Birla Estates will use the IFC funding on two projects, in Pune and in Thane

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Birla Estates, a subsidiary of Aditya Birla Real Estate, has secured Rs 420 crore in equity funding for two of its projects at Pune’s Manjri and Thane in the Mumbai Metropolitan Region from the International Finance Corporation (IFC), a statement said on June 9.

The funding from World Bank Group lender will be allotted to the projects through two special purpose vehicles (SPV), Birla Estates said.

The Manjri project, located on the south-eastern outskirts of Pune, is slated to have a saleable area of around 3.1 million square feet, while the Thane project - on a plot purchased from group firm Hindalco Industries - has a saleable area potential of 6.4 million square feet. Birla Estates will hold an economic interest of 56 percent in the special purpose vehicles, with IFC holding the rest.

"This investment validates our development philosophy and strengthens our ability to scale responsibly. With IFC’s global expertise in sustainable investments and our deep-rooted market insights, we aim to set new benchmarks in Indian real estate," said KT Jithendran, managing director and CEO of Birla Estates.

IFC said in the release that the funding will unlock more sustainable housing supply.

"Our partnership with Birla Estates will bridge the gap in India’s housing sector by expanding availability of and access to sustainable, high-quality housing for the country’s growing population, with a focus on first-time homeowners," said Imad N Fakhoury, regional director for South Asia at IFC.

Prior to the funding round with IFC, Birla Estates has worked with entities such as the Japanese conglomerate Mitsubishi Group, which through Mitsubishi Estate invested Rs 560 crore in a similar, project-level equity funding for an upcoming housing development in Bengaluru. Birla Estates and Mitsubishi Estate had inked that deal in January 2025.

On May 9, shares of Birla Estates' parent, Aditya Birla Real Estate, closed 4.6 percent higher at Rs 2,464.60 apiece on the National Stock Exchange.