Realty firm Birla Estates Pvt Ltd on Monday said it has acquired a 16.5-acre land parcel in Pune to a develop a housing project with an estimated revenue potential of Rs 2,500 crore.
Birla Estates is a 100 per cent wholly-owned subsidiary of Century Textiles and Industries Ltd and the real estate venture of the Aditya Birla Group.
The company said it is expanding its presence in Pune with a land acquisition in Manjri, Pune.
"The land parcel is spread across 16.5 acres with a development potential of approx. 32 lakh sq ft and an estimated revenue potential of Rs 2,500 crore," a regulatory filing said.
K T Jithendran, MD & CEO at Birla Estates said, "Pune is a strategic market for us and this acquisition is a step towards our ambitious growth plans." The Pune Sholapur corridor is transforming at a rapid pace, he said.
"We intend to enhance living standards in Manjri by delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities," Jithendran said.
Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset light joint ventures apart from developing its own land parcels.
In the long-term, the company is focused on developing world class residential, commercial and mixed use properties.
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