Birla Estates acquires land for residential project at Malabar Hill in South Mumbai

The company sees a Rs 600-crore revenue potential in the project

Birla Estates Private Limited, the real estate arm of the Aditya Birla Group housed under Century Textiles, on April 24 announced the acquisition of a premium land parcel for a luxury residential project in the Walkeshwar area of Malabar Hill. The company said the super-luxury residences at Walkeshwar holds a revenue potential of over Rs 600 crore.

The company in its statement did not mention the price at which the land was acquired.

The company has acquired a plot of land that also houses a ground-plus-two-floor building in Malabar Khambala Hill Division, Walkeshwar Road, Malabar Hill, for an agreement value of Rs 162.30 crore. The stamp duty paid was Rs 9.73 crore. The transaction was registered on April 21, 2023. The total land area is 9,000 sq ft and the building area covers 12,500 sq ft, documents shared by CRE Matrix, a real estate data analytics firm showed.

An email has been sent to Birla Estates Private Limited for a confirmation on the transaction.

"Following the recent success of Birla Niyaara in Worli, Birla Estates is all set to enter the super luxury real estate market with the launch of boutique residences in one of Mumbai’s most upscale areas. The latest project in South Mumbai offers effortless connectivity and ease of access to key entertainment, retail and businesses, and city hot spots," the company said in its statement.

"Our acquisition of this prime plot of land in Walkeshwar is a significant milestone for Birla Estates, as it aligns perfectly with our long-term growth strategy to create a niche in the luxury housing segment. We are excited about the opportunity to create bespoke boutique residences in one of the most sought-after locations in South Mumbai. This project will undoubtedly set a new benchmark for luxury living in the city, and we are committed to delivering a world-class development that exceeds the expectations of our discerning clientele," said KT Jithendran, MD and CEO, Birla Estates.

Birla Estates, a key growth engine of Century Textiles and Industries Ltd (CTIL), currently has many projects across key markets in the country. With this latest acquisition, the company is all set to provide modern homebuyers a one-of-a-kind experience of exquisite living with world-class amenities and unmatched sea views, it said.

On April 7, the company had announced the acquisition of a 5.76-acre plot in Pune having a revenue potential of around Rs 2,500 crore, with a construction potential of about 1.5 million sq ft. The land parcel is located on Wellesley Road in Pune’s Sangamwadi area.