Birla Estates Pvt Ltd, a wholly-owned subsidiary and the real estate arm of Century Textiles and Industries Limited (CTIL), will be launching a premium 75-storey tower in Worli, Mumbai. The project, named Birla Niyaara, will have its first phase with three towers spread across 14 acres and has a revenue potential of Rs 10,500 crore, K.T Jithendran, CEO, Birla Estates, told Moneycontrol.
The investment on Birla Niyaara is Rs 1,500 crore and the development cost for the three towers is Rs 5,500 crore, he said.
Total development potential of 14 acres is 4 million sq ft, of which approximately 2.5 million sq ft is residential, 1.4 million sq ft commercial and 0.1 million sq ft is high street retail.
“We will be launching the first tower of the project Birla Niyaara soon. It will be a 75-storey tower comprising 400 units. We are going through the process of demand estimation right now,” he said, adding RERA approvals are in place.
The development costs for the three towers is expected to be largely funded by customers’ receipts. "We have kept aside Rs 1,000-Rs 1,500 crore for this as this is what we feel may be required as an investment. We expect a revenue of about Rs 10,500 crore from the first phase, with sales booking of around Rs 10,500 crore," Jithendran said.
The company plans to develop the overall 30 acres of the land parcel in Worli in phases, which has a potential booking value of Rs. 20,000 crore.
“Century Mills has been one of Mumbai’s iconic landmarks and an important part of the Birla group’s history. Our intent is to create a new landmark in the Mumbai skyline with Birla Niyaara. While it is our flagship and maiden project in Mumbai, it has the potential to catapult Birla Estates into the top developers’ league. The entire project has been underpinned on sound principles of sustainable living which also cater to the evolving consumer needs,” said Jithendran.
The project has been conceptualized and designed by famous architects Foster and Partners. The landscape is master planned and detailed by Sasaki and Coopers Hill, respectively. It is India’s only LEED pre-certified platinum residential project.
Birla Estates was launched as the real estate business vertical of Century Textiles in 2016 and is currently focusing on cities such as Mumbai, Delhi-NCR, Bengaluru and Pune.
The company follows the asset-light model of joint development. The business has a commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai with around 6 lakh square feet of leasable area. Birla Estates is working on developing the valuable portfolio large of land owned by CTIL. These parcels are located in prominent micro-markets of Mumbai – Worli / Prabhadevi / Kalyan, Pune – Talegaon and Bengaluru.
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!
