Birla Estates arm buys 24.5 acre land near Mumbai from Hindalco for Rs 537 crore

An arm of Birla Estates - the real estate arm of Aditya Birla Group-owned Century Textiles - has completed the purchase of a 24.5 acre land parcel at Kalwa in Thane, part of the Mumbai metropolitan region, for Rs 537.42 crore, documents from proptech website Square Yards showed.

Birla Estates' arm Ekamaya Property purchased the land from another Aditya Birla group firm Hindalco Industries. Metals giant Hindalco had announced the land sale in July, with the company's board having approved the sale last year.

Moneycontrol has approached Birla Estates for a comment on the deal, including company's plans for the land parcel, and the story will be updated once the company responds.

The sale deed was registered on September 9, with the deal incurring a total stamp duty of Rs 37.6 crore. The land is located on Thane-Belapur road, which links Thane and other north-eastern regions of Mumbai like the industrial suburb of Airoli, Kopar Khairane, Mahape, Rabale, and others with Navi Mumbai. A number of technology and advisory firms have presence in the area, especially in Airoli.