Priya Singh | 2024-03-08
The focus of the company, a subsidiary of Century Textiles and Industries Ltd, will largely be on high and premium housing but through the joint development model
Mumbai-based BK Birla Group's realty firm Birla Estates is planning to expand its residential footprint in Mumbai, Delhi-NCR, Bengaluru and Pune and invest over Rs 2,000 crore over the next two years, a top official of the company told Moneycontrol.
The focus of the company, a subsidiary of Century Textiles and Industries Ltd, will largely be on high and premium housing.
"In 2020, we are looking at many more joint ventures depending on the quality and the location in NCR, Pune, Bengaluru and Mumbai. The company is looking at investing about Rs 2,000 to Rs 2,500 crore across these four markets for enhancing its residential footprint. While we will continue to develop the land parcels that we own, we will also prefer the asset-light joint venture model. Consolidation and joint ventures will be the focus going forward," said KT Jithendran, CEO, Birla Estates.
The company's portfolio of 200 acres includes 40 acres of textile mill lands in Worli, 45 acres in Pune, 125 acres in Kalyan, 2 acres of land along the beach in Prabha Devi in Mumbai and land owned by subsidiary Century Rayon.
Only about 31 acres has been launched so far which is approximately 2 million sq ft of residential space. The entire exploitation of the 200 acres will take 8 to 10 years," he said.
The company has invested close to Rs 250 crore as equity capital in JVs and outright for its premium residential projects, he said.
The company has so far committed about Rs 400 crore to its JV partner in Delhi-NCR for its project Birla Navya, a floor rise project, for which Rs 125 crore has been paid and the rest is to be paid over a period of time. As much as Rs 50 crore has been paid for its Bengaluru project.
About 50 acres of JV projects have been launched – 6 acres in Bengaluru and 10 acres in Delhi-NCR, he said, adding we are looking at several JV opportunities in NCR, Pune, Mumbai and Bengaluru going forward
The slowdown in the real estate market is clearly an advantage for the branded players. We are getting several joint development opportunities from across the country. Some of them are stressed assets and some of them are from small developers, land owners. Capital is not a constraint for us," Jithendran said.
Last year, Birla Estates tied up with Delhi-based realty firm Anant Raj Group to develop a housing project in Gurugram and committed an investment of Rs 400 crore for the entire 73 acre land parcel.
The company recently launched a floor-rise project Birla Navya along Gurgaon’s Gold Course Extension Road is floors. This is spread across 10 acres of the total 47 acres comprising about 6 lakh sq ft of space.
"About 300 units are currently up for sale. Construction will begin in a month’s time. We have all the permits to launch construction. We are not in a hurry to launch a group housing project. It will may be launched next year," he said.
The unit price of the floor rises are approximately around Rs 1.3 crore. These will be up for possession around 2024.
The slowdown in the real estate market is clearly an advantage for the branded players. We are getting several joint development opportunities from across the country. Some of them are stressed assets and some of them are from small developers, land owners. Capital is not a constraint for us," Jithendran said.
Last year, Birla Estates tied up with Delhi-based realty firm Anant Raj Group to develop a housing project in Gurugram and committed an investment of Rs 400 crore for the entire 73 acre land parcel.
The company recently launched a floor-rise project Birla Navya along Gurgaon’s Gold Course Extension Road is floors. This is spread across 10 acres of the total 47 acres comprising about 6 lakh sq ft of space.
"About 300 units are currently up for sale. Construction will begin in a month’s time. We have all the permits to launch construction. We are not in a hurry to launch a group housing project. It will may be launched next year," he said.
The unit price of the floor rises are approximately around Rs 1.3 crore. These will be up for possession around 2024.
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