Birla Estates plans to launch the integrated project Birla Niyaara, with a 75-storey residential tower, by January. The apartments will be priced upwards of ₹4-4.5 crore, with some apartments in the higher floors costing ₹20 crore
BENGALURU : Birla Estates Pvt Ltd, a subsidiary and real estate arm of Century Textiles and Industries Ltd (CTIL), will launch a mixed-use development project, comprising premium homes, offices and retail, on the iconic Century Textile Mill land in Mumbai’s upscale Worli.
The company will for now develop 14 acre of the 30-acre land, which was one of the largest composite land parcels of a textile mill in the city. It will invest around ₹1,500 crore to develop the project.
Birla Estates plans to launch the integrated project ‘Birla Niyaara’, with a 75-storey residential tower, by January. The apartments will be priced upwards of ₹4-4.5 crore, with some apartments in the higher floors costing ₹20 crore. Subsequently, it will also launch a million sq ft office space and some high-street retail, along with two more residential towers.
The company plans to develop the entire 30 acre-land in Worli in phases with a potential booking value of ₹20,000 crore.
“Century Mills has been one of Mumbai’s iconic landmarks and an important part of the Birla group’s history. The monetisation value of this prime land parcel is significant and we will develop the entire parcel over the next decade or so. In the aftermath of the pandemic, the demand for homes, particularly larger homes with good amenities is high. The initial response to the project is very good,” said K.T Jithendran, CEO, Birla Estates, in an interview.
The project has been conceptualised and designed by Foster and Partners.
The covid-19 pandemic inadvertently initiated a jump in demand in the property market, especially the luxury homes segment. Besides the need for larger homes, low interest rates, developer discounts and offers, favourable government policies (stamp duty cuts in Maharashtra) and desire for better amenities contributed to this momentum, according to Anarock research.
The first nine months of 2021 clocked total home sales of 1,45,650 units in the top 7 cities, of which luxury sales’ share was 12%. In pre-covid 2019, of the total sales of 2.61 lakh units, the share of luxury housing sales was around 7%, Anarock said.
Mumbai-based Birla Estates has ongoing projects in Kalyan, in suburban Mumbai, Bengaluru and National Capital Region (NCR).
Jithendran said the company has lined up more projects that will be launched over a period of time.
Birla Estates has also developed a couple of commercial office spaces in Mumbai, as a real estate division of CTIL.
