Birla Estates Pvt Ltd, a wholly owned subsidiary and the real estate arm of Century Textiles and Industries Limited (CTIL), has sold 153 units worth Rs 1,000 crore in its Birla Niyaara project in South Mumbai’s Worli area and plans to launch the next tower within the next six to seven months.
“We had launched the first tower with 400 units in December of which 153 units worth Rs 1,000 crore have been sold. We will launch the next tower after 70-75 percent of the inventory worth Rs 2,100 crore is sold. We are hoping that the inventory may get consumed after six to seven months,” KT Jithendran, CEO, Birla Estates, told Moneycontrol.
In December 2021, the company launched the first phase of the premium 75-storey tower in Worli. The first phase of the project, named Birla Niyaara, has three towers spread across 14 acres and has a revenue potential of Rs 10,500 crore. The investment on Birla Niyaara is Rs 1,500 crore and the development cost for the three towers is Rs 5,500 crore.
The 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.
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.
Jithendran told Moneycontrol that the company is on the verge of signing a few projects across the four markets of Mumbai, Pune, Bengaluru and Delhi-NCR.
“We are in discussion with several developers in each of our targeted markets and will be signing a few projects in each of these markets in the coming financial year,” he said.
In Gurgaon, the company is constructing Birla Navya in collaboration with Anantraj Ltd and has sold inventory comprising independent floors worth Rs 614 crore.
“We are gearing up for the second phase and will be launching it in the next quarter. The project was launched at Rs 9,000 per sq ft and is now priced at Rs 12,000 per sq ft,” he said.
As for the project in Bengaluru called Birla Tisya, the company has sold about 220 units worth Rs 320 crore at a per-unit price of Rs 9,000 per sq ft, he added.
“The company is also gearing up for the final phase of launch for its project in Kalyan,” he added.
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 a valuable portfolio of land owned by CTIL. These parcels are located in prominent micro-markets of Mumbai including Worli, Prabhadevi, and Kalyan; Pune’s Talegaon and Bengaluru.
