Birla Estates to invest Rs 1,350 crore in 3 housing projects; aims to be among top builders
B K Birla group realty firm Birla Estates will invest Rs 1,350 crore to develop three ongoing housing complexes and plans to add 3-4 projects every year as it seeks to be among top builders over the next five years, a top company official said.
In an interview with , Birla Estate CEO K T Jithendran said the company has launched three residential projects so far and is looking for expansion.
“We want to be among top builders in the next 4-5 years. We will add three-four projects every year,” he told. Jithendran said the company’s focus is on quality and timely delivery of properties with demand getting consolidated towards trusted builders. He said the company has recently launched a 47-acre housing project in Gurugram, Haryana, comprising 764 independent floors and the response has been good so far despite the pandemic.
The price per unit is in the range of Rs 1.3-3 crore. This project is in an equal joint venture with Delhi-based Anant Raj Ltd. NSE 1.56 % Asked about the investment, Jithendran said the construction cost is estimated at around Rs 550 crore. Jithendran said the company has formed a joint venture with Subhadra Textiles to develop a 6-acre project in Bengaluru. “We will launch this project next year.”
Mumbai-based Birla Estates, a wholly-owned subsidiary of Century Textiles NSE 0.79 % and Industries Ltd, is developing a 22-acre housing project in Mumbai.
“We are developing a total of 850 apartments in this project at a cost of Rs 650 crore. We have launched 534 flats so far, of which 485 units are already sold out,” Jithendran said. In Bengaluru, he said the company is constructing 218 units in an 8-acre project at a cost of about Rs 150 crore.
“We will deliver these three housing projects by 2023,” Jithendran said. Going forward, Birla Estates plans to develop projects in a land bank owned by the group and is also looking at joint ventures with landlords. The company’s main focus will be on four major markets of Mumbai, Bengaluru, Pune and Delhi-NCR.