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Aditya Birla Group's real estate arm -- Birla Estates -- on Monday announced that it acquired a prime land parcel in South Mumbai's upmarket residential area of Walkeshwar at Malabar Hill. The luxury project will hold a revenue potential of over Rs 600 crore.
Following the recent success of Birla Niyaara in Worli, Birla Estates is all set to enter the super luxury real estate market with the launch of boutique residences in one of Mumbai's most upscale areas. The latest project in South Mumbai offers effortless connectivity and ease of access to key entertainment, retail and businesses, and city hotspots, according to a statement shared with stock exchanges by Birla Estates. K T Jithendran, managing director and chief executive officer, Birla Estates, said, "Our acquisition of this prime plot of land in Walkeshwar is a significant milestone for Birla Estates, as it aligns perfectly with our long-term growth strategy to create a niche in the luxury housing segment." "We are excited about the opportunity to create bespoke boutique residences in one of the most sought-after locations in South Mumbai," the managing director and chief executive officer said, adding, "This project will undoubtedly set a new benchmark for luxury living in the city, and we are committed to delivering a world-class development that exceeds the expectations of our discerning clientele." According to the statement, Birla Estates, a key growth engine of Century Textiles and Industries (CTIL), currently has many projects across key markets in the country. Birla Estates, a wholly-owned subsidiary of Century Textiles and Industries, is the real estate venture of the Aditya Birla Group. Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset-light Joint Ventures apart from developing its own land parcels. (ANI)
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