Birla Estates on Thursday said it has acquired 10 acres of land in Bengaluru and will develop a housing project with expected sales potential of Rs 900 crore.
Birla Estates Pvt Ltd, a wholly-owned subsidiary of Century Textiles and Industries Ltd, said in a statement that it has acquired a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru.
“The project has a development potential of 1 million square feet with a revenue potential of Rs 900 crore,” it added.
K T Jithendran, CEO, Birla Estates, said this will be company’s fourth project in Bengaluru at Raja Rajeshwari Nagar.
“This outright acquisition is in line with our aggressive expansion plans across key markets of Bengaluru, MMR, Pune and NCR regions,” he said.
Currently, Birla Estates has five ongoing residential developments spread across the Mumbai Metropolitan Region (MMR), Bengaluru, and the National Capital Region (NCR) with new projects planned in each of these markets.
With revival in housing demand after the second wave of Covid pandemic, real estate developers are acquiring land and also forming joint development agreements (JDAs) with landowners to expand their business.
Property consultant Anarock expects housing sales this year across seven major cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune — to cross the pre-pandemic level of 2,61,358 units recorded in 2019, but will fall short of the 2014 sales figure of 3.43 lakh units — the highest in the last 10 years.