Birla Estates to invest ₹5,500 cr in Mumbai project
NEW DELHI: Realty firm Birla Estates Pvt Ltd will invest around ₹5,500 crore to develop a luxury housing project in South Mumbai as part of its expansion plan amid rising demand for residential properties, its CEO K T Jithendran said.
Birla Estates, which is a 100% wholly-owned subsidiary of B K Birla group’s Century Textiles and Industries Ltd (CTIL), has started the development of a luxury housing project, having a total of around 1,200 housing units, in its 14-acre project Birla Niyaara, at Worli in South Mumbai.
In an interview with PTI, Birla Estate Chief Executive Officer (CEO) K T Jithendran said: “We have around 30 acre of land parcel in Worli where we plan an integrated development. We are launching our flagship project Birla Niyaara on a 14-acre land parcel which will be developed over the next 7-8 years.”
The company plans to develop 2.5 million square feet of housing, one million square feet of office buildings and 1,00,000 square feet of high street retail in various phases of this 14-acre project.
Asked about the investment, Jithendran said: “The total project cost, excluding land, is estimated at ₹5,500 crore for the development of residential towers and around 50,000 square feet of high street retail attached to it”.
The investment will be funded through advances from customers against sales and internal accruals.
The apartments in the first residential tower will be sold in price range of ₹4 crore to around ₹60-70 crore. “We expect a sales booking of around ₹10,500 crore from this 14-acre project,” Jithendran said.
The one million square feet building and around 50,000 square feet retail will be constructed at a later stage. Office spaces will be leased.
For the overall 30 acres of development, Jithendran said the potential sales booking value has been estimated at ₹20,000 crore.
“Century Mills has been one of Mumbai’s iconic landmarks and an important part of the Birla group’s history. Our intent is to create a new landmark in the Mumbai skyline with Birla Niyaara. While it is our flagship and maiden project in Mumbai, it has the potential to catapult Birla Estates into the top developers’ league,” he said.
The entire project has been underpinned on sound principles of sustainable living which also cater to the evolving consumer needs, he added. “As a firm our focus has always been on customer centricity, design, technology, and execution excellence,” Jithendran said.