Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group, unveils a robust project pipeline worth Rs 45,000 crore in gross development value (GDV), as per K T Jithendran, MD & CEO.
The company plans to launch the second phase of its flagship project, Birla Niyaara, in Mumbai’s Worli area during the upcoming quarter. The fiscal year has witnessed the addition of projects worth Rs 16,000 crore.
“We have a strong pipeline of Rs 45,000 crore GDV and aim to add Rs 10,000 crore this year, possibly another Rs 20,000 crore next year,” stated Jithendran.
Birla Estates targets a gross pre-booking value of about Rs 3,000 crore through projects in Mumbai and Bengaluru. Plans include launching RR Nagar in Bengaluru and a new phase of Birla Niyaara in Worli.
The first phase of Birla Niyaara in Worli, offering 414 flats, achieved over 85% sales closure. The second phase aims to introduce an additional 8.5 to 9 lakh sqft of saleable area.
The company’s recent acquisitions include a land parcel in Walkeshwar, South Mumbai, and another in RR Nagar, South Bengaluru. Both projects hold significant revenue potential.
While projects in Pune and Prabhadevi, Mumbai, are not scheduled for immediate launch, the focus remains on existing projects. Birla Niyaara, a luxury project, became MMR’s highest-selling project in a year, with a booking value of Rs 1,915 crore in CY2022.
Birla Estates also operates two fully leased commercial projects in Mumbai, generating an average rental income of approximately Rs 130 crore.
In Q2 FY24, the company secured bookings worth Rs 708 crore and collections of Rs 251 crore from all projects. Notable acquisitions include land in Thane and Mathura Road, New Delhi, with potential GDV of over Rs 7,600 crore and Rs 2,700 crore, respectively.
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