Birla Estates, the realty arm of Aditya Birla Group’s Century Textiles and Industries, will develop a 13.27-acre land parcel in Gurugram into a luxury housing project with a revenue potential of ₹5,000 crore. It has signed a joint venture agreement with Barmalt India for this. The development potential of the land is 2.4 million square feet, it said in a release.
Located in an upscale micro market in Gurugram, the project will have good connectivity to Cyber City, Golf Course Road and Sohna Road. It’s also conveniently located close to commercial hubs such as City Centre 29, Signature Towers, 32nd Avenue and Crowne Plaza with easy connectivity to the metro line.
This micro market already has premium residential developments, schools and hospitals along with 5-star hotels within the immediate vicinity.
The project marks Birla Estates’ further expansion into the Delhi-National Capital Region. Last fiscal year, it sold houses worth 277 crore in the area. Of the total projects being developed by it, around 13.5 per cent is in NCR.
The company, which is a recent entrant to the real estate market, has projects in Mumbai, Bengaluru, NCR, and Pune. It is developing projects with a revenue potential of more than ₹45,000 crore, spread across 24.4 million square feet. It has close to 76 acres of land that it owns in the cities, with a gross development value of around ₹14,500 crore.
In FY24, it sold 934 houses with a booking value of ₹3,985 crore.
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