Birla Estates targets ₹2,500-cr investment in select markets

In order to expand its residential footprint in select markets including Mumbai, Delhi-NCR, Bengaluru and Pune, Mumbai-based BK Birla realty player Birla Estates has decided to invest over ₹2,500 crore, said CEO, Birla Estates, KT Jithendran, adding that the focus of the company will largely be on high and premium housing. Among others, the company is looking for joint ventures depending on the location in these regions. It will continue to develop the land parcels and will also prefer asset based joint ventures. The company's portfolio of 200 acres includes 40 acres of textile mill lands in Worli, 45 acres in Pune, 125 acres in Kalyan, 2 acres of land along the beach in Prabha Devi in Mumbai, and land owned by subsidiary Century Rayon. Only about 31 acres has been launched so far which is approximately 2 million sq ft of residential space. The entire exploitation of the 200 acres will be carried out within the next decade. The company has already invested close to ₹250 crore as equity capital in JVs and outright for its premium residential projects and has so far committed about ₹400 crore to its JV partner in Delhi-NCR for its project Birla Navya.