Birla Estates on Monday said it has acquired a 28.6-acre land in Bengaluru to develop a housing project with an estimated sales potential of Rs 3,000 crore. In a regulatory filing, Century Textiles and Industries Ltd said its arm Birla Estates Pvt Ltd has purchased the 28.6-acre prime land parcel in the fast-developing micro-market of Sarjapur Road, Bengaluru. The company, however, did not disclose the deal value.
Birla Estates is the real estate arm of the Aditya Birla Group. “The proposed project is estimated to have a revenue potential of about Rs 3,000 crore,” the filing said. The development will essentially comprise residential housing along with convenience retail options.
KT Jithendran, MD and CEO of Birla Estates, said, “We believe that this region has immense potential to become the next IT hub, and our Grade-A residential complex will serve as a haven for modern professionals in the area”.
Real estate consultant Cushman & Wakefield said in a statement that it facilitated the deal.Shalin Raina, Managing Director – Residential Services at Cushman & Wakefield, said, “The area of Sarjapur is emerging as the next big IT centre of Bengaluru.
It’s phenomenal connectivity to various prominent corridors makes it a promising residential destination for the large population of IT professionals, who comprise a big part of the new generation of homebuyers.”