Birla Estates, the real estate arm of Century Textiles and Industries (CTIL), has entered into an agreement to jointly develop a prime 52-acre land parcel in North Bengaluru with M S Ramaiah Realty LLP, the company said in a media release.
The project has a revenue potential of Rs 3,000 crore and development potential 4 million sq ft and will comprise both high and low-rise residential developments, along with retail and commercial elements. It will be an integrated mini township project.
KT Jithendran, CEO, Birla Estates said, “Bengaluru is a focus market for Birla Estates and we are happy to be announcing our third project in a short span of time.”
Currently, Birla Estates has two projects in Bengaluru, Birla Alokya at Whitefield and Birla Tisya in Rajajinagar.
The company plans to use a capital efficient, asset light model to source joint venture, ideally in Mumbai Metropolitan Region (MMR), Pune, Bengaluru and National Capital Region (NCR).