Birla Estates inks pact to develop 52-acre land parcel in North Bengaluru

Birla Estates Pvt Ltd, the real estate arm of Century Textiles and Industries Limited (CTIL), has entered into an agreement to jointly develop a 52-acre land parcel in North Bengaluru with M S Ramaiah Realty LLP.

The project has a revenue potential of Rs 3000 cr and development potential 4.0 mn sq. ft. and will comprise both high and low-rise residential developments, along with retail and commercial elements.

KT Jithendran, CEO, Birla Estates said,“We are pleased to announce our partnership with M S Ramaiah Realty LLP to jointly develop a premium integrated township in North Bengaluru that will provide a comprehensive and established ecosystem of high-quality homes. The location offers a lucrative real estate market opportunity for employment, excellent connectivity and variety of housing amenities across various segments. Bengaluru is a focus market for Birla Estates and we are happy to be announcing our 3rd project in a short span of time.“

Mr. M. R. Seetharam, Designated Partner, M S Ramaiah Realty added, “It has been a great privilege for M S Ramaiah Realty to partner with renowned brand like Birla Estates for a high-end residential township. We, along with Birla Estates will deliver world class living space.”

The property is situated in North Bengaluru, which is the fastest growing corridor and is in close proximity to Kempegowda International Airport. The property is at a distance of 2 kilometers from the proposed Airport Metro Station and would provide seamless connectivity into the city.

Currently, Birla Estates has two projects in Bengaluru, Birla Alokya at Whitefield, a villament project offering villa like luxury with the vibrancy of apartment neighborhoods and Birla Tisya, a luxury residential project in Rajajinagar. Birla Estates will use a capital efficient, asset light model to source Joint Venture, ideally in Mumbai, MMR, Pune, Bengaluru and NCR – which account for around 70% of the pan India residential market – and develop the brand.

The company is headquartered at Mumbai and currently has regional offices in NCR and Bengaluru. The business has a well- established commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai with ~6 lakh square feet of leasable area. Birla Estates is working on developing the valuable land portfolio owned by CTIL. These parcels are located in prominent micro-markets of Mumbai – Worli, Prabhadevi, Kalyan and In Pune – Talegaon apart from Bengaluru.