Birla Estates to Launch Worli, Mumbai Project by Oct
Birla Estates, the realty arm of AV Birla Group’s Century Textiles, will be launching a super-premium project at Worli in the mega polis that will have a revenue potential north of Rs 10,000 crore. Sitting on a large land bank in Mumbai, Delhi and Pune already, the group is betting big on the realty space and has lined up ₹1,000 crore in capex this fiscal, and plans to be among the top five developers over the next three-five years with annual sales of around Rs 7,000 crore.
Birla Estates has three projects under development now at Kalyan, Gurugram and Bengaluru from which it has already sold units worth ₹1,000 crore, Century Textiles Managing Director J C Laddha has said. It is the real estate vertical of Century Textiles that was launched in 2016.
“We expect to secure all the approvals from the BMC and the regulator RERA for the Worli project by July-August and hope to formally launch it by October. We’ve already invested around ₹475 crore into the project as regulatory and other costs,” Laddha said.
The project near the Kamla Mills Compound in central Mumbai will come up on a sprawling 20-acre plot and will have three towers of 65 stories each, though the final number of floors will depend on the FSI permitted by the BMC, he said.
Of the ₹1,000 crore sales already made, ₹500 crore were from Birla Navya in Gurugram, ₹370 crore from Birla Vanya in Kalyan, and around ₹200 crore from Birla Alokya in Bengaluru. Laddha said that going forward, wherever they do not already own land banks, focus will be on joint development wherein the partner brings in the land while project development, including planning, engineering, construction and sales and marketing, will be done by Birla Estates. It has around 50 acres of land bank spread across Mumbai, Kalyan, Pune and Thane and a small plot in Delhi.
The ongoing Kalyan project is on a 13-acre plot with a saleable area of 1.3 million sqft in the first phase and has revenue potential of over ₹1,150 crore. The Gurugram project is much larger with a revenue potential of over ₹4,500 crore when three phases are completed across 65 acres. The project is being developed jointly with the Anant Raj Group. Similarly, the new project in Bengaluru is a joint development with Subadra Textiles and will be launched sometime this year on a 5-acre plot, with a salable area of 6 lakh sqft and a revenue potential of ₹600 crore. The existing project Birla Alokya in the Whitefield area is on 8-acre plot with a salable area of 0.55 million sqft and can generate ₹400 crore in revenue.