Mumbai: Aditya Birla Group’s Birla Estates has acquired a land parcel in the upmarket area of Malabar Hill for Rs 162.30 crore.
In a statement, the developer of the luxury residences mentioned that the project has a revenue potential of over Rs 600 crore.
The 9,000 square feet plot on Walkeshwar Road in Malabar Hill has a ground and two-storied building on it. For the Birla Estates, the real estate arm of Aditya Birla Group under Century Textiles and Industries, the average per square foot and price works out to be Rs 1.80 lakh and the transaction was registered on Friday as per sources.
Company plans super luxury residences in SoBo's Walkeshwar area
The company plans to have super luxury residences in this area of South Mumbai. “Following the recent success of Birla Niyaara in Worli, Birla Estates is all set to enter the super luxury real estate market with the launch of boutique residences in one of Mumbai’s most upscale areas,” read the announcement.
KT Jithendran, Managing Director and Chief Executive Officer, Birla Estates said, “Our acquisition of this prime plot of land in Walkeshwar is a significant milestone for Birla Estates, as it aligns perfectly with our long-term growth strategy to create a niche in the luxury housing segment. We are excited about the opportunity to create bespoke boutique residences in one of the most sought-after locations in South Mumbai. This project will undoubtedly set a new benchmark for luxury living in the city, and we are committed to delivering a world-class development that exceeds the expectations of our discerning clientele."
Company announced acquisition of 5-acre plot in Pune
Earlier this month, the company had announced the acquisition of a 5.76-acre plot in Pune’s Wellesley Road in Sangamwadi area having a revenue potential of around Rs 2,500 crore, with a construction potential of about 1.5 million sq ft.