Aditya Birla Real Estate Confirms No Impact on Niyaara Project After Supreme Court Ruling
Aditya Birla Real Estate Ltd (ABREL) has stated that the recent Supreme Court ruling, which overturned a Bombay High Court order, will not affect its Niyaara luxury housing project in Worli. The company is confident that the land in question is separate f
Aditya Birla Real EstateBirla NiyaaraSupreme CourtBmcMumbai Real EstateReal Estate NewsJan 08, 2025
The ruling, which overturned a 2022 Bombay High Court order, pertains to a five-acre land parcel in Mumbai’s Lower Parel, which was previously ordered to be transferred to ABREL (then Century Textiles).
According to an ABREL spokesperson, 'We would like to clarify that the land in question is completely separate from the Birla Niyaara project at Worli.
There is no impact on our ongoing developments at the Birla Niyaara site, and the two are unrelated.' The Niyaara project, a high-end residential complex, is estimated to have a revenue potential exceeding Rs 10,000 crore.
ABREL has a rich history with the disputed land, which was initially leased to the Improvement Trust in 1927 to house underprivileged workers at Century Textiles' former cotton mills.
The company claims it has been in 'undisturbed and uninterrupted' possession of the land since the lease expired in 1955, and has also paid property taxes to the BMC.
Despite this, the Supreme Court bench of Justices Vikram Nath and Prasanna B.
Varale questioned the company's delayed legal action, noting that ABREL had 'sat still' on its rights for over five decades before approaching the courts.
The Supreme Court's decision has had an immediate impact on ABREL's share prices, which fell by nearly 4 percent on January 8, closing at Rs 2,220.
However, the company remains committed to its extensive business development plans in the south Mumbai market.
ABREL has recently purchased a ten-acre land parcel in Worli from Bombay Dyeing promoter Nusli Wadia for more than Rs 1,000 crore, further solidifying its presence in the area.
In light of the ruling, ABREL is seeking legal advice to determine the next steps.
The company's spokesperson added, 'We were forced to file the original writ petition in 2017 after the BMC failed to formalize the land transfer as required by the Improvement Trust Act.
Despite the setback, we remain committed to our projects and will explore all legal avenues to protect our interests.'
The Birla Niyaara project is one of the most anticipated developments in south Mumbai, with plans for new phases and expansions.
ABREL's resilience and strategic investments in the region demonstrate its long-term vision and commitment to the luxury real estate market in Mumbai.
Frequently Asked Questions
What is the Birla Niyaara project?
The Birla Niyaara project is a high-end residential complex developed by Aditya Birla Real Estate Ltd (ABREL) in Worli, Mumbai. It is estimated to have a revenue potential of more than Rs 10,000 crore and is one of the most anticipated developments in the south Mumbai real estate market.
What was the Supreme Court ruling about?
The Supreme Court overturned a 2022 Bombay High Court order that had directed the Brihanmumbai Municipal Corporation (BMC) to transfer a five-acre land parcel in Lower Parel to Aditya Birla Real Estate Ltd (ABREL). The ruling questions the company's delayed legal action and has affected ABREL's share prices.
How does the ruling affect the Birla Niyaara project?
According to ABREL, the ruling will not impact the Birla Niyaara project as the land in question is separate from the project. The company has clarified that there is no disruption to its ongoing developments at the Birla Niyaara site.
What is Aditya Birla Real Estate's future plan in the south Mumbai market?
Aditya Birla Real Estate Ltd (ABREL) has extensive business development plans in the south Mumbai market. This includes new phases and expansions of the Birla Niyaara project, as well as recent purchases of land parcels for further developments.
What steps is ABREL taking after the Supreme Court ruling?
ABREL is seeking legal advice to determine the next steps following the Supreme Court ruling. The company is committed to exploring all legal avenues to protect its interests and to formalize the land transfer as required by the Improvement Trust Act.
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