Aditya Birla Real Estate Confirms No Impact on Niyaara Project After Supreme Court Setback
Despite a recent Supreme Court ruling against Aditya Birla Real Estate, the company has reassured stakeholders that it will not affect the Birla Niyaara project in Worli. The land in question, separate from the Niyaara site, is involved in a legal dispute
Aditya Birla Real EstateBirla NiyaaraSupreme CourtBrihanmumbai Municipal CorporationReal Estate ProjectsReal EstateJan 08, 2025
The Supreme Court, comprising Justices Vikram Nath and Prasanna B.
Varale, overturned a 2022 Bombay High Court order, which had directed the Brihanmumbai Municipal Corporation (BMC) to transfer a five-acre land parcel to ABREL (formerly Century Textiles).
The legal battle over this land has been ongoing since 2017.
In a statement to Moneycontrol, an ABREL spokesperson clarified, '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 Birla Niyaara project, a luxurious housing development, is expected to generate a revenue potential of over Rs 10,000 crore, according to company officials.
The original dispute dates back to 1919 when a scheme to house underprivileged workers at Century Textiles' former cotton mills was introduced.
The company leased the land to the Improvement Trust in 1927.
ABREL has maintained that it has paid the full cost of constructing the accommodations and has been in 'undisturbed and uninterrupted' possession of the land, paying property taxes to the BMC.
The company is currently seeking legal advice to determine its next steps.
ABREL's decision to file a writ petition in 2017 was prompted by the BMC's failure to formalize the land's transfer, as required under the Improvement Trust Act.
The Supreme Court, however, questioned why the company waited over five decades before pursuing legal avenues.
The Supreme Court's ruling on January 7 sent ABREL's shares into a downward spiral, closing nearly 4 percent lower at Rs 2,220 on January 8.
Despite this setback, ABREL remains committed to its business development plans in south Mumbai, including new phases at the Birla Niyaara project and a recent acquisition of a ten-acre land parcel from Nusli Wadia in Worli for more than Rs 1,000 crore.
Aditya Birla Real Estate, a subsidiary of the Aditya Birla Group, is a leading real estate developer in India, known for its luxurious and high-end projects.
The company has a strong presence in major cities, with a focus on luxury residential and commercial developments.
Frequently Asked Questions
What is the Birla Niyaara project?
The Birla Niyaara project is a luxury housing development located in Worli, Mumbai. It is one of the flagship projects of Aditya Birla Real Estate and is expected to generate a revenue potential of over Rs 10,000 crore.
What was the recent Supreme Court ruling about?
The Supreme Court ruling overturned a 2022 Bombay High Court order, which had directed the Brihanmumbai Municipal Corporation (BMC) to transfer a five-acre land parcel to Aditya Birla Real Estate. The land in question is separate from the Birla Niyaara project.
How did the Supreme Court ruling affect ABREL's shares?
The Supreme Court ruling on January 7 sent ABREL's shares into a downward spiral, closing nearly 4 percent lower at Rs 2,220 on January 8.
What is Aditya Birla Real Estate's stance on the Supreme Court ruling?
Aditya Birla Real Estate has clarified that the land in question is separate from the Birla Niyaara project and that there is no impact on its ongoing developments. The company is seeking legal advice to determine its next steps.
What are ABREL's future plans in the real estate market?
Aditya Birla Real Estate has extensive business development plans in the south Mumbai market, including new phases at the Birla Niyaara project and a recent acquisition of a ten-acre land parcel from Nusli Wadia in Worli for more than Rs 1,000 crore.
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