Birla and Wadia Families Bury the Hatchet with Rs 1,100 Crore Land Deal
Birla Estates to acquire 10-acre plot in Mumbai's mill district from Nusli Wadia for Rs 1,100 crore, signaling a truce between the two families.
BirlaWadiaReal EstateMumbaiLand DealReal Estate NewsSep 10, 2024
The matter was pending in the courts, with Nusli Wadia moving the courts in 2009 over the use of the land, which was leased by his great-grandfather to Century for a period of 999 years. In 2007, a textile mill on the land was shut down and the Wadias had stressed on getting an approval for a change in land use. In 2010, a local court stayed any developments on the plot.
However, with the Birlas' move to launch a new realty project, the Wadias issued a caution notice to the public asserting its control over the 10-acre parcel, and the Birlas also said that the parcel was not part of the development offered to the public.
The deal paves the way for a 30-acre contiguous landholding in this prime area with an overall booking value potential of approximately Rs 28,000 crore. Birla Niyaara, the flagship project launched by Birla Estates on the plot, has already notched sales of Rs 5,700 crore since its launch.
Frequently Asked Questions
What is the value of the land deal between Birla and Wadia?
The land deal is worth Rs 1,100 crore.
What is the size of the land parcel being acquired by Birla Estates?
The land parcel is approximately 10 acres in size.
What is the booking value potential of the land parcel?
The booking value potential of the land parcel is approximately Rs 14,000 crore.
What is the name of the flagship project launched by Birla Estates on the plot?
The flagship project is called Birla Niyaara.
What is the current market value of the Bombay Dyeing scrip?
The Bombay Dyeing scrip closed 1.23 per cent up at Rs 210.65 apiece on the BSE on Tuesday.
Related News Articles
Mumbai Real Estate Developer and CEO Embroiled in ₹13.65 Crore Fraud Case
A Mumbai-based real estate developer and CEO have been booked for allegedly forging documents and duping a partner of ₹13.65 crore in a Bhandup land deal.
Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
AI Bubble Deflating: Zoho's Sridhar Vembu Stresses Importance of Real Engineering Work
Zoho CEO Sridhar Vembu discusses the potential deflation of the AI bubble and emphasizes the enduring importance of real engineering work in the tech industry.
ED Seizes ₹19.61 Crore from Karrm Developers Linked to Vivek Oberoi in Real Estate Scandal
The Enforcement Directorate (ED) in Mumbai has taken action against Karrm Developers, a real estate firm associated with actor Vivek Oberoi, by seizing assets worth ₹19.61 crore. The action is part of an ongoing investigation into financial misconduct in the affordable housing sector.
Mumbai Sees Record-Breaking Property Registration in March 2025
Mumbai witnessed a surge in property registration in March 2025, driven by the impending hike in reckoner rates set to take effect from April 2025. This surge highlights the robust demand in the city's real estate market.
Private Equity Investments Fuel 133% Surge in Real Estate Deal Volumes in Q1 2025
Real estate deal volumes soared by 133% in the first quarter of 2025, driven predominantly by private equity (PE) investments, which accounted for 88% of the total transactions.