Birla Estates Acquires Hindalco's Kalwa Factory Plot for ₹537.42 Crore
Birla Estates' arm buys Hindalco's 24.5-acre Kalwa factory, enhancing its presence in Mumbai's real estate market.
Birla EstatesHindalco IndustriesKalwa FactoryMumbai Real EstateAditya Birla GroupReal Estate MumbaiSep 13, 2024
The acquisition was made through Ekamaya Properties, a subsidiary of Birla Estates. The deal was finalized on September 4, with Ekamaya Properties acquiring nearly 24.5 acres or 99,021.47 sq m of land.
Hindalco Industries, a part of the Aditya Birla Group, had been looking to sell this land parcel since 2013-14. Initially, the company had estimated a value of around ₹1,500 crore through auction. However, the sale never materialized.
The Kumar Mangalam Birla-led multinational group had operated an aluminum foil factory at Kalwa, which ceased operations in 2010. The factory manufactured printed foils and multiple laminated products, catering to sectors like processed food, pharma, healthcare, and confectionery.
Kalwa, an extension of Thane city, has become a sought-after real estate market due to its strategic location, connecting different areas of the Mumbai Metropolitan Region. In 2019, Raymond forayed into real estate business by launching a project on its industrial space in Thane's Pokhran Road.
The acquisition of the Kalwa factory plot by Birla Estates is seen as a significant move, aligning with the growing demand for office spaces and residential apartments in gated communities. Anand Moorthy, co-founder and CBO, Capital Market & Services, Square Yards, noted that leading developers are strategically positioning themselves across key markets, acquiring significant land parcels.
Birla Estates has interests in the markets of Mumbai Metropolitan Region, Pune, Bengaluru, and National Capital Region. As per Square Yards data insights, Birla Estates ranked third in the Mumbai MMR amongst developers with the highest registered home sales values during the April-June quarter of 2024, recording transactions worth ₹1,126 crore.
Frequently Asked Questions
Who acquired Hindalco Industries' Kalwa factory plot?
Birla Estates, through its subsidiary Ekamaya Properties, acquired the 24.5-acre Kalwa factory plot for ₹537.42 crore.
Why did Hindalco Industries sell the Kalwa factory plot?
Hindalco Industries had been looking to sell the land parcel since 2013-14, initially estimating a value of around ₹1,500 crore through auction.
What was the Kalwa factory used for?
The Kalwa factory manufactured printed foils and multiple laminated products, catering to sectors like processed food, pharma, healthcare, and confectionery.
Where is Kalwa located?
Kalwa is an extension of Thane city, strategically located and connecting different areas of the Mumbai Metropolitan Region.
What is Birla Estates' presence in the real estate market?
Birla Estates has interests in the markets of Mumbai Metropolitan Region, Pune, Bengaluru, and National Capital Region, and ranked third in the Mumbai MMR amongst developers with the highest registered home sales values during the April-June quarter of 2024.
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