Birla Estates Secures Rs 420 Crore from IFC for Mumbai and Pune Projects

Birla Estates, a leading real estate company, has successfully raised Rs 420 crore from the International Finance Corporation (IFC) to finance two major projects in the Mumbai Metropolitan Region and Pune. Birla Estates Pvt Ltd is a wholly-owned subsidiary of Aditya Birla Real Estate Ltd (formerly Century Textiles and Industries Ltd).

In a regulatory filing, the company announced the signing of agreements for this investment from IFC, a member of the World Bank Group. The investment, approximately USD 50 million (Rs 420 crore), will be directed towards two key developments. Around Rs 148 crore will be allocated to Birla Estates’ Manjri project in Pune, which has a saleable area of about 3.13 million square feet. The remaining Rs 272 crore will be invested in Birla Estates’ Thane project, with a saleable area of 6.43 million square feet.

The projects will be developed through two Special Purpose Vehicles (SPVs) owned and controlled by Birla Estates. IFC's investment will be made into these SPVs, which will serve as the development platform for both projects. Under the structure, Birla Estates will hold a 56 per cent economic interest, while IFC will hold a 44 per cent economic interest in the SPVs.

K T Jithendran, MD & CEO of Birla Estates, expressed his satisfaction with the investment. “This investment from IFC will help us in our mission to reshape urban living through sustainable and high-quality real estate development. This investment validates our development philosophy and strengthens our ability to scale responsibly. With IFC's global expertise in sustainable investments and our deep-rooted market insights, we aim to set new benchmarks in Indian real estate,” he said.

Imad N Fakhoury, Regional Director for South Asia, IFC, highlighted the importance of this partnership. “Housing is a powerful driver of jobs, resilience, economic growth -- and a key priority for IFC. Our partnership with Birla Estates will bridge the gap in India's housing sector by expanding the availability of and access to sustainable, high-quality housing for the country's growing population, with a focus on first-time homeowners.”

Birla Estates continues to expand its presence in India's most sought-after real estate markets. In the last quarter of 2024-25, the company launched five projects across key markets including NCR, Bengaluru, and Pune, recording its biggest quarter sales. This significant investment from IFC will further bolster Birla Estates' position in these markets and contribute to the company's growth and development.