Birla Estates Strengthens Real Estate Portfolio with Kalwa Land Acquisition
Birla Estates, a leading real estate developer, has acquired a land parcel in Kalwa, Maharashtra, from Hindalco Industries for INR 595 crore, further expanding its portfolio in the region.
Real EstateBirla EstatesHindalco IndustriesLand AcquisitionMaharashtraReal Estate MaharashtraJul 28, 2024
The decision to sell the land parcel was initially approved by Hindalco Industries' Board of Directors on July 12, 2023. The transaction is subject to the signing of definitive documents, the completion of customary closing conditions, and the receipt of necessary regulatory approvals.
Birla Estates Pvt Ltd, a wholly-owned subsidiary of the Aditya Birla Group, was established in 2016. The company boasts a diversified portfolio encompassing residential, commercial, and mixed-use properties. With this new acquisition, Birla Estates aims to further expand its presence in the region.
Recently, Birla Estates acquired a five-acre land parcel in sector 71, Gurugram, with a development potential of around 10 lakh square feet (sqft). The company targets to generate a revenue of over INR 1,400 crore from this project. Birla Estates has undertaken projects at Golf Course Extension road and Sector 31 in Gurugram and also at Mathura Road in New Delhi.
In June this year, Birla Estates had signed a pact to enter into a joint venture (JV) with Barmalt India to develop a 13.27-acre land parcel for a luxury residential group housing at sector 31 in Gurugram. The company's continuous expansion in the region is a testament to its commitment to providing high-quality real estate solutions to its customers.
Information
Birla Estates Pvt Ltd is a leading real estate developer in India, established in 2016. The company is a wholly-owned subsidiary of the Aditya Birla Group and has a diversified portfolio encompassing residential, commercial, and mixed-use properties. Hindalco Industries, on the other hand, is a leading industrial conglomerate with a presence in multiple sectors, including metals, mining, and real estate.
Frequently Asked Questions
What is the value of the land parcel sold by Hindalco Industries to Birla Estates' subsidiary?
The land parcel was sold for a sum of INR 595 crore.
Who is the parent company of Birla Estates Pvt Ltd?
Birla Estates Pvt Ltd is a wholly-owned subsidiary of the Aditya Birla Group.
What is the development potential of the five-acre land parcel acquired by Birla Estates in sector 71, Gurugram?
The project has a development potential of around 10 lakh square feet (sqft).
What is the target revenue of Birla Estates from the project in sector 71, Gurugram?
The company targets to generate a revenue of over INR 1,400 crore from this project.
What is the location of the land parcel acquired by Birla Estates from Hindalco Industries?
The land parcel is located in Kalwa, Maharashtra.
Related News Articles
Sunteck Realty Sees Significant Growth in Q1 FY25 with Net Profit of Rs 22.78 Crore
Sunteck Realty has reported a net consolidated profit after tax of Rs 22.78 crore in Q1 FY25, a significant growth from the loss of Rs 6.73 crore in the corresponding quarter of the previous fiscal.
Positive Outlook on Real Estate and Construction Sector by Banks and Financial Institutions
Real estate developers, banks, financial institutions, and private equity funds are maintaining a positive outlook on the sector's growth. This optimism is fueled by various factors including government policies and market trends.
Bombay HC to Hear 'Lodha' Trademark Dispute Between Brothers on January 31
The Bombay High Court is set to hear a trademark dispute between brothers, where the older brother has sought an injunction against his younger brother, Abhinandan Lodha, and his real estate firm, House of Abhinandan Lodha (HoABL), from using the 'Lodha'
11% Nido Home Finance NCDs – March 2025: A Smart Investment?
Explore the details and potential benefits of investing in Nido Home Finance's 11% Non-Convertible Debentures (NCDs) maturing in March 2025. Discover if this high-yield investment aligns with your financial goals.
I-T Department Targets High Rollers with Luxury Lifestyles and Low Bank Statements
The Income Tax (I-T) Department in Mumbai has launched a crackdown on individuals who flaunt lavish lifestyles while showing minimal bank transactions. This initiative aims to uncover potential tax evasion and ensure fair financial practices in the real e
UP Builders May Lose Land for Failing to Pay Rehabilitation Advance
The move aims to ensure transparency and accountability in real estate development, ensuring that only serious builders participate in these housing projects.