Birla Estates' Subsidiary Acquires Prime Land Parcel in Mumbai MMR for Rs 537 Crore
Ekamaya Property Private Limited, a subsidiary of Birla Estates, has acquired a 24.5-acre land parcel in Kalwa, Mumbai MMR, for Rs 537.42 crore.
Birla EstatesMumbai MmrReal EstateLand AcquisitionAditya Birla GroupReal EstateSep 12, 2024
The strategically located plot is in an area experiencing rapid growth due to its proximity to key hubs and improving infrastructure. Kalwa has emerged as an attractive residential destination, benefitting from its close connection to Thane, one of India’s most active real estate markets, and Navi Mumbai, a growing employment hub.
According to Anand Moorthy, Co-founder and CBO, Capital Market & Services, Square Yards, “We are witnessing leading developers strategically positioning themselves across key markets, acquiring significant land parcels. This aligns with the growing demand for office spaces as well as residential apartments in gated communities as homebuyer preference have shifted towards projects that offer a range of amenities and open spaces.
Birla Estates has a strong geographical footprint, with residential and commercial developments across Mumbai MMR, Pune, Bengaluru, and Delhi NCR. 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 Rs. 1,126 crore.
The acquisition is part of Birla Estates' plans to expand its presence in the Mumbai MMR. The company has an impressive pipeline of 18 million square feet area across projects with an estimated gross development value of Rs. 32,000 crore.
The transaction, finalised in September 2024, involved the purchase from Hindalco Industries Limited. The deal included a stamp duty of Rs 37.61 crore and a registration fee of Rs 30,000.
Frequently Asked Questions
Who is the subsidiary of Birla Estates that acquired the land parcel?
Ekamaya Property Private Limited
Where is the land parcel located?
Kalwa, along the Thane-Belapur Road, in the Mumbai Metropolitan Region (MMR)
What is the value of the land parcel acquired by Birla Estates?
Rs 537.42 crore
What is the size of the land parcel acquired by Birla Estates?
99,021.47 square meter (nearly 24.5 acres)
Who is the seller of the land parcel?
Hindalco Industries Limited
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