Birla Estates, the real estate arm of Century Textiles and Industries, has entered the Pune residential real estate market by acquiring 5.76 acres of land in Sangamwadi, a central business district in the city.
The company plans to develop a premium residential project on the land parcel, which has a development potential of over 1.5 million square feet and revenue potential of ₹2,500 crore, the company said in an exchange filing.
The land was purchased from Sudarshan Chemical Industries.
KT Jithendran, MD and CEO, Birla Estates said, “With this foray into Pune, Birla Estates is embarking on an exciting new phase after establishing itself in the MMR (Mumbai Metropolitan Region), Bengaluru and NCR (National Capital Region) markets.”
The company sees the foray into the Pune housing market as the key to its growth strategy and its ambition to be among the top developers in the country.
Birla Estates has many projects across key markets in the country, including its flagship project Birla Niyaara in Worli, Mumbai. According to the company, Birla Niyaara has been one of the top selling residential projects in MMR, with sales crossing ₹2,300 crore in over a year since launch.