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Birla Estates looking to unlock land value in India
The Economic Times  |  March 27, 2019

Kailash Babar Mumbai

Banking on the strong land bank in its possession and expecting consolidation of the realty sector triggered by regulatory and macroeconomic reforms, Birla Estates is looking to aggressively pursue realty development to emerge among the top three real estate companies in India, said a top executive of the company.

 

Birla Estates, a division of BK Birla Group company Century Textiles and Industries (CTIL), owns nearly 200 acres in Mumbai, Pune and Bengaluru and will use a capital efficient, asset light model to source joint venture deals and develop the brand.

 

"Our initial focus is to create a strong brand in real estate through development of premium and higher mid-income residential housing in identified land parcel owned by the group as well as through joint ventures with landowners," KT Jithendran, chief executive, Birla Estates, told ET.

 

Birla Estates is preparing for aggressive expansion of its existing bank of over 200 acres, which entails investment of Rs 2,000-2,500 crore on development of these parcels, he said, adding that the company expects to fully develop the land bank in 10 years.

 

The realtor is in talks with several land owners and developers for joint ventures and may even explore acquisitions and outright purchase for the right deals that meet our acquisition criteria.

 

"We are always on the lookout for well-located land parcels," he said, adding Birla Estates is open to evaluating the purchased of distressed assets.