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Birla Estates eyes 200 acres of Century Mills for residential projects
The Economic Times  |  September 11, 2019

Sobia Khan Bengaluru

Birla Estates, a real estate arm of B K Birla Group, has identified around 200 acres of land owned by its parent firm Century Textiles and Industries Ltd across Mumbai and Pune to strengthen its residential real estate business.


With a focus on premium luxury housing projects, the company also plans to build homes in Pune, Bengaluru and the National Capital Region.


“There is a huge potential in some of the land parcels owned by the textile factory that became unviable,” said K T Jithendran, chief executive officer at Birla Estates. “We plan to focus on four markets as they are more consistent.”


The firm has tied up for three land parcels totalling to 88 acres under the joint venture model across NCR and Bangalore for its residential foray. “We are looking for several more partnerships that are currently under discussion,” Jithendran said.


Birla Estates has tied up with local landlords to develop two residential projects in Bengaluru. The first project in Whitefield comprises of 218 units of villaments — or, apartments offering key facilities of a villa —costing Rs 1.3 crore to Rs 2.5 crore each.


Separately, the firm is looking to acquire distress assets to add to it portfolio. “We are looking at several opportunities but they have to be fresh land parcels,” Jithendran said.


Many real estate developers are actively looking at joint development and joint venture agreement as asset light model to either encash their own land parcels, or in some cases, to take over the development rights themselves.


Builder actively involved in such deals include TriBeCa and Shriram Properties.


The Indian real estate sector is hamstrung by a liquidity crisis and unsold inventory of about 665,000 units across seven major cities, according to Anarock Research.