Birla Estates to invest over Rs 500 crore to develop its maiden project in Gurugram
Mumbai-based BK Birla Group’s realty firm Birla Estates has forayed into the Delhi-NCR market and is planning to invest over Rs 500 crore to develop about 700 floor-rises in Gurugram.
The project, Birla Navya, located along Gurgaon’s Golf Course Extension Road, Sector 63 A, is spread across 10 acres of the total 47 acres comprising about 6 lakh sq ft of space.
“The company will invest Rs 550 crore for the Gurugram project. It has already committed about Rs 400 crore to its JV partner in Delhi-NCR for the entire 73 acre land parcel,” the company said.
Birla Estates has tied up with Delhi-based realty firm Anant Raj Group to develop the housing project in Gurugram. The starting price of the units is Rs 1.36 crore. These will be up for possession around 2024, the company said.
The first phase of the 47-acre township is spread across three pockets and offers 300 units of 2, 3, and 4 BHK premium floor residences.
The gated community will be developed over three phases, wherein the company has already recorded Rs 100 crore worth of bookings within a few months of launching Phase I, out of the estimated Rs 600 crore, it said.
The company aims to secure bookings value worth Rs 2000 crore with the completion of the last phase of Birla Navya, it said.
“After witnessing an overwhelming response from our earlier residential projects in key cities like Mumbai and Bengaluru, we are now looking forward to building a wholesome community in Gurugram,” said K. T. Jithendran, CEO, Birla Estates.
The launch will play a critical role in the overall growth of the company given the increased talent pool settling in the region and demanding a good lifestyle that has fast tracked the growth trajectory of the micro market. The pandemic has also played a unique role in infusing a strong sentiment regarding the value of owning a house within today’s new age homebuyer who is constantly looking for quality, secure and de-cluttered living, he said.
The company had told Moneycontrol earlier this year that it intends to invest close to Rs 2000 crore over the next two years on projects in Delhi-NCR, Bengaluru and Pune to enhance its residential footprint.
“While we will continue to develop the land parcels that we own, we will also prefer the asset-light joint venture model. Consolidation and joint ventures will be the focus going forward,” Jithendran had said.
The company’s portfolio of 200 acres includes 40 acres of textile mill lands in Worli, 45 acres in Pune, 125 acres in Kalyan, 2 acres of land along the beach in Prabha Devi in Mumbai and land owned by subsidiary Century Rayon.
“Only about 31 acres has been launched so far which is approximately 2 million sq ft of residential space. The entire exploitation of the 200 acres will take 8 to 10 years,” he had told Moneycontrol.
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