Birla Estates inks pact to develop 52 acres land parcel in Bengaluru

The Century Textiles and Industries Ltd (CTIL) real estate arm, Birla Estates, entered into an agreement with M S Ramaiah Realty LLP to jointly develop a prime land parcel of 52 acres in North Bengaluru. The revenue and development potential of this new project is Rs 3,000 crore and 4 million sq ft respectively. It will have high as well as low-rise residential developments. It will also have both retail and commercial elements. The project is an integrated mini township project. Birla Estates CEO KT Jithendran said that for Birla Estates, Bengaluru is a focus market and they are happy to announce their third project in a short span of time. As of now, the Birla Estates are already having two projects in Bengaluru- Birla Alokya and Birla Tisya located in Whitefield and Rajajinagar. Birla Estates plans to utilise a capital efficient asset light model for sourcing joint ventures (JV) in Pune, National Capital Region (NCR), Bengaluru, Bengaluru, and Mumbai Metropolitan Region (MMR). Image Source Also read: Birla Estates clocks Rs 1k cr apartment bookings in Mumbai project