Birla Estates Pvt. has acquired a land parcel in Gurugram for a residential product that is expected to generate revenue of over Rs 1,400 crore. The 5-acre parcel has a development potential of around 10 lakh square feet.
Birla Estates, a wholly owned subsidiary of Century Textiles and Industries, will acquire the land in Sector 71, Gurugram, and expand its presence in the NCR region, the company said through an exchange filing on Monday.
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The company is planning to build a luxury high-rise residential tower that will also have clubhouse amenities and landscaping.
"The real estate potential in this micro-market is immense and reinforces our strong focus in the Delhi-NCR region. With this acquisition, we aim to cater to homebuyers seeking exclusivity and distinctive living experiences," KT Jithendran, managing director and chief executive officer at Birla Estates, said in a statement.
The real estate venture of Aditya Birla Group also has other projects on Golf Course Extension Road, Sector 31 in Gurugram and Mathura Road in Delhi.
The acquisition comes after Hindalco Industries Ltd. announced that it would sell a land lot situated in Maharashtra to a subsidiary of Birla Estates Pvt. for a likely consideration of Rs 595 crore.
The shares of Century Textiles closed 1.89% lower at Rs 2,101 apiece, which compares to a 0.35% advance in the NSE Nifty 50 Index.
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