Birla Estates Pvt. has acquired a 16.5-acre land parcel in Manjiri, Pune, to build a housing project. The company is expanding its presence in Pune with the land acquisition.
The land has a development potential of approximately 32 lakh square feet and an estimated revenue potential of Rs 2,500 crore, the company said in an exchange filing on Monday. The project is expected to be a part of an integrated township with a variety of residential unit configurations.
The project is situated on the Pune-Solapur Highway, with connectivity to IT hubs, educational institutions, healthcare facilities, and shopping centers. The Pune Ring Road also connects the area.
“Pune is a strategic market for us, and this acquisition is a step towards our ambitious growth plans," said KT Jithendran, managing director and chief executive officer at Birla Estates.
Birla Estates is a 100% wholly owned subsidiary of Century Textiles and Industries Ltd., as well as a real estate venture of the Aditya Birla Group.
The shares of Century Textiles rose 4.59% to Rs 2,319.55 apiece, compared with a 0.11% advance in the NSE Nifty 50 as of 3:04 p.m.
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