Birla Estates Pvt. has entered into a joint venture with Barmalt India Pvt. for a luxury residential group housing development in Gurugram.
The land parcel spans 13.27 acres and has a development potential of roughly 2.4 million square feet, presenting a revenue opportunity of approximately Rs 5,000 crore.
This collaboration is a milestone in Birla Estates' mission to expand its footprint in the luxury real estate segment, the company said in an exchange filing on Wednesday.
Birla Estates is the real estate venture of Aditya Birla Group and a wholly owned subsidiary of Century Textiles.
The land parcel, which is located in Sector 31, is close to commercial hubs and can be accessed via the metro line. As it is situated just off the National Highway-48, it provides swift and easy access to the IGI Airport in New Delhi and the central business district areas of Gurugram as well.
“As we expand our footprint in the Delhi NCR region, we're pleased to announce the addition of this new project in one of Gurugram's most promising micromarkets," said KT Jithendran, the managing director and chief executive officer of Birla Estates.
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