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Birla Estates acquires prime land in Malabar Hill
This is the second purchase by the Aditya Birla group in less than two weeks. On April 10, BGH Properties Ltd, a company whose directors are closely associated with the group, had purchased a 19,883 sq ft bungalow, Sunny Ville, on Carmichael Road in Mumbai from a Parsi woman’s estate
MUMBAI: Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla group, has purchased a 9,000 sq ft plot of prime land on Walkeshwar Road in Malabar Hill for ₹162.30 crore, and will develop a luxury residential project on it.
The land, which has a ground plus 2 building with carpet area of 12,500 sq ft, was purchased from the owners Premkumar Agarwal family on April 21. The purchasers paid a stamp duty of ₹9.73 crore, according to documents accessed and shared by CRE Matrix, a real estate analytic firm.
This is the second purchase by the Aditya Birla group companies in less than two weeks. On April 10, BGH Properties Ltd, a company whose directors are closely associated with the group, had purchased a 19,883 sq ft bungalow, Sunny Ville on Carmichael Road in South Mumbai from a Parsi woman’s estate for ₹220 crore.
Birla Estates, which developed Birla Niyaara luxury project in Worli, said in a statement that it is all set to enter the super luxury real estate market by developing boutique residences in one of South Mumbai’s upscale areas.
K T Jithendran, MD and CEO, Birla Estates said, “Our acquisition of this prime plot of land in Walkeshwar is a significant milestone for Birla Estates, as it aligns perfectly with our long-term growth strategy to create a niche in the luxury housing segment. We are excited about the opportunity to create bespoke boutique residences in one of the most sought-after locations in South Mumbai. This project will undoubtedly set a new benchmark for luxury living in the city, and we are committed to delivering a world-class development that exceeds the expectations of our discerning clientele.”