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Birla Estates buys land in Boisar for ₹104.3 cr
Aditya Birla Real Estate’s arm, Birla Estates Pvt Ltd, has acquired 70.92 acre of land in Mumbai Metropolitan Region’s (MMR’s) Boisar for ₹104.3 crore.
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MUMBAI: Aditya Birla Real Estate’s arm, Birla Estates Pvt Ltd, has acquired 70.92 acre of land in Mumbai Metropolitan Region’s (MMR’s) Boisar for ₹104.3 crore.
Boisar falls under Palghar district and is approximately 100 km from Mumbai. It is an industrial hub near Gujarat’s border. The company made the acquisition public on Tuesday evening. Market sources indicated that the company is likely to come up with a township project as multiple infrastructure projects are in the pipeline in this region, thereby creating demand for apartments.
The ambitious 508km-long Mumbai-Ahmedabad bullet train will pass through Boisar, and a station is being built here, which is expected to be fully operational by 2028. The foundation stone for the all-weather deep draft Vadhavan Port was also laid in August. The first phase of the port is scheduled to be ready in 2029. Discussions are also underway in the secretariat to develop an airport at Palghar.
This is Birla Estates’ third land acquisition in and around Mumbai during the ongoing calendar year, indicating plans to expand its real estate business. The earlier two were in Worli and Thane. In September, the company had announced acquisition of a 10-acre leasehold plot in Worli from businessman Nusli Wadia for ₹1,100 crore. In the same month, Birla Estates had purchased a 24.5-acre factory plot from its group’s another concern, Hindalco, for ₹537.42 crore.
Apart from these two plots, Birla Estates has a limited portfolio of housing projects within the MMR. Among the luxury projects are Niyaara in Worli and Anayu in Malabar Hill. The third ongoing project is a township at Shahad, which the company prefers to refer to as Kalyan. There are three commercial buildings in its portfolio - Birla Aurora, Birla Centurion and Century Bhavan, all of them in the Worli area.
