Birla Estates buys 24.5 acres land from Hindalco for ₹537 crore in Kalwa near Mumbai
MMR real estate: The land parcel bought by Birla Estates from Hindalco is located in Kalwa along the Thane-Belapur Road close to Thane and Mumbai
Birla Estates, the real estate venture of the Aditya Birla Group, has acquired a land parcel in Kalwa near Mumbai for ₹537.42 crore. The land parcel spread across 24.5 acres has been bought from Hindalco Industries Limited, according to the property registration documents accessed by SquareYards.
The land is located in Kalwa along the Thane-Belapur Road having close proximity to Thane, Mumbai and other satellite cities in the Mumbai Metropolitan Region (MMR).
There are several developers that are active in the Thane real estate market. These include Rustomjee Group, Hiranandani, Raymond, Oberoi Realty, Lodha among others.
The transaction in Kalwa was registered on September 4. A stamp duty of ₹37.61 crore has been paid for the transaction as also a registration charge of ₹30,000, the documents showed.
A query sent to Birla Estates did not get any response.
"This is further to our intimation dated July 15, 2024, wherein it was informed that Board of directors of Hindalco Industries Limited approved a proposal of sale of land situated at Kalwa, Maharashtra to M/s. Ekamaya Properties Private Limited, a wholly owned subsidiary of M/s Birla Estates Private Limited. It is hereby further informed that on September 4, 2024, the Company has duly signed and registered definitive agreements for selling above land parcel," Hindalco Industries Limited said in a regulatory filing on September 5.
“We are witnessing leading developers strategically positioning themselves across key markets, acquiring significant land parcels. This aligns with the growing demand for office spaces as well as residential apartments in gated communities as homebuyer preference has shifted towards projects that offer a range of amenities and open spaces. These high-value deals in the market clearly signal profitable opportunities for developers in both residential and commercial sectors,” said Anand Moorthy, co-founder and CBO, Capital Market and Services, Square Yards.
{{/usCountry}}“We are witnessing leading developers strategically positioning themselves across key markets, acquiring significant land parcels. This aligns with the growing demand for office spaces as well as residential apartments in gated communities as homebuyer preference has shifted towards projects that offer a range of amenities and open spaces. These high-value deals in the market clearly signal profitable opportunities for developers in both residential and commercial sectors,” said Anand Moorthy, co-founder and CBO, Capital Market and Services, Square Yards.
{{/usCountry}}On September 10, Century Textiles and Industries Limited (CTIL) had announced that it has acquired the ownership rights of approximately 10-acre leasehold land parcel in Worli, Mumbai, from Nusli Wadia for ₹1100 crore and expects ₹14000 crore from the real estate development on the site.
{{/usCountry}}On September 10, Century Textiles and Industries Limited (CTIL) had announced that it has acquired the ownership rights of approximately 10-acre leasehold land parcel in Worli, Mumbai, from Nusli Wadia for ₹1100 crore and expects ₹14000 crore from the real estate development on the site.
{{/usCountry}}Birla Estates Private Limited is a 100% wholly owned subsidiary of Century Textiles and Industries Limited is the real estate venture of the Aditya Birla Group.
The company is headquartered at Mumbai and currently has regional offices in NCR, Bengaluru and Pune and also has a well- established commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai, with around 6 lakh square feet of leasable area. It develops premium residential housing in key markets. It is developing land parcels both through outright purchases as well as asset-light Joint Ventures apart from developing its own land parcels.
The company has a project pipeline worth ₹45,000 crore in gross development value (GDV), K T Jithendran, MD and CEO, Birla Estates had said in November 2023. The company in November 2023 had announced plans for the second phase launch of Birla Niyaara.
Also Read: Birla Estates acquires prime land in Malabar Hill
Other real estate deals in MMR
Automobile manufacturer Mahindra and Mahindra Limited had sold a 20.5 acres land parcel in Mumbai's Kandivali area for ₹210 crore, according to property registration documents by CRE Matrix.
Real estate developers and entities sealed approximately 101 separate land deals in fiscal year 2023-24, cumulatively accounting for nearly 2,989 acres across the country, according to data shared by Anarock.
