Birla Estates, the real estate firm, aims to accelerate the company in the Indian realty sector. Banking on the strong land bank in its possession and expecting consolidation of the realty sector triggered by regulatory and macroeconomic reforms, Birla Estates is looking to aggressively pursue realty development to emerge among the top three real estate companies in India, said the top executive of Birla Estates to the Indian daily news.
Birla Estates, a subsidiary of BK Birla Group, CTIL (Century Textiles and Industries), possesses almost 200 acres in Mumbai, Bengaluru and Pune. The realty firm will employ a light, capital effectual model to obtain joint venture deals and grow the company, as reported by the Indian daily news.
Our initial focus is to create a strong brand in real estate through the development of premium and higher mid-income residential housing in identified land parcel owned by the group as well as through joint ventures with landowners," said KT Jithendran, Chief Executive at Birla Estates.
Birla Estates, the realty development company plans for a wide expansion of its current bank. For the decided expansion, the company is endowing money up to INR 2,000 to 2,500 crore for growing the procured parcels, said KT Jithedran. He further added the firm anticipates to develop the bank entirely in a span of ten years.