Construction company, Birla Estates, on Thursday said it has acquired 5.76 acres of land from Sudarshan Chemical Industries (SCIL) in Sangamwadi, a central business district in Pune. The development potential of the land parcel is over 1.5 million square feet, with a revenue potential of over Rs 2,500 crore, the company said in a statement.

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"With this foray into Pune, Birla Estates is embarking on an exciting new phase after establishing itself in the MMR (Mumbai Metropolitan Region), Bengaluru and NCR (National Capital Region) markets. Pune is one of the country’s largest residential markets and this land with high revenue potential is located at the heart of the city. We aim to create an urban ecosystem in line with our LifeDesigned philosophy catering to customer needs and enhancing the quality of life. The Pune foray is key to our growth strategy and our ambition to be among the top developers in the country," said K T Jithendran, MD and CEO of Birla Estates.

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Birla Estates, a 100 percent wholly-owned subsidiary of Century Textiles and Industries, is the real estate venture of the Aditya Birla Group. The company develops premium residential housing in key markets.

Mumbai-headquartered company plans to develop a premium residential project in line with its intent to create thoughtful LifeDesigned spaces with curated amenities.

Last month, Birla Estates inked a pact for 52-acre land parcel in North Bengaluru. During the same period, Grasim leased 220-acre land in Gujarat from Century Textiles for Rs 255 crore.

Stocks of Century Textiles settled at Rs 649.15 apiece, up nearly 0.70 percent, when the market closed today, April 6, 2023.

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