Mumbai, 12th September 2024: Birla Estates, the real estate venture of the Aditya Birla Group has made a notable acquisition of a land parcel in the Mumbai Metropolitan Region (MMR), valued at Rs. 537.42 crore, according to Square Yards. The strategically located plot is in Kalwa, along the Thane-Belapur Road, an area experiencing rapid growth due to its proximity to key hubs and improving infrastructure.
Kalwa has emerged as an attractive residential destination, benefitting from its close connection to Thane, one of India's most active real estate markets, and Navi Mumbai, a growing employment hub. These factors make it particularly appealing to working professionals seeking convenient housing options.
Anand Moorthy, Co-founder and CBO, Capital Market & Services, Square Yards said, “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 have 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. Additionally, global firms and tech-giants are increasingly expanding their presence in India. The digitization of land records and enhanced transparency have played a key role in boosting stakeholder confidence in the Indian real estate sector."
The registration document, reviewed by Square Yards, indicates that Ekamaya Property Private Limited, a wholly-owned subsidiary of Birla Estates Private Limited, acquired the 99,021.47 square meter (~24.5 acres) land parcel. The transaction, finalized in September 2024, involved the purchase from Hindalco Industries Limited. The deal included a stamp duty of Rs. 37.61 crore and a registration fee of Rs. 30,000.
Birla Estates has a strong geographical footprint, with residential and commercial developments across Mumbai MMR, Pune, Bengaluru, and Delhi NCR. As per Square Yards data insights Birla Estates, ranked third in the Mumbai MMR amongst developers with the highest registered home sales values during the April-June quarter of 2024, recording transactions worth Rs. 1,126 crore. According to Birla Estate’s Q4 FY2024 report, the firm has an impressive pipeline of 18 million square feet area across projects with an estimated gross development value of Rs. 32,000 crore.
About Square Yards
Square Yards is India's largest Integrated real estate marketplace, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 7mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset-light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with a presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.
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