The real estate arm of the Aditya Birla group, Birla Estates Pvt Ltd has paid Rs 162.30 crore for a 9,000 sq ft block of premium land on Walkeshwar Road in Malabar Hill, on which it plans to build a luxury residential building.
On April 21, 2023, the land, which has a ground plus two buildings with a carpet area of 12,500 sq ft, was purchased from the Premkumar Agarwal family.
According to the paperwork accessed and shared by CRE Matrixa real estate analytic firm, the purchasers paid a stamp duty of Rs 9.73 crore.
This is Aditya Birla Group’s second purchase in less than two weeks.
On April 10, 2023, BGH Properties Ltd, a firm whose directors are closely associated with the group, purchased a 19,883 sq ft bungalow, Sunny Ville on Carmichael Road in South Mumbai from a Parsi woman’s estate for Rs 220 crore.
Birla Estates, which built the Birla Niyaara luxury project in Worli, announced in a statement that it is all set to enter the super luxury real estate market by developing boutique residences in one of South Mumbai’s upscale areas.
CEO and MD of Birla Estates, KT Jithendran said, “Our acquisition of this prime plot of land in Walkeshwar is a significant milestone for Birla Estates, as it aligns perfectly with our long-term growth strategy to create a niche in the luxury housing segment”.
“We are excited about the opportunity to create bespoke boutique residences in one of the most sought-after locations in South Mumbai”, he continued.
Mr. Jithendran further said, “This project will undoubtedly set a new benchmark for luxury living in the city, and we are committed to delivering a world-class development that exceeds the expectations of our discerning clientele”.
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