Realty firm Birla Estates on Monday said it has purchased a land parcel in South Mumbai to develop a premium housing project and is expecting a sales revenue of more than Rs 600 crore from this upcoming property.

Birla Estates, the real estate arm of the Aditya Birla Group housed under Century Textiles and Industries Ltd, did not disclose the land parcel size and the deal value.

With a surge in housing demand post the second wave of the Covid pandemic that hit India in April-June 2021, real estate developers are aggressively acquiring land parcels — outright as well as through partnerships with landowners — to expand their businesses.

In a regulatory filing, Century Textiles informed that its subsidiary Birla Estates has acquired a prime land parcel in South Mumbai’s upmarket residential area of Walkeshwar at Malabar Hill.

“The luxury project will hold a revenue potential of over Rs 600 crore,” it said.

K.T. Jithendran, MD and CEO, of Birla Estates, 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 said.

Birla Estates currently has many projects across key markets in the country. The company is developing land parcels through outright purchases and asset-light joint ventures apart from developing its land parcels.

In the long term, the company said it is focused on developing world-class residential, commercial and mixed-use properties and aims to be amongst the top real estate companies in India.

Maruti Fronx at Rs 7.5 lakh

Calcutta: Maruti Suzuki India on Monday started retail sales of its compact SUV, Fronx, from its Nexa sales channel at a starting price of Rs 7,46,500.

Announcing the prices, Hisashi Takeuchi, managing director & CEO, of Maruti Suzuki India Limited, said: “We take pride in being at the forefront of understanding the diverse needs of customers and industry trends. The launch of Fronx is a part of our new approach towards pioneering the growth of this segment.”

Shashank Srivastava, senior executive officer, marketing & sales, said, “We are confident that the Fronx will help us achieve leadership in the SUV segment in the country.”

C.V. Raman, chief technical officer, said: “The Fronx has been designed with a unique aerodynamic silhouette for new-age buyers who are looking for a stylish vehicle with dynamic road presence.”

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