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Birla Estates to infuse Rs 550 cr to develop township in Gurugram

Thursday, 15 Oct 2020
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Birla Estates, a real estate arm of B K Birla Group firm, will make an investment of Rs 550 crore to develop residential township in Gurugram, Haryana. 
The company will develop around 700 high-end independent floors as it looks to enter the NCR realty market. 
The company had tied up with Delhi-based realtor Anant Raj to develop residential township over a 73 acre land parcel in Gurugram. The project is being developed under Avarna Projects, a joint venture between Birla Estates and Anant Raj. 
The land belongs to Anant Raj and Birla Group will pay Rs 400 crore for the land parcel apart from investing in the township development. 
Birla Estates is also in talks with more land owners to develop residential projects in a joint venture in NCR. 
The company is expecting a revenue of Rs 4,000 crore from this project and is in talks with other parties to develop more such projects in NCR. 
In Phase-I, the company is developing independent floors in 47 acre, and in the remaining space, it is expected to develop high-rises. It will develop 300 independent floors in the first round and then another 400. 
Phase-I of the 47 acre township is spread across three pockets and offers 300 units of two-, three-, and four-BHK premium floor residences.
With a starting price of Rs 1.36 crore, the company is expecting a revenue of Rs 2,000-2,200 crore from Phase-I. 
Birla Estates has projects in Bengaluru, Karnataka and Kalyan, Maharashtra.
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