For ₹104.3 cr, Birla Estates purchases land in Boisar

By Bricksnwall | 2024-12-18

For ₹104.3 crore, Birla Estates Pvt Ltd, the subsidiary of Aditya Birla Real Estate, purchased 70.92 acres of land in Boisar, Mumbai Metropolitan Region (MMR). 

MUMBAI: For ₹104.3 crore, Birla Estates Pvt Ltd, the subsidiary of Aditya Birla Real Estate, purchased 70.92 acres of land in Boisar, Mumbai Metropolitan Region (MMR).

Boisar is about 100 kilometers from Mumbai and is located in the Palghar district. It is a center of industry close to Gujarat's border. On Tuesday night, the business announced the transaction to the public. According to market experts, the corporation is probably going to develop a township project because there are a lot of infrastructure projects planned in this area, which would increase demand for flats.

A station is being constructed at Boisar for the ambitious 508-kilometer Mumbai-Ahmedabad bullet train, which is anticipated to be completed by 2028. In August, the Vadhavan Port's foundation stone was also placed for the all-weather deep draft port. The port's initial phase is expected to be completed in 2029. The secretariat is also debating the possibility of building an airport at Palghar.

In the current year, Birla Estates has purchased three pieces of land in and around Mumbai, a sign of its intentions to grow its real estate company. Worli and Thane were the locations of the first two. The company revealed in September that it had paid ₹1,100 crore to industrialist Nusli Wadia for a 10-acre leasehold land in Worli. In the same month, Birla Estates paid ₹537.42 crore to Hindalco, another company in the group, for a 24.5-acre manufacturing land.

Birla Estates has a small portfolio of housing developments in the MMR outside from these two properties. The upscale developments include Anayu on Malabar Hill and Niyaara in Worli. The township in Shahad, which the developer likes to call Kalyan, is the third active project. Its portfolio consists of three commercial buildings located in the Worli area: Century Bhavan, Birla Aurora, and Birla Centurion.

Source: Hindustan Times