The anticipated conclusion of the sale is set for a 15-month timeframe. The finalization of the contractual documents is not yet signed.
NEW DELHI: In a recent development, Birla Estates (BEPL), a wholly-owned subsidiary of Century Textiles and Industries (CTIL), has successfully acquired a prime land parcel located in Kalwa, Thane, from Hindalco Industries (HIL) for a significant sum of Rs 595 crore. This transaction was officially disclosed through separate filings on the BSE platform by both BEPL and HIL.
| Type | Apartments |
|---|---|
| Project Stage | New Launch |
| Location | Shettigere, Devanahalli, Bangalore |
| Builder | Birla Estates |
| Floor Plans | 1,2 & 3 BHK |
| Price | Rs. 50 Lakh* Onwards |
| Total Land Area | 50 Acres |
| Total Units | 2600 Units |
| Size Range | 650 - 3000 Sq Ft |
| Towers & BLocks | 2 Towers, 25 Floors |
| Approvals | RERA |
| RERA No | PR/300823/006200 |
| Launch Date | September 5th 2023 |
| Completion Date | October 31st 2028 |
| Possession Date | April 31st 2028 |
This strategic acquisition underscores Birla Estates' commitment to expanding its real estate portfolio and investment in promising regions like Thane, demonstrating a continued trend of notable investments within the Indian real estate sector. The deal is poised to have a lasting impact on the regional real estate landscape, with further details and expectations on the horizon.
The regulatory filing from CTIL states, "The board of directors has approved the acquisition of the land parcel located in Kalwa, Thane, Maharashtra, from Hindalco Industries (HIL). The total consideration for this acquisition amounts to approximately Rs. 595 crore, which will be disbursed in multiple tranches over a specified period, along with an additional 1.5% of the sales revenue." This move represents a significant step in the company's strategic expansion plans and signifies its commitment to enhancing its regional real estate portfolio.
The anticipated date of sale completion is 15 months.
In its regulatory filing, HIL has emphasized that the transaction is contingent upon several factors. They state, "The finalization of this transaction hinges on the signing of definitive documents, fulfillment of customary closing conditions specified within these documents, and the receipt of necessary regulatory approvals." This underscores the importance of these essential steps in completing the deal, highlighting the meticulous and compliance-oriented approach Hindalco Industries is taking.
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