Realty firm Birla Estates has acquired a 5-acre land in Gurugram to develop a housing project with an estimated revenue potential of more than Rs 1,400 crore.
Birls Estates is a wholly-owned subsidiary of Century Textiles and Industries Limited and the real estate venture of the Aditya Birla Group.
In a regulatory filing on Monday, Centure Textiles informed that Birla Estates will expand its footprint in the national capital region (NCR) with a strategic land acquisition in Sector 71, Gurugram.
"This 5-acre parcel offers a development potential of around 10 lakh square feet and is expected to generate revenue of over INR 1400+ crore with aesthetically designed residences," it said.
K T Jithendran, MD & CEO at Birla Estates, said, "Gurugram has been a pivotal market for us from the outset. The real estate potential in this micro-market is immense and reinforces our strong focus in the Delhi-NCR region.
