Aditya Birla Real Estate, formerly Century Textiles, has acquired a 70.92-acre land parcel in Boisar, near Mumbai, for Rs 104.3 crore, according to a stock exchange filing made on December 17. Boisar, located in Palghar district, is the largest industrial suburb in the Mumbai Metropolitan Region.
This acquisition aligns with Aditya Birla Real Estate’s aggressive strategy to secure prime land parcels in and around Mumbai for future development. Earlier this year, in September 2024, the company acquired 24.5 acres of land near Mumbai from Hindalco for Rs 537 crore, while in June, it purchased 16.5 acres of land in Pune for a housing project worth Rs 2,500 crore.
It has also made some big acquisitions in Q2 FY25, including 10 acres of land in Mumbai’s prime Worli area with a GDV of Rs 14,000 crore and 5 acres in Gurugram with a GDV of Rs 1,400 crore. This reflects a strong focus on expanding across key real estate markets in India.
Early this year, Aditya Birla Real Estate announced an ambitious target to roll out projects worth Rs 12,000 crore in FY25. The company remains focused on four large markets-the Mumbai Metropolitan Region, Bengaluru, National Capital Region and Pune-where it expects a big growth opportunity. As on date, the company also has a pipeline of residential projects across these markets that have a revenue potential of close to Rs 54,000 crore.
For housing, the country’s real estate sector was observing heightened demand in cities of Tier 1 during the same time period, as Tier 2 cities grew as some very prospective destinations for investments with a much better physical infrastructure coupled with improved connectivity and offering reasonably priced apartments.
Shares of Aditya Birla Real Estate continue to gain investor confidence. In October, global brokerage Nomura initiated coverage with ‘Buy’ rating, saying the company has the potential to feature among the top five real estate players in India.
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