Aditya Birla Real Estate shares jump 2% on launching new residential project in Pune

Shares of Aditya Birla Real Estate jumped 2% after the company announced its foray in Pune with a luxury residential project. The shares were 2.04% higher at ₹1,794 apiece on the NSE at 9:20 am.

Aditya Birla Real Estate’s wholly owned subsidiary -- Birla Estates launched its first project in Pune, Birla Punya with an estimated revenue potential value of ₹2700 crore. Located in Central Pune (Sangamwadi), this is the company’s first residential project in the city spread over 5.76 acres and will feature 1.6 million square feet of saleable area including 1000 exclusive flats, offering spacious and modern living spaces.

The project will feature luxury residential apartments ranging from 1 BHK to 4 BHK across four thoughtfully designed towers. The project will be developed in phases, with Phase 1 offering two towers and 500 units.

Birla Estates continues to expand its presence in India’s most sought-after real estate markets. Betting big on the Pune market, the company also acquired a 16.5-acre (3.1 million square feet) land parcel in Manjri, Pune last year. Likewise, with the recent launches of Birla Arika and Birla Evara, the company is focusing on the National Capital Region (NCR) and Bengaluru, respectively.

Aditya Birla Real Estate (formerly Century Textiles and Industries) is principally engaged in the manufacturing of Textiles, Cement, Pulp and Paper and Real estate.