Birla Estates in talks to buy 10-acre Noida site for ₹1,000 crore
Birla Estates is in advanced talks to acquire a 10-acre plot in central Noida from Shipra Group for about ₹1,000 crore, with plans to build a luxury residential project. The deal would mark the developer's second project in Noida, following a co-development partnership with Sikka Group in Greater No
Birla Estates, a wholly-owned unit of Aditya Birla Real Estate Ltd, is in advanced talks to acquire a 10-acre plot in Noida from Shipra Group for nearly ₹1,000 crore, two people aware of the development said. The company is expected to develop a luxury residential project on the land parcel in central Noida, the people said.
“This is in the vicinity of two projects by reputed developers,” one of the persons said. “There are lenders (to Shipra Group) involved who will get the exit once the deal is concluded.” Birla Estates declined to comment, while Shipra Group did not respond to an email query.
This will mark the second project for Birla Estates in Noida. Last December, the company partnered with Delhi-NCR-based realty firm Sikka Group to become a co-developer in a five-acre residential project in Greater Noida.
Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases and asset-light joint ventures, apart from developing its own land parcels. In the long term, the company is focused on building residential, commercial and mixed-use properties and aims to rank among the top realty firms in India.
The firm also has a commercial portfolio with two grade-A commercial buildings in Worli, Mumbai, covering 600,000 sq ft of leasable area. Residential projects account for the largest share of its development potential at 559-768 million sq ft, or 55 per cent, followed by industrial and logistics developments at 205-225 million sq ft, or 16 per cent. “Office developments could contribute 109-179 million sq ft, or 13 per cent, while data centre and retail assets carry development potential of approximately 113-124 million sq ft and 8-26 million sq ft, respectively,” the firm said.
