Birla Estates, the real estate arm of the Aditya Birla Group, has acquired a 24.5-acre land parcel in the Mumbai Metropolitan Region (MMR), for ₹537.42 crore from Hindalco Industries, according to Square Yards.
The plot is located in Kalwa, along the Thane-Belapur Road, which is experiencing rapid growth due to its proximity to Thane, which is one of the busiest real estate markets in the region. It is also close to Navi Mumbai, where a number of projects are coming up both, in the residential and commercial segments.
“We are witnessing leading developers strategically positioning themselves across key markets, acquiring significant land parcels,” said Anand Moorthy, Co-founder and CBO, Capital Market & Services, Square Yards.
“This aligns with the growing demand for office spaces as well as residential apartments in gated communities, as home-buyer preferences have shifted towards projects that offer a range of amenities and open spaces,” he added.
The high-value deals in the market signalled profitable opportunities for developers in both residential and commercial sectors, he pointed out.
Increasing transparency through the digitisation of land records has created confidence among stakeholders and encouraged global firms and tech giants to expand their presence in India.
The transaction was finalised this month and the company paid a stamp duty of ₹37.61 crore.