New Delhi, March 27 Aditya Birla Real Estate Ltd (ABREL) will redevelop a housing society in Mumbai and expects revenue of Rs 1,700 crore from the saleable area.
In a regulatory filing on Friday, the company said its subsidiary Birla Estates Pvt Ltd has entered the redevelopment market with its first project in the Mumbai Metropolitan Region (MMR).
Birla Estates will redevelop the Anmol Co-operative Housing Society and the Bhartiya Bhavan Co-operative Housing Society in Khar West, Mumbai's western suburbs.
The project is being developed under a joint redevelopment arrangement with Parinee Real Estate Builders.
"With a saleable area of 2.9 lakh sq ft, the project has an estimated revenue potential of Rs 1,700 crore," ABREL said.
Birla Estates develops premium residential housing in key markets. It also has a commercial portfolio with two grade-A commercial buildings located in Worli, Mumbai, with 6 lakh sq ft of leasable area.
