Birla Estates & Mitsubishi JV: Rs 560 Cr Bengaluru Housing Project
By Rediff Money Desk, New Delhi Jan 24, 2025 19:59
Birla Estates partners with Mitsubishi Estate for a Rs 560 crore housing project in Bengaluru, marking the Japanese firm's first residential investment in India.
![Birla Estates & Mitsubishi JV: Rs 560 Cr Bengaluru Housing Project](https://im.rediff.com/getahead/2024/feb/14real-estate-investment.jpg?fr=money)
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jan 24 (PTI) Aditya Birla Real Estate Ltd arm Birla Estates has entered into a joint venture with Mitsubishi Estate Co Ltd (MEC) and will invest Rs 560 crore to develop a housing project in Bengaluru.
Birla Estates Pvt Ltd has entered a joint venture with Mitsubishi Estate Co Ltd for a Rs 560 crore investment in a residential housing development in Southeast Bengaluru through a special purpose vehicle (SPV).
Under the partnership, Birla Estates and MJR Investment Pte Ltd (MIPL), an affiliate of MEC, will share 51:49 economic interest, respectively, in the SPV.
The SPV will lead the development of the premium residential project, which spans 40 lakh square feet of built-up area.
KT Jithendran, MD & CEO of Birla Estates, said, "We are pleased to announce our strategic collaboration with Mitsubishi Estate, marking its maiden investment in India's residential real estate sector, to develop premium residential project".
Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset-light Joint Ventures apart from developing its own land parcels.
The company is headquartered in Mumbai and currently has regional offices in NCR, Bengaluru and Pune and also has a well-established commercial portfolio with two grade-A commercial buildings located in Worli, Mumbai, with around 6 lakh square feet of leasable area.
Birla Estates Pvt Ltd has entered a joint venture with Mitsubishi Estate Co Ltd for a Rs 560 crore investment in a residential housing development in Southeast Bengaluru through a special purpose vehicle (SPV).
Under the partnership, Birla Estates and MJR Investment Pte Ltd (MIPL), an affiliate of MEC, will share 51:49 economic interest, respectively, in the SPV.
The SPV will lead the development of the premium residential project, which spans 40 lakh square feet of built-up area.
KT Jithendran, MD & CEO of Birla Estates, said, "We are pleased to announce our strategic collaboration with Mitsubishi Estate, marking its maiden investment in India's residential real estate sector, to develop premium residential project".
Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset-light Joint Ventures apart from developing its own land parcels.
The company is headquartered in Mumbai and currently has regional offices in NCR, Bengaluru and Pune and also has a well-established commercial portfolio with two grade-A commercial buildings located in Worli, Mumbai, with around 6 lakh square feet of leasable area.
Source: PTI
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