Birla Estates Pvt Ltd, a fully wholly owned subsidiary of Century Textiles and Industries Limited, and the real estate arm of Aditya Birla Group has sold out phase 1 of Birla Trimaya in Bengaluru within 36 hours of its launch for a booking value of Rs 500 crore, the company said in a regulatory filing on September 26.

Located in north Bengaluru’s Devanahalli, the project has 556 units booked sprawling 52 acres and has been developed in joint partnership with MS Ramaiah Realty LLP. Birla Estates said, it is eyeing a revenue of Rs 3000 crore from the project.

“The constant influx of global companies and the need for skilled professionals are the driving factors for the luxury real estate boom in the city. North Bengaluru has become the epicentre of these skilled professionals who seek not just a home but a lifestyle that reflects their success and aspirations,” K. T. Jithendran, MD & CEO of Birla Estates said.

Previously the company said, it has finalised five projects across Bengaluru, Mumbai, Pune and Delhi, with a revenue potential of almost Rs 9,000 crore.

North Bengaluru started as an industrial area about two decades ago. However, the construction of Bengaluru International Airport and the Manyata Tech Park were game changers that led to the development of several micro markets like Hennur Road, Jakkur, Yelahanka, and Hebbal.

Currently, land price in the north starts at Rs 6,000-8,000 per sq ft, while apartment costs lie between Rs 10,850 and Rs 17,870 per sq ft.

Kiran Kumar, Vice-President of Hanu Reddy Realty, added that among the residential suburbs, places like Thanisandra and Hennur have already seen a price hike of 20 percent. Commercial inquiries mainly come for Airport Road (towards Devanahalli) and Doddaballapur, commanding about Rs 7,000-10,000 per sq ft.

source : moneycontrol