Aditya Birla Real Estate subsidiary Birla Estates said it has secured Rs 420 crore investment for two of its projects in Pune and Thane from International Finance Corporation (IFC), a member of the World Bank Group.
The investment, approximately $50 million (Rs 420 crore), will be directed towards two of Birla Estates’ key developments: with approx. Rs 148 crores in Birla Estates’ Manjri project (Pune) having approx. 3.13mn sq. ft saleable area and approx. Rs 272 crore in Birla Estates’ Thane project with approx. 6.43mn sq. ft saleable area, the company said in a regulatory filing.
“The projects will be developed through two Special Purpose Vehicles (SPVs) owned and controlled by Birla Estates. IFC’s investment will be made into these SPVs, which will serve as the development platform for both projects.”
Under the structure, Birla Estates will hold a 56% economic interest, whereas IFC will hold a 44% economic interest in the SPVs.
K. T. Jithendran, MD & CEO of Birla Estates said, “This investment validates our development philosophy and strengthens our ability to scale responsibly. With IFC’s global expertise in sustainable investments and our deep-rooted market insights, we aim to set new benchmarks in Indian real estate.”
Imad N. Fakhoury, Regional Director for South Asia, IFC said, “Our partnership with Birla Estates will bridge the gap in India’s housing sector by expanding availability of and access to sustainable, high-quality housing for the country’s growing population, with a focus on first-time homeowners.”
Birla Estates continues to expand its presence in India’s most sought-after real estate markets. In the last quarter of FY25, the company launched 5 projects across its key markets of NCR, Bengaluru and forayed into the Pune market recording its biggest quarter sales.
