The project involves the redevelopment of Shiv Sai Co-operative Housing Society on a 3.06-acre parcel in Vashi. Birla Estates is undertaking the project jointly with an affiliate of Priyanka Group, a developer based in Navi Mumbai.
The project will comprise premium and luxury residences and is located close to Vashi railway station and the Sion-Panvel Highway. Its connectivity could get a further boost from the proposed Gold Line metro, which is planned to link Chhatrapati Shivaji Maharaj International Airport and Navi Mumbai International Airport through Vashi.
Vashi marks new redevelopment push
The entry gives Birla Estates another redevelopment project in the Mumbai Metropolitan Region (MMR), following its earlier initiative in Khar.
Commenting on the move, Ananya Birla, Director at The Aditya Birla Group, said, “Our entry into Navi Mumbai reflects Birla Estates’ approach to growth by identifying markets with long-term potential and building with discipline, scale and a sense of responsibility.”
She said redevelopment also involves working with existing communities and creating value for residents and the wider city. The Vashi project, she added, is a step towards strengthening the company’s presence across the MMR.
Speaking on the project, KT Jithendran, Managing Director and Chief Executive Officer of Birla Estates, said, “Vashi represents a strategic entry point for us into Navi Mumbai’s redevelopment landscape. Redevelopment is as much about people as it is about buildings.”
Jithendran said the company’s work with Shiv Sai Co-operative Housing Society had focused on transparency and trust with residents.Also read: Sensex vs Nifty: Why did the two benchmarks end in opposite directions today?
3.06-acre project expands MMR footprint
The project spans about 12,382 square metres and will feature premium and luxury residences. Birla Estates said the development will be aligned with its sustainability commitments, with the planned residences offering views of the sea, gardens and surrounding mangroves.
The company said Grade A redevelopment activity in the Vashi micro-market has been limited so far, with the project positioning Birla Estates among the early developers to take up a large-format redevelopment there.
Aditya Birla Real Estate, formerly known as Century Textiles and Industries Limited, is the parent company of Birla Estates.
Shares of the company ended at ₹1,390, up 1.06% in today’s session.
