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Mumbai: Birla Estates , a wholly owned subsidiary of Aditya Birla Real Estate, has forayed into the redevelopment market with its first project spread over 1.3 acres in Mumbai’s western suburb Khar through a joint venture with a local real estate developer.The project with a saleable area of 2.9 lakh sq ft has an estimated revenue potential of Rs 1,700 crore. As part of this project, the company will redevelop Anmol Co-operative Housing Society and Bhartiya Bhavan Co-operative Housing Society in Khar West.The company is planning to develop luxury residential apartments on the plot adding to its premium developments and commercial portfolio.“Mumbai’s redevelopment cycle presents a significant growth opportunity in a structurally land-constrained market, reshaping the city’s real estate landscape and creating a scalable avenue for well-capitalised, design-led developers. At Birla Estates, our entry into this segment is a natural extension of our growth strategy, leveraging our proven track record in luxury developments,” said Ananya Birla, Director, Aditya Birla Group The plot is strategically connected to key social and urban infrastructure, including the planned Khar Metro Station, Khar Railway Station, and Mumbai International Airport.Also Read:“Our entry into redevelopment marks a significant milestone in Birla Estates’ growth journey…In a supply-constrained city like Mumbai, redevelopment is key to unlocking land potential and enabling modern living environments,” said K.T. Jithendran, MD & CEO, Birla Estates.This redevelopment marks a key addition to Birla Estates’ expanding portfolio with a foray into western suburbs as the company continues to scale through a mix of new developments, joint ventures, and redevelopment opportunities.Real estate projects involving the redevelopment of old housing societies and rehabilitation are the mainstay of the Mumbai region’s property market, as the land-starved city and its peripheral areas have few vacant land parcels.These projects enable the transformation of ageing residential communities into modern, well-planned living spaces in established neighbourhoods. The redevelopment segment in Mumbai has seen increased activity, especially in eastern and western suburbs, due to constrained land availability and regulatory focus on replacing ageing building stock.