Mumbai Real Estate News: Luxury residential and commercial real estate company Aditya Birla Real Estate Ltd (ABREL) has announced to develop a housing project in Mumbai.

In a statement, Aditya Birla Real Estate said that it will redevelop a housing society in Mumbai. The real estate company expects a revenue of Rs 1,700 crore from the housing project.

The housing project is located in a free-saleable area.

Aditya Birla Real Estate said that the project will be developed by one of its subsidiaries. It said that the subsidiary company, Birla Estates Pvt Ltd, has entered into the redevelopment market with its first project in the Mumbai Metropolitan Region (MMR).

According to a company statement, Birla Estates will redevelop Anmol Co-operative Housing Society and Bhartiya Bhavan Co-operative Housing Society. The two projects are located in the Khar West area of Mumbai's Western Suburbs.

Anmol Co-operative Housing Society and Bhartiya Bhavan Co-operative Housing Society are being developed under a joint redevelopment arrangement with Parinee Real Estate Builders.

"With a saleable area of 2.9 lakh sq ft, the project has an estimated revenue potential of Rs 1,700 crore," ABREL said.

Birla Estates develops premium residential housing in key markets. It also has a commercial portfolio with two grade-A commercial buildings located in Worli, Mumbai, with 6 lakh sq ft of leasable area.