Birla Estates Pvt Ltd will invest around Rs 5,500 crore to develop a luxury housing project in South Mumbai as part of its expansion plan amid rising demand for residential properties, its CEO KT Jithendran said.

Birla Estates, which is a 100 per cent wholly-owned subsidiary of B K Birla group’s Century Textiles and Industries Ltd (CTIL), has started the development of a luxury housing project, having a total of around 1,200 housing units, in its 14-acre project Birla Niyaara, at Worli in South Mumbai.

Birla Estate Chief Executive Officer (CEO) KT Jithendran said: “We have around 30 acres of land parcel in Worli where we plan an integrated development. We are launching our flagship project Birla Niyaara on a 14-acre land parcel which will be developed over the next 7-8 years,” according to media reports.

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The company plans to develop 2.5 million square feet of housing, one million square feet of office buildings and 1,00,000 square feet of high street retail in various phases of this 14-acre project.