Birla Estates pushes Worli Tower C launch to 2027 as booking value falls 67%

Birla Estates, the real estate arm of Aditya Birla Real Estate Limited, has deferred the launch of the redesigned Tower C at Birla Niyaara in Worli, Mumbai, to the second quarter of FY28, which runs from July to September 2027. The company said so on its Q2 FY27 earnings call on 26 October 2026. The same call showed booking value for the quarter fell 67% to ₹298 crore from ₹890 crore a year earlier.

Management said the redesign raises the gross development value of Tower C by about ₹3,000 crore. It adds about ₹1,900 crore of net GDV to the wider Worli land parcel. The company described the revised plan as highly accretive to profitability. It also said the later launch will weigh on presales in the current financial year.

Bookings, collections and profit

Area sold in the quarter fell to 0.2 million square feet from 0.6 million square feet a year earlier. Collections rose 47% to about ₹752 crore. Total income from real estate operations rose to ₹268 crore from ₹31 crore, and real estate EBITDA was ₹195 crore against a loss of ₹55 crore in the year-ago quarter. Cumulative collections across projects have crossed ₹10,000 crore.

Standalone net profit was ₹838.64 crore. That figure includes a ₹868.12 crore exceptional gain from the disposal of the company's pulp and paper business, so it does not reflect real estate earnings alone.

The company said 78% of its overall inventory has been sold, leaving 22% available. At Niyaara, it sold six apartments across Towers A, B and C in the quarter, and the remaining stock is limited.

Guidance, launch details and pipeline

Management declined to give short-term presales guidance. It kept its goal of ₹15,000 crore in presales by FY29, and acknowledged that FY27 presales will be lower than FY26 because of the Tower C deferral. MD and CEO K.T. Jithendran said the company should be "ready to come into the market by Q2 of next year". CFO Keyur Shah said the configuration is still being finalised, with larger apartments planned on higher floors and single flats on lower floors.

The company did not give a launch month, pricing, apartment count or final configuration for Tower C on the call. Buyers will need those details before they can assess the project.

Birla Estates added about ₹6,200 crore of new project and GDV additions in the first half of FY27. That total includes the Tower C redesign, Vashi and Hinjewadi. The company said it remains confident of exceeding its business development guideline for FY27. Its Hinjewadi joint development agreement in Pune covers a 5.6-acre residential parcel with about ₹1,650 crore of GDV. The project partner holds a 25% revenue share, and the upfront payment was about ₹50 crore. At Taranya in Thane, sales were about ₹250 crore over two quarters, after more than ₹1,000 crore at launch.

Management has also set a long-term aim of raising annual rental income from about ₹150 crore to ₹1,500 crore. It plans to do this through new commercial development, redevelopment and selective acquisitions in Mumbai and the NCR.

Worli context and what to watch

The Sewri–Worli Elevated Connector, a 4.5 km corridor that will link the Atal Setu with the Bandra–Worli Sea Link, now has a completion deadline of 31 May 2027. Maharashtra Chief Minister Devendra Fadnavis gave that date at a review meeting on 6 October 2026. The original target was September 2026. Girders over the railway tracks are due to be launched in November 2026. The Worli stretch is also served by Metro Line 3, the Aqua Line.

For buyers, Tower C cannot be booked yet, and Niyaara's remaining stock is limited. For investors, reported presales and growth may look uneven in the coming quarters, even though management says the long-term economics should improve. The next checkpoints are the Khar launch, expected in January–February 2027, the Vashi launch in 2027, and the Tower C launch in July–September 2027, along with its price and configuration.