Birla Estates is targeting nearly a two-fold increase in annual pre-sales to Rs 15,000 crore over the next three years, as the real estate developer looks to expand its presence across key markets and add more projects through outright land acquisitions, joint ventures and redevelopment.

The company, a subsidiary of Aditya Birla Real Estate Ltd that is part of the Aditya Birla Group, has already crossed Rs 8,000 crore in annual pre-sales and achieved that level twice in the last couple of years, K.T. Jithendran, managing director and chief executive officer of Birla Estates, said.

“We grew four times in the last three to four years. Now we have crossed Rs 8,000 crore and we have done it twice in the last couple of years. We are trying to even go from here almost double it to Rs 15,000 crore the next three years annual pre-sales,” Jithendran said.

Rather than provide a specific annual target, the company is focusing on the longer-term trajectory, he said, pointing to the rapid changes in the residential market.

Birla Estates is looking to deepen its presence in Pune, where it currently has two projects, Birla Punya and Birla Evam. Both projects have performed well, according to Jithendran, and the company is evaluating several proposals for further expansion in Pune as well as other cities.

The developer is considering both outright land purchases and joint ventures for new projects. Its existing Pune developments were acquired outright, with partners subsequently joining the projects. The International Finance Corporation, part of the World Bank Group, has taken a 44 percent in two Birla Estates projects, Birla Evam, and Birla Taranya in Thane, for Rs 420 crore.

The company has also expanded its redevelopment pipeline in Mumbai’s suburbs and Navi Mumbai. It recently announced two redevelopment projects, in Khar and Vashi, with a combined gross development value of Rs 4,300 crore.

Redevelopment is a segment Birla Estates is particularly interested in where selling prices on a carpet-area basis are above Rs 20,000-25,000 per square foot. Vashi, where the company is developing one of its projects, has selling prices of close to Rs 40,000 per sq ft, making the opportunity attractive, Jithendran said.

On Mumbai’s premium residential market, Jithendran said demand remained strong for projects with the right developer, location, pricing and product configuration.  in Worli, he said, has established a strong brand, with very little inventory remaining, with the project being the firm’s flagship across its portfolio, with a gross development potential of around Rs 11,000 crore.