Century Textiles and Industries plans to develop the land through its real estate subsidiary, Birla Estates
FinTech BizNews Service
Mumbai, September 10,2024 – Century Textiles and Industries Limited (CTIL) has acquired the ownership rights of approx. 10-acre leasehold land parcel in Worli, Mumbai from Mr. Nusli Wadia. With this transaction, the existing leasehold interest of CTIL is merged with the ownership rights. The amount paid for this transaction is Rs. 1100 Cr.
This acquisition in the prime location of Worli, Mumbai, will be developed through its wholly owned subsidiary, Birla Estates Pvt Ltd. Worli as a location is in the forefront of the current bullish trend in luxury real estate. Worli today is seen as a hotspot for buyers in not just South Mumbai but also beyond, reaffirming the trend of consumers seeking a curated lifestyle in premium locations.
This 10-acre land parcel adds an approximate booking value potential of Rs 14000 Cr. to the company. It also paves the way for a gross 30-acre contiguous landholding in this prime area, with an overall booking value potential of approximately Rs 28000 Cr. This includes Birla Niyaara, the flagship project of Birla Estates, launched a few years ago, which achieved great success and is one of the fastest selling Uber luxury projects in MMR, with cumulative sales of over Rs 5700 Cr. since its launch.
With a 125-year legacy that started as a single-unit textile entity in 1897, Century Textiles and Industries Ltd has transformed into a commercial powerhouse. A part of Aditya Birla Group, this diverse conglomerate has its presence in Real Estate and Pulp and Paper sectors.
Birla Estates Private Limited, a 100 per cent wholly owned subsidiary of Century Textiles and Industries Limited is the real estate venture of the Aditya Birla Group. In a short span of time Birla Estates has established itself as a brand of choice in the real estate industry. Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset light Joint Ventures apart from developing its own land parcels. In the long term, the company is focused on developing world class residential, commercial and mixed use properties and aims to be amongst the top real estate companies in India. The company’s focus is on differentiating through sustainability, execution excellence, customer centricity and thoughtful design.
The company is headquartered at Mumbai and currently has regional offices in NCR Bengaluru and Pune and also has a well- established commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai with ~6 lakh square feet of leasable area.
