Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Real EstateMumbaiCentury TextilesBirla EstatesAditya Birla GroupReal EstateSep 10, 2024
This acquisition in the prime location of Worli, Mumbai, will add an approximate booking value potential of ₹14,000 crore 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 ₹28,000 crore.
The 10-acre land parcel is located in the forefront of the current bullish trend in luxury real estate. Birla Estates, the real estate venture of the Aditya Birla Group, has already achieved cumulative sales of over ₹5700 crore since its launch.
With a 125-year legacy, Century Textiles and Industries Ltd has transformed into a commercial powerhouse. Birla Estates Private Limited, a 100% wholly-owned subsidiary of Century Textiles and Industries Limited, is headquartered at Mumbai and currently has regional offices in NCR, Bengaluru, and Pune.
The company has a well-established commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai, with around 6 lakh square feet of leasable area. It develops premium residential housing in key markets and is developing land parcels both through outright purchases as well as asset-light Joint Ventures apart from developing its own land parcels.
About Century Textiles and Industries Limited
Century Textiles and Industries Limited (CTIL) is a part of the Aditya Birla Group. With a 125-year legacy, the company has transformed into a commercial powerhouse.
About Birla Estates Private Limited
Birla Estates Private Limited is a 100% wholly-owned subsidiary of Century Textiles and Industries Limited. The company is the real estate venture of the Aditya Birla Group and is headquartered at Mumbai.
Frequently Asked Questions
Who has acquired the 10-acre land parcel in Worli, Mumbai?
Century Textiles and Industries Limited (CTIL) has acquired the 10-acre land parcel in Worli, Mumbai, from Nusli Wadia for ₹1100 crore.
What is the expected revenue from the real estate development on the site?
The company expects ₹14,000 crore in revenue from the real estate development on the site.
Who is the real estate subsidiary of Century Textiles and Industries Limited?
Birla Estates Pvt Ltd is the real estate subsidiary of Century Textiles and Industries Limited.
What is the location of the 10-acre land parcel?
The 10-acre land parcel is located in Worli, Mumbai.
What is the overall booking value potential of the 30-acre contiguous landholding in this prime area?
The overall booking value potential of the 30-acre contiguous landholding in this prime area is approximately ₹28,000 crore.
Related News Articles
No Major Impact on Sales: DLF's Take on Indexation Benefit Removal
DLF says removal of indexation benefit will not affect sales, despite concerns from real estate experts.
Birla Estates Snaps Up 24.5 Acre Land in Mumbai for Rs 537.42 Crore
Birla Estates, the real estate arm of the Aditya Birla Group, has acquired a 24.5 acre land parcel in Mumbai for a whopping Rs 537.42 crore.
No MahaRera Registration Required for Projects Less Than 500 Sqm
The Maharashtra Real Estate Regulatory Authority (RERA) has issued a new circular clarifying the conditions for real estate projects to be eligible for RERA registration. This order provides clear guidelines on which projects need to register and which do
New Income Tax Bill Approved by Cabinet: Set to be Introduced in Parliament
The Indian Cabinet has given its nod to a new Income Tax Bill, set to be introduced in Parliament next week. This move is expected to streamline tax regulations and make the process more efficient for taxpayers.
Propstack and Estater Join Forces to Transform Real Estate Data Analytics
Propstack, India's leading real estate intelligence platform, and Estater, a prominent real estate analytics firm in the Middle East, have announced a strategic partnership to enhance data analytics and insights in the real estate sector.
Adani Group's Motilal Nagar Redevelopment: 5 Key Points to Know
Discover the key highlights of Adani Group's latest venture in the Mumbai real estate market with the Motilal Nagar Redevelopment project. Learn how it will impact the region and its residents.