Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14000 Crore Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates and expects ₹14000 cr revenue from the real estate development
Real EstateMumbaiCentury TextilesBirla EstatesNusli WadiaReal Estate MumbaiSep 10, 2024
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.
This 10-acre land parcel adds an approximate booking value potential of ₹14000 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 ₹28000 crore, the company said in a regulatory filing.
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. Birla Estates Private Limited, a 100% wholly-owned subsidiary of Century Textiles and Industries Limited is the real estate venture of the Aditya Birla Group.
Birla Estates Private Limited 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 around 6 lakh square feet of leasable area. It 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. This includes Birla Niyaara, the flagship project of Birla Estates, launched a few years ago, which has achieved cumulative sales of over ₹5700 crore since its launch.
Frequently Asked Questions
Who acquired the 10-acre land parcel in Worli, Mumbai?
Century Textiles and Industries Limited (CTIL) acquired the ownership rights of approximately 10-acre leasehold land parcel in Worli, Mumbai, from Nusli Wadia for ₹1100 crore.
What is the expected revenue from the real estate development?
The company expects ₹14000 crore revenue from the real estate development on the site.
Who is the subsidiary of Century Textiles that will develop the land?
Birla Estates Pvt Ltd, a wholly-owned subsidiary of Century Textiles and Industries Limited, will develop the land.
What is the booking value potential of the 10-acre land parcel?
The 10-acre land parcel adds an approximate booking value potential of ₹14000 crore to the company.
What is the overall booking value potential of the gross 30-acre contiguous landholding in this prime area?
The overall booking value potential of the gross 30-acre contiguous landholding in this prime area is approximately ₹28000 crore.
Related News Articles
Mumbai Real Estate Prices Set to Rise with Latest Ready Reckoner Hikes
Mumbai's real estate market is set to witness an increase in property prices due to the latest ready reckoner hikes, which will escalate construction costs and impact buyers.
Goa's Colva Real Estate Project Faces Penalties for RERA Violations
A prominent real estate developer in Goa is facing strict scrutiny and potential penalties for violating the Real Estate (Regulation and Development) Act (RERA). This development highlights the growing importance of regulatory compliance in the constructi
Positive Outlook for Indian Real Estate: Economic Survey
Urbanization and rising housing demand drive the sector's growth, but stalled projects remain a challenge.
UP RERA Mandates QR Codes for Realty Projects in Brochures and Advertisements
Uttar Pradesh Real Estate Regulatory Authority introduces QR codes for new real estate projects to ensure transparency and accountability.
Mumbai Grahak Panchayat Celebrates 50 Years: A Legacy of Consumer Advocacy
The Mumbai Grahak Panchayat (MGP) marks its 50th anniversary with a legacy of significant contributions to consumer rights, including the pivotal role in the implementation of the Real Estate Regulation Act (RERA) in Maharashtra.
India's Warehousing Demand Surges by 12%, with Mumbai Leading the Charge
According to a recent report by real estate consultancy Knight Frank India, the warehousing demand in the country has recorded a 12% growth. Mumbai emerges as the frontrunner in this surge, followed by other major cities. The report highlights the signifi