Century Textiles Acquires 10-Acre Land in Mumbai for Rs 1,100 Crore, Eyes Rs 14,000 Crore Revenue
Century Textiles and Industries Ltd has acquired a 10-acre land parcel in Worli, Mumbai for Rs 1,100 crore, which is expected to generate Rs 14,000 crore in revenue from real estate development.
Century TextilesAditya Birla GroupBirla EstatesReal EstateMumbaiReal Estate NewsSep 10, 2024
The land will be developed through its wholly-owned subsidiary, Birla Estates, which is the real estate venture of the Aditya Birla Group. This 10-acre land parcel is expected to add an approximate booking value potential of Rs 14,000 crore to the company.
The acquisition also paves the way for a gross 30-acre contiguous landholding in this prime area, with an overall booking value potential of about Rs 28,000 crore. This includes Birla Niyaara, the flagship project of Birla Estates, launched a few years ago. The project is one of the fastest-selling Uber luxury projects in the Mumbai Metropolitan Region, with cumulative sales of over Rs 5,700 crore since its launch.
Century Textiles and Industries Ltd, which is part of the Aditya Birla Group, has a presence in real estate and pulp and paper sectors. With a 125-year legacy that started as a single-unit textile entity in 1897, the company has come a long way in its journey.
Birla Estates, on the other hand, develops premium residential housing in key markets. It is developing land parcels both through outright purchases as well as asset-light Joint Ventures apart from developing its own land parcels. The company has a commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai with around 6 lakh square feet of leasable area.
About Aditya Birla Group The Aditya Birla Group is a multinational conglomerate with a presence in 36 countries. The group has a diversified portfolio of businesses, including cement, chemicals, textiles, and real estate.
About Birla Estates Birla Estates is the real estate venture of the Aditya Birla Group. It develops premium residential housing in key markets and has a commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai.
Frequently Asked Questions
How much did Century Textiles pay for the 10-acre land parcel in Mumbai?
Rs 1,100 crore
What is the expected revenue from real estate development on this site?
Rs 14,000 crore
Who is the owner of Birla Estates?
Aditya Birla Group
What is the name of the flagship project of Birla Estates?
Birla Niyaara
What is the cumulative sales of Birla Niyaara since its launch?
Over Rs 5,700 crore
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