Century Textiles Acquires 10-Acre Leasehold Land in Mumbai for Rs 1,100 Crore
Century Textiles acquires ownership rights of 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia for Rs 1,100 crore, adding Rs 14,000 crore to its booking value potential.
Real EstateCentury TextilesNusli WadiaWadia GroupAditya Birla GroupReal Estate MumbaiSep 10, 2024
The acquired land parcel has a booking value potential of Rs 14,000 crore and will be developed through Century Textiles' wholly-owned subsidiary, Birla Estates Pvt Ltd. This acquisition paves the way for a contiguous holding of around 30 acres, which has a combined booking value potential of Rs 28,000 crore.
The area includes the company's Birla Niyaara luxury housing development, which has had total sales of Rs 5,700 crore. Worli is considered a hotspot for luxury real estate, with buyers from not just South Mumbai but also beyond showing interest.
Century Textiles, through Birla Estates, has been pivoting to become a real estate player, focusing on premium and luxury projects across cities like Mumbai, the National Capital Region, Bengaluru, and Pune.
The Wadia Group, which includes Britannia Industries, Bombay Dyeing, and Bombay Realty, has been monetizing its land parcels. In August, Nusli Wadia-chaired Bombay Dyeing closed a deal with a subsidiary of Sumitomo Realty to sell a 22-acre land parcel in Worli worth Rs 5,200 crore.
About Century Textiles and Industries Ltd
Century Textiles and Industries Ltd is a part of the Aditya Birla Group, a multinational conglomerate with a presence in various sectors, including cement, textiles, and real estate.
About Wadia Group
The Wadia Group is a conglomerate with interests in various sectors, including consumer goods, real estate, and aviation.
Frequently Asked Questions
Who acquired the 10-acre leasehold land parcel in Worli, Mumbai?
Century Textiles and Industries Ltd, a part of the Aditya Birla Group.
How much did Century Textiles pay for the land parcel?
Rs 1,100 crore.
What is the booking value potential of the acquired land parcel?
Rs 14,000 crore.
What is the combined booking value potential of the contiguous holding of around 30 acres?
Rs 28,000 crore.
What is the name of the luxury housing development by Century Textiles in the area?
Birla Niyaara.
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