Century Textiles Soars 8% as Birla Estates Acquires Prime 5-Acre Land in Gurugram
Century Textiles shares surged 8% after its subsidiary, Birla Estates, acquired a 5-acre land parcel in Gurugram with a development potential of 10 lakh square feet and revenue potential of over Rs 1,400 crore.
Real EstateCentury TextilesBirla EstatesGurugramDelhi NcrReal EstateJul 16, 2024
The acquired land parcel has a development potential of around 10 lakh square feet and is expected to generate revenue of over Rs 1,400 crore. This strategic move is expected to further strengthen Birla Estates' presence in the Delhi-NCR region, which is a pivotal market for the company.
KT Jithendran, MD and CEO of Birla Estates, expressed his excitement about the acquisition, stating that Gurugram has immense real estate potential and reinforces the company's focus in the Delhi-NCR region. He added that through this acquisition, Birla Estates aims to cater to homebuyers seeking exclusivity and distinctive living experiences.
Birla Estates is committed to offering transcendent luxury and envisions residences that embody a legacy of dedication and excellence. The company is rapidly expanding in the NCR market, and this acquisition adds to its ongoing projects on Golf Course Extension Road, Sector 31 in Gurugram, and Mathura Road in Delhi.
The shares of Century Textiles were trading 5.27% higher at Rs 2,212.15 on NSE, indicating a positive response from investors to the company's strategic move.
Information
Birla Estates is a wholly-owned subsidiary of Century Textiles and Industries Ltd, a leading Indian conglomerate with a diverse portfolio of businesses, including textiles, pulp and paper, and real estate. Birla Estates is focused on developing premium residential and commercial projects in key markets across India.
Century Textiles and Industries Ltd is a renowned Indian company with a rich legacy of over 100 years. The company has a strong presence in various sectors, including textiles, pulp and paper, and real estate. Its subsidiary, Birla Estates, is a leading real estate developer in India, known for its commitment to quality, innovation, and customer satisfaction.
Frequently Asked Questions
What is the development potential of the acquired land parcel?
The acquired land parcel has a development potential of around 10 lakh square feet.
What is the revenue potential of the acquired land parcel?
The acquired land parcel is expected to generate revenue of over Rs 1,400 crore.
What is the focus of Birla Estates in the Delhi-NCR region?
Birla Estates is focused on developing premium residential and commercial projects in key markets across India, with a strong focus on the Delhi-NCR region.
What is the current market value of Century Textiles shares?
The shares of Century Textiles were trading 5.27% higher at Rs 2,212.15 on NSE.
What is the vision of Birla Estates?
Birla Estates envisions residences that embody a legacy of dedication and excellence, offering transcendent luxury to its customers.
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