Century Textiles and Industries Limited (CTIL) has announced. The acquisition of ownership rights for a 10-acre leasehold land parcel in Worli, Mumbai, from industrialist Nusli Wadia for ₹1100 crore. This high-profile transaction is expected to generate a booking value of approximately ₹14000 crore. Through real estate development on the site. In its regulatory filing dated September 10, CTIL stated that the acquisition merges its existing leasehold interest with the ownership rights. Providing a significant strategic advantage in this premium real estate market. Birla Estates Pvt Ltd, a wholly-owned subsidiary of CTIL, will undertake the development of the land.
Prime Location in Worli
Worli, one of Mumbai’s most coveted addresses, is a hub of luxury real estate. The location has been at the forefront of the bullish trend in Mumbai’s high-end real estate market. And this acquisition positions CTIL as a key player in that segment. The land parcel adds substantial value to CTIL’s real estate portfolio, enhancing its strategic presence in one of the city’s most desirable neighborhoods. The company sees this acquisition as a long-term investment with significant potential for returns.
Massive Booking Value Potential
The 10-acre plot is part of a larger contiguous landholding of 30 acres in Worli. Which offers a gross booking value potential of approximately ₹28000 crore. CTIL’s flagship real estate project, Birla Niyaara also located in Worli. Also has already proven its success, having achieved cumulative sales of over ₹5700 crore since its launch. With this latest acquisition. CTIL solidifie its position in the luxury real estate market, and it expects its combined projects in Worli to generate even higher revenues in the coming years.
The project marks a significant expansion of CTIL’s real estate endeavors. With Birla Estates leading the development of this prime land. The company plans to tap into the growing demand for premium residential properties in Mumbai, which continues to attract affluent buyers despite market fluctuations.
Century Textiles: A Legacy of Transformation
Established in 1897, Century Textiles and Industries Ltd began as a single-unit textile company. But has since evolved into a diversified conglomerate with interests in textiles, pulp and paper, cement, and real estate. With over 125 years of legacy, CTIL has emerged as a commercial powerhouse, adapting to changing market dynamics while remaining focused on growth.
CTIL’s foray into the real estate sector. And through Birla Estates Private Limited, has been established to optimize the utilization of the company’s extensive land holdings also while simultaneously addressing. The escalating demand for upscale residential and commercial properties. Birla Estates dedicates itself to executing superior quality projects with a concentrated emphasis on pivotal markets such as Mumbai. The National Capital Region (NCR), Bengaluru, and Pune.
Birla Estates’ Expanding Portfolio
Birla Estates has well-established itself in the commercial real estate sector. And with two Grade-A commercial buildings. A commercial building in Worli is offering around 6 lakh square feet of leasable space. The company also focuses on developing premium residential housing through both outright purchases and asset-light joint ventures. This approach allows Birla Estates to maximize returns while minimizing financial risk.
With regional offices in NCR, Bengaluru, and Pune, Birla Estates is well-positioned to tap into key real estate markets across India The organization is dedicated to providing value via pioneering design, superior construction quality, and a focus on customer needs, all encapsulated within the esteemed Aditya Birla Group brand.
In conclusion, CTIL’s acquisition of the 10-acre land parcel in Worli represents a major milestone in its real estate strategy. The initiative, spearheaded by Birla Estates, is anticipated to yield significant financial returns and subsequently enhance the organization’s standing within the premium real estate sector.
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