Century Textiles buys 10 acres of land in Mumbai for Rs 1,100 crore

Century Textiles and Industries Ltd (CTIL) on Tuesday said it has acquired ownership rights of about 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia for Rs 1,100 crore and expects Rs 14,000 crore revenue from real estate development on this site. With this transaction, the existing leasehold interest of the company is merged with the ownership rights.

"The amount paid for this transaction is Rs 1,100 crore," the company said in a regulatory filing.

The land will be developed through its wholly owned subsidiary, Birla Estates.

"This 10-acre land parcel adds an approximate booking value potential of Rs 14,000 crore to the company," CTIL said.

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 MMR (Mumbai Metropolitan Region), with cumulative sales of over Rs 5,700 crore since its launch, the company said.

With a 125-year legacy that started as a single-unit textile entity in 1897, Century Textiles and Industries Ltd, which is part of Aditya Birla Group, has a presence in real estate and pulp and paper sectors.

Birla Estates is the real estate venture of the Aditya Birla Group. It 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.

Birla Estates has a commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai with around 6 lakh square feet of leasable area.