by THO
Century Textiles and Industries Limited (CTIL) has said that it has acquired the ownership rights of approximately 10-acre leasehold land parcel in Worli, Mumbai, from Nusli Wadia for ₹1100 crore and expects ₹14000 crore from the real estate development on the site.
With this transaction, the existing leasehold interest of CTIL is merged with the ownership rights, the company said in a regulatory filing on September 10.
This acquisition in the prime location of Worli, Mumbai, will be developed through its wholly-owned subsidiary, Birla Estates Pvt Ltd. Worli as a location is in the forefront of the current bullish trend in luxury real estate.
About the land parcel
This 10-acre land parcel adds an approximate booking value potential of ₹14000 crore to the company. It also paves the way for a gross 30-acre contiguous landholding in this prime area, with an overall booking value potential of approximately ₹28000 crore, the company said in a regulatory filing.
This includes Birla Niyaara, the flagship project of Birla Estates, launched a few years ago, which has achieved cumulative sales of over ₹5700 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 has transformed into a commercial powerhouse.
Birla Estates Private Limited, a 100% wholly-owned subsidiary of Century Textiles and Industries Limited is the real estate venture of the Aditya Birla Group.
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The company is headquartered at Mumbai and currently has regional offices in NCR, Bengaluru and Pune and also has a well- established commercial portfolio with 2 grade-A commercial buildings located in Worli, Mumbai, with around 6 lakh square feet of leasable area. 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.
