In a strategic move that underscores its commitment to expanding its real estate footprint, Century Textiles and Industries Limited (CTIL) has secured a significant asset in Mumbai’s coveted Worli area. The company has purchased a 10-acre land parcel from Nusli Wadia for ₹1100 crore, marking a noteworthy expansion of its real estate ventures.
The newly acquired property, previously a leasehold, now combines with Century Textiles’ existing interests, establishing a substantial 30-acre contiguous landholding in one of Mumbai’s most desirable locations. This acquisition positions the company to leverage Worli’s booming luxury real estate market, with projected revenue from the development anticipated to reach an impressive ₹14000 crore. The development of this prime land will be undertaken by Birla Estates Pvt Ltd, CTIL’s real estate subsidiary. The move aligns with the company’s broader strategy to capitalize on Mumbai’s real estate surge, especially in high-demand areas like Worli. As one of Mumbai’s prime locales, Worli has seen increased interest from investors and developers alike, driven by its proximity to key business districts and its appeal as a luxury residential hub.
CTIL’s latest acquisition enhances its portfolio, promising not only significant revenue potential but also a strategic advantage in the competitive Mumbai real estate market. The total booking value for the 30-acre contiguous land parcel is projected to be approximately ₹28000 crore, reflecting the high demand and premium pricing in the area. The integration of this land into CTIL’s holdings represents a major step in the company’s real estate development strategy. The expected revenue underscores the potential return on investment for the company, as it plans to develop the site into a high-value real estate project that aligns with the current market trends.
