Century Textiles and Industries has acquired the ownership rights of approx. 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia. With this transaction, the existing leasehold interest of CTIL is merged with the ownership rights. The amount paid for this transaction is Rs. 1,100 crore.
This acquisition in the prime location of Worli, Mumbai, will be developed through its wholly owned subsidiary, Birla Estates. Worli as a location is in the forefront of the current bullish trend in luxury real estate. Worli today is seen as a hotspot for buyers in not just South Mumbai but also beyond, reaffirming the trend of consumers seeking a curated lifestyle in premium locations.
This 10-acre land parcel adds an approximate booking value potential of Rs 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 Rs 28000 crore. This includes Birla Niyaara, the flagship project of Birla Estates, launched a few years ago, which achieved great success and is one of the fastest selling Uber luxury projects in MMR, with cumulative sales of over Rs 5700 crore since its launch.