Century Textiles Acquires 10-Acre Land in Mumbai's Worli for ₹1,100 Crore

Century Textiles and Industries Ltd (CTIL), part of the Aditya Birla Group, has acquired a 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia for ₹1,100 crore. The strategic purchase is expected to generate ₹14,000 crore in revenue through real estate development on the site. The acquisition strengthens the company's position in Mumbai’s real estate market, particularly in the luxury housing segment.

The newly acquired land will be developed by CTIL's wholly owned subsidiary, Birla Estates. The site will complement Birla Niyaara, the company’s flagship luxury project in the area. Birla Niyaara has already generated over ₹5,700 crore in sales, making it one of the fastest-selling luxury projects in the Mumbai Metropolitan Region (MMR). With this additional land, the company aims to further tap into Mumbai's high-end real estate market.

This acquisition merges the company’s existing leasehold interest with ownership rights, creating a contiguous 30-acre landholding in Worli. The overall booking value potential of this combined area is expected to reach around ₹28,000 crore, significantly boosting Century Textiles' real estate portfolio and future earnings potential.

Century Textiles, with a 125-year legacy, initially began as a textile entity but has diversified into sectors like real estate and pulp and paper. The company is now focusing heavily on premium residential housing and commercial projects in key markets through its real estate arm, Birla Estates.

Birla Estates, in addition to residential developments, has a strong presence in the commercial sector, with two Grade-A commercial buildings in Worli offering 6 lakh square feet of leasable area. This acquisition reinforces the company’s ambition to dominate the high-end real estate space in Mumbai.

News by Rahul Yelligetti