CTIL acquires ownership of approx. 10acres of land parcel in prime area of Worli Mumbai

Century Textiles and Industries Limited (CTIL) has acquired the ownership rights of approx. 10-acre leasehold land parcel in Worli, Mumbai from Mr. 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. 1100 Cr.

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. 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 Cr. 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 Cr. 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 Cr. since its launch.

Shares of Century Textiles & Industries Limited was last trading in BSE at Rs. 2355.00 as compared to the previous close of Rs. 2407.65. The total number of shares traded during the day was 11114 in over 1200 trades.

The stock hit an intraday high of Rs. 2430.95 and intraday low of 2328.25. The net turnover during the day was Rs. 26206623.00.

Source : Equity Bulls

Keywords

CenturyTextilesandIndustries INE055A01016 Leasehold LandParcel 10Acres Worli Mumbai