Century Textiles' subsidiary acquires 10-acre land parcel in Bengaluru

23 Sep 2022 , 12:11 PM

Birla Estates Pvt. Limited, the real estate arm of Century Textiles and Industries Limited (CTIL), announced the purchase of a 10-acre property tract in Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of 1 million square feet and an estimated income of Rs900 crore.

The property tract is in a well-developed neighbourhood with easy access to the Outer Ring Road and the 10-lane Bengaluru-Mysore Highway.

Birla Estates intends to create a luxury residential complex on one of the largest land parcels available for vertical development in the area, dominated by plots and individual residences. This is consistent with the development of other land parcels by Birla Estates in the company’s core markets.

Birla Estates has so far developed two projects in Bengaluru, the Birla Alokya in Whitefield and the Birla Tisya in Rajajinagar. The third project, revealed in early 2022, is an integrated mini-township in North Bengaluru. Both initiatives are scheduled to begin in the coming fiscal year.

Birla Estates currently has five residential complexes under construction in the Mumbai Metropolitan Region (MMR), Bengaluru, and the National Capital Region (NCR), with further projects planned in each of these regions.

At around 12.15 PM, Century Textiles & Industries was trading at Rs881.10 per piece, up by 0.17% from its previous closing of Rs879.60 on the BSE. The scrip touched intraday high and low of Rs909.75 and Rs876.15 respectively.

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