Century Textiles to launch Rs.12000 Crore real estate projects
Century Textiles & Industries Ltd is set to make a significant foray into the real estate sector, announcing plans to launch residential projects valued at Rs 12,000 crores in FY25. The company, aiming to capitalize on prime markets like Mumbai, Bengaluru, NCR, and Pune, already has a robust pipeline of projects totaling Rs 54,000 crores across these regions.
During an investor call following its April-June financial results, Century Textiles highlighted its strategic intent to focus on these key real estate markets for the next two years. Additionally, the company plans to redevelop its prestigious Worli headquarters in Mumbai, potentially adding Rs 2,000 crores to its revenue.
Managing Director and CEO of Birla Estates, the wholly-owned subsidiary managing Century Textiles’ real estate ventures, emphasized their approach of seeking private equity for project-specific investments rather than immediate plans for public offerings. Approval for their Walkeshwar project in Mumbai is imminent, with launches scheduled in Bengaluru and upcoming ventures in Pune and Thane in subsequent quarters.
Looking forward, Century Textiles aims to consistently launch projects worth Rs 15,000 crores to Rs 16,000 crores annually over the next few years. The company’s proactive real estate initiatives have also garnered investor interest, with its stock closing 5% higher on the NSE at Rs 2,207 on Tuesday.
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