Century Textiles & Industries rose 1.25% to Rs 875.60 after the company said its real estate arm entered into an agreement to jointly develop a prime 52-acre land parcel in North Bangalore with M S Ramaiah Realty.
The project has a revenue potential of Rs 3000 crore and development potential 4.0 million square feet. It will be an integrated mini township project with large green spaces, lifestyle amenities and curated homes. It will comprise both high and low-rise residential developments, along with retail and commercial elements.
The property is situated in North Bangalore, in close proximity to Kempegowda International Airport. The property is at a distance of 2 kilometers from the proposed Airport Metro Station.
The project will be developed by Birla Estates, the real estate arm of Century Textiles and Industries.
Currently, Birla Estates has two projects in Bangalore, Birla Alokya at Whitefield, a villament project offering villa like luxury with the vibrancy of apartment neighborhoods and Birla Tisya, a luxury residential project in Rajajinagar.
Century Textiles & Industries has presence in cotton textiles, pulp & paper and real estate sectors. Its consolidated net profit tanked 55.93% to Rs 14.15 crore on 38.60% surge in net sales to Rs 1,049.95 crore in Q3 FY22 over Q3 FY21.
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