Century Textiles and Industries jumped 4.87% to Rs 2202.90 after the company said that its wholly owned subsidiary Birla Estates has acquired a 5-acre land parcel in Sector 71, Gurugram.
The future development potential of the acquired land parcel is expected to be 1 million square feet (MSF).
The company plans to develop aesthetically designed residences. The luxury high-rise residential towers will be complemented by elegantly designed clubhouse amenities and landscape.
Situated on Southern Peripheral Road (SPR) Road in Sector 71, this prime location offers exceptional connectivity to Delhi and other parts of Gurugram via the Dwarka Expressway, Sohna Road, and Golf Course Extension Road along with proximity to top educational institutions, hospitals, as well as F&B, retail, and commercial centers.
The Aditya Birla Groups real estate arm expects to generate revenue of more than Rs 1,400 crore from the sale of these residences.
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K. T. Jithendran, MD & CEO at Birla Estates, said: Gurugram has been a pivotal market for us from the outset. The real estate potential in this micro-market is immense and reinforces our strong focus in the Delhi-NCR region.
With this acquisition, we aim to cater to homebuyers seeking exclusivity and distinctive living experiences. At Birla Estates, our commitment transcends luxury; our ethos is to embrace a vision of residences that embody a legacy of dedication and excellence.
Century Textiles & Industries has presence in cotton textiles, pulp & paper and real estate sectors.
The company had reported a 4.40% fall in consolidated net profit to Rs 160.28 crore despite of 59.84% jump in sales to Rs 1,542.11 crore in Q4 FY24 over Q4 FY23.
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