Century Textiles Stock Jumps 8% After Subsidiary Buys Prime Land in Gurugram

Century Textiles and Industries, part of the Aditya Birla Group, saw its stock rise by 8.3% to ₹2275 per share. This increase came after its subsidiary, Birla Estates, acquired a prime 5-acre land parcel in Sector 71, Gurugram. This land has the potential to develop around 10 lakh square feet and is expected to generate over ₹1,400 crore in revenue with high-quality residences.

Birla Estates is expanding quickly in the NCR market. This new land adds to their other projects in Gurugram and Delhi. The company focuses on four key markets in India: MMR, Bengaluru, NCR, and Pune, aiming to deliver top-notch residential, commercial, and mixed-use projects.

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Century Textiles entered the real estate business in 2016 with Birla Estates. K.T. Jithendran, MD & CEO of Birla Estates, emphasized the importance of the Gurugram market and their commitment to providing unique and luxurious living experiences.

In June, Birla Estates partnered with Barmalt India Pvt. Ltd. to develop a luxury residential project in Sector 31, Gurugram, spanning 13.27 acres with a potential revenue of around ₹5,000 crore.

In FY24, the company sold nearly 1.7 million sq. ft., amounting to ₹3,985 crores across all projects. The new phase of their Birla Niyaara project in Mumbai achieved sales of over ₹2,391 crore within a month. Similarly, Birla Trimaya in Bengaluru sold out within 36 hours, reaching ₹486 crore in bookings.

Recently, Birla Estates opened its first international office in Dubai to cater to customers in the Gulf region.

The Indian residential real estate market is expected to grow strongly, driven by high demand, urbanization, and rising property values. This growth positions the company well for significant future expansion.