Century Textiles shares surge 14% after unit forms JV for ₹5,000 crore luxury housing project
Century Textiles and Industries, the real estate venture of the Aditya Birla Group, surged 13.70% in early trading today to reach ₹2,094 apiece. This spike followed the company's announcement that its wholly-owned subsidiary, Birla Estates, has entered into a joint venture with Barmalt India Pvt.
Ltd.The joint venture aims to develop a luxury residential group housing project in Sector 31, Gurugram. The land parcel spans 13.27 acres, with a development potential of approximately 2.4 million square feet and an estimated revenue potential of around ₹5,000 crore.Also Read: Can the general election results impact the real estate market? Experts weigh inMr K T Jithendran, MD & CEO of Birla Estates, stated, “As we expand our footprint in the Delhi NCR region, we're pleased to announce the addition of this new project in one of Gurugram's most promising micro market.
This project reflects our commitment to offering modern homebuyers world-class living spaces in strategically chosen locations, complemented by exceptional amenities. We are confident this project will set a new benchmark in the Gurugram real estate market." Century Textiles finds itself in a favorable position as the residential real estate market is projected to reach new heights in the current financial year, driven by surging demand and strong consumption patterns.FY25 is poised to be a transformative period, fueled by urbanisation trends, a growing rental market, and consistent property value appreciation.
The industry's increasing demand for premium and luxury housing bodes well for the company. Also Read: India’s senior-living market is growing.
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