Birlas betting big on realty, lines up Rs 1,000-cr capex for Birla Estates this fiscal
Priya Singh | 2024-03-06
Birla Estates was launched as the real estate business vertical of Century Textiles in 2016, and has large land bank in Mumbai and its suburbs, Delhi-NCR, Bengaluru and Pune.
Century Textiles & Industries, which runs three business verticals -- paper & pulp, realty and paper tissues, and nets over 70 per cent of the income from the first -- is diverting its focus onto the real estate business and has lined up Rs 1,000 crore for capex this fiscal for its ongoing and upcoming projects, including the super premium Worli project. At this level, the capex is nine times the other two businesses are getting, a top official of the AV Birla Group firm has said.
Birla Estates was launched as the real estate business vertical of Century Textiles in 2016, and has large land bank cushioning the price impact thus making it more attractive considering the massive cost of land in the cities it is focusing on -- Mumbai and its suburbs, Delhi-NCR, Bengaluru and Pune.
"We've set aside Rs 1,000 crore in capex for Birla Estate this fiscal and going forward, our main focus will be on real estate and we want to be among the top 5 players over the next three to five years," Century Textiles managing director JC Laddha told in a weekend interaction.
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