Century Textiles and Industries Ltd (CTIL) on Wednesday (June 5) said its wholly-owned subsidiary Birla Estates Private Ltd has entered into a joint venture with Barmalt India Private Ltd for a luxury residential group housing development in Sector 31, Gurugram.
The land parcel is spread across 13.27 acres with a development potential of approximately 2.4 million square feet offering a revenue potential of approximately ₹5,000 crore, according to a stock exchange filing.
Located in the upscale micro market of Sector 31 Gurugram, this project boasts exceptional connectivity to Cyber City, Golf Course Road, and Sohna Road. It's also conveniently located close to commercial hubs such as City Centre 29, Signature Towers, 32nd Avenue and Crowne Plaza with easy connectivity via NH-48 as well as the metro line.
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K.T. Jithendran, MD and CEO of Birla Estates, said, "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 markets."
Akshi Jindal, CEO of Barmalt India, said, "Having deep roots in Gurugram, Barmalt shares a strong relationship and connection with the city. Our collective market expertise and vision will undoubtedly redefine the residential landscape in Gurugram, offering homebuyers an unparalleled lifestyle experience."
Birla Estates is the real estate arm of the Aditya Birla Group housed under Century Textiles and Industries Ltd. Shares of Century Textiles and Industries Ltd ended at ₹1,838.15, down by ₹57.75, or 3.05%, on the BSE.
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