Century Textiles soon to introduce Rs.12,000 crore Real Estate project in FY25

Century Textiles & Industries Ltd which is eyeing on becoming a truly prominent real estate player recently announced that, they are planning to launch residential projects with a revenue potential of up to Rs.12,000 crores in the ongoing financial year.

During a call of an investor after its April-June financial results the company also recapitulated its plans to focus on its four key real estate markets for at least the next two years, namely the Mumbai metropolitan region, Bengaluru, the National Capital Region, and Pune. 

Currently, the company has a pipeline of residential projects across the four markets that carry a revenue potential of around Rs.54,000 crores. The company is also planning to redevelop its Worli headquarters in Mumbai, a prime piece of real estate in the city, which may add Rs.2,000 crores  to the company's revenue.

In a call, K T Jithendran, Managing Director and Chief Executive Officer of Birla Estates, the wholly-owned subsidiary of Century Textiles which manages its real estate operations, said that while the company is seeking private equity and other investments, it will be on a per-project basis, rather than plans to going public.

Jithendran also added that, during the ongoing quarter the company plans to launch its planned project in Walkeshwar in Mumbai, with approval from the Maharashtra Real Estate Regulatory Authority, which is expected to launch within few days. Other launches of the company are planned to be launched in in Bengaluru, which includes a new phase of an existing project, and a new project at Raja Rajeshwari Nagar.

In the next quarters, Birla Estates is expected to launch two projects in its new market of Pune, in Sangamwadi and Manjri, as well as in Thane, and new phases at existing projects in Bengaluru, Jithendran added during the call. Jitendran mentioned that, in the next few years the company aims to launch projects worth Rs.15,000 crores to Rs.16,000 crores every financial year.

The company mentioned that, in the corresponding quarter for FY24, the company earned just Rs.37.39 crores from its real estate operationsas it is on a journey of a  process to build up its nascent business.

According to the recent  share market report the shares of Century Textiles & Industries closed 5 percent higher on the National Stock Exchange at Rs. 2,207 rupees.