Century Textiles and Industries’ subsidiary Birla Estates acquires land parcel in Pune, stock up 5%

The company stated the recently acquired land parcel is located on the Pune-Solapur highway. It added that as a part of an integrated township, the development will offer a variety of residential unit configurations.

The company said that the project offers connectivity to several IT hubs such as Kharadi, Magarpatta, Phursungi, and Hadapsar MIDC. Additionally, the project offers good connectivity to educational institutions, healthcare facilities, and shopping centres.

KT Jithendran, managing director and chief executive officer at Birla Estates said that Pune is a strategic market for the firm and this acquisition is a step towards its growth plans. “The Pune Sholapur corridor is transforming at a rapid pace and we intend to enhance living standards in Manjri by delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities,” he said.

Earlier this month, Birla Estates signed a joint venture with Barmalt India to develop a 13.27-acre land parcel in Gurugram. The company pointed out that the land parcel has a development potential of approximately 2.4 million square feet offering a revenue of approximately ₹5,000 crore.

The project is located in the upscale micro-market of Sector 31, Gurugram, and offers connectivity to Cyber City, Golf Course Road, and Sohna Road. The company said the project is located close to major commercial hubs such as City Centre 29, Signature Towers, 32nd Avenue, and Crowne Plaza which are accessible through NH-48 and the metro line.

Shares of the company have risen by over 81% since the beginning of the year. The stock has gained over 192% in the last one year.