Shares of Century Textiles and Industries Ltd surged over 4 percent on Tuesday after its wholly-owned subsidiary Birla Estates announced the launch of the first phase of the residential project, Birla Trimaya, in Bengaluru.
Birla Estates, the real estate arm of the Aditya Birla Group, expects a booking value of Rs 500 crore from phase 1 of the project at Devanahalli in Bengaluru.
In a filing to the stock exchanges, the Century Textiles and Industries firm said that the initial phase has quickly gained the interest of homebuyers as well as investors.
Overall, the company aims an estimated revenue potential of about Rs 3,000 crore from the entire project, Century Textiles and Industries Ltd informed the stock exchanges.
Birla Trimaya is designed to cater to the needs of homebuyers and includes a range of 1, 2, and 3 BHK apartments and luxurious duplexes across 8 towers.
The project is strategically located near the upcoming BIAL IT Investment Region.
“After the success of Birla Alokya and Birla Tisya crossing a booking value of approximately Rs 1,000 crore in the Bengaluru market, we are delighted to launch our third project in the rapidly developing city. With the launch of Birla Trimaya phase 1, we estimate our potential booking value at approximately Rs 500 crore, " KT Jithendran, MD and CEO of Birla Estates, said.
Birla Estates, a 100 percent wholly owned subsidiary of Century Textiles and Industries Ltd, is the real estate entity of the Aditya Birla Group. The company has entered into a joint venture agreement with M S Ramaiah Realty LLP to develop this project in Bengaluru.
Shares of Century Textiles and Industries Ltd were trading 1.4 percent higher at Rs 1,100.10 apiece on the BSE at 9.30 AM.
