Century Textiles buys Nusli Wadia’s 10-acre land parcel in Mumbai’s Worli for Rs 1,100 cr

The long-drawn legal tussle between Wadia Group Chairman Nusli Wadia and Aditya Birla Group has come to an end with the latter’s wholly owned company Century Textiles and Industries acquiring the ownership rights of around 10-acre leasehold land parcel in Mumbai’s prime Worli locality from Wadia for Rs 1,100 crore.

With this transaction, the existing leasehold interest of Century Textiles and Industries is merged with the ownership rights.

Nowrosjee Wadia, the great-grandfather of Nusli Wadia had leased this land parcel in Worli to Century Textiles for 999 years. The great grandson, who inherited the property in 1996, wanted it back. However, now with this deal, the matter has been settled.

Century Textiles is looking to develop this land parcel through its wholly owned subsidiary, Birla Estates. This land parcel has an estimated booking value potential of Rs 14,000 crore.

The land deal also paves the way for Century Textiles’ gross 30-acre contiguous landholding in this prime area, with an overall booking value potential of around Rs 28,000 crore. This includes Birla Niyaara, an ongoing project of Birla Estates that was launched a few years ago, has already witnessed cumulative sales of over Rs 5,700 crore so far, Birla Estates said.

Transactions for land parcels are gaining significant traction across major property markets in India, particularly in cities like Mumbai, Pune, Chennai, Hyderabad, and Bengaluru. These deals include both outright acquisitions and joint ventures, as developers and investors look to secure prime land for new projects.

Many of these transactions have already been closed, while others are in advanced stages of negotiation, reflecting the strong demand for land in these high-growth urban centers.

The increasing appetite for land is driven by the growing need for residential, commercial, and mixed-use developments, as these cities continue to expand and attract both domestic and foreign investments.