The share price of Century Textiles rose more than 3 percent from lows on Monday after the company announced that its arm Aditya Birla Group’s Birla Estates has acquired prime land parcel in South Mumbai’s Walkeshwar at Malabar Hill that will hold a revenue potential of over Rs 600 cr.

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Through the acquisition, the real estate company plans to foray into super luxury real estate market with the launch of boutique residences in the said area. The project will give citizens access to key entertainment, retail and businesses, and city hotspots, the company said in a stock exchange filing. Moreover, the real estate business has also promised to provide modern homebuyers an experience of exquisite living with world-class amenities and unmatched sea views.

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Speaking on the acquisition in Malabar Hill, Birla Estates MD & CEO K T Jithendran said, "Our acquisition of this prime plot of land in Walkeshwar is a significant milestone for Birla Estates, as it aligns perfectly with our long-term growth strategy to create a niche in the luxury housing segment. We are excited about the opportunity to create bespoke boutique residences in one of the most sought-after locations in South Mumbai. This project will undoubtedly set a new benchmark for luxury living in the city, and we are committed to delivering a world-class development that exceeds the expectations of our discerning clientele".

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The latest development from the company came after it entered into premium and luxury real estate project- Birla Niyaara in Worli where it developed overall 30 acres of land parcels in Worli in phases with a potential booking value of Rs. 20,000 crore. Recently on April 6, the real estate arm of the Aditya Birla group had purchased 5.76 acre plot in Pune from Sudarshan Chemical industries.

Century Textiles was trading 1.4 percent higher at Rs 679/share at noon today.

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(Edited by : Vahishta Unwalla)