Worli’s iconic Century Mills will soon be a beehive of activity, with the buzz being that there are plans to transform it into a luxury housing real estate project. Currently, it is a vacant land parce in a prime location of Mumbail. Birla Estate Pvt Ltd, a real estate arm of Century Textiles and Industries Limited has announced it will develop overall 30 acres of land parcels in phases, with a potential booking value of Rs. 20,000 crore.
With the maiden launch of Birla Niyaara, its premium flagship development in this micro market spread across 14 acres, it will be one of the largest integrated developments in Mumbai’s most sought-after location, Worli, further embodying the prestigious legacy of the Birla Group, their office stated.
They said development costs were pegged to Rs 5,500 crore. K T Jithendran, CEO, Birla Estates, said, “Century Mills has been one of Mumbai’s iconic landmarks and an important part of the Birla group’s history. Our intent is to create a new landmark on the Mumbai skyline with Birla Niyaara. While it is our flagship and maiden project in Mumbai, it has the potential to catapult Birla Estates into the top developers’ league. The entire project has been underpinned on sound principles of sustainable living which also caters to the evolving consumer needs. As a company, our focus has always been on customer centricity, design, technology, and execution excellence and with these at the core, we have curated an aspirational and urban lifestyle for our customers. ‘‘
The project is expected to be launched by January and all RERA permissions are in place, the real estate firm informed.
While it is a well known fact that in the Post-Covid world home ownership has taken an all-new meaning, the buyers want to ensure their health, wellness and sense of community is catered to while also being conscious of choosing a centrally located address in the city that matches their lifestyle aspirations and is self-sufficient. Therefore, keeping these consumer needs in mind, this first-of-its kind integrated development, that will offer premium homes with best-in-class services, futuristic amenities, and world class design will the said project be developed, said Birla Estate.
Meanwhile, Mumbai has been witnessing massive real estate development in terms of new commercial and residential projects, following impressive property registrations that are taking place in recent past. Therefore, now, several renowned investors are found to be taking a keen interest in the real estate market.
Ram Naik, Director, The Guardians Real Estate Advisory, commented, ‘‘On the one hand, the Prabhadevi - Worli belt has become one of the most sought-after residential destinations in India. On the other, it is emerging as the bustling commercial hub that host most of the prominent multinational companies through best of the amenities. In fact, this increasing commercial real estate activity has prompted realtors to complement it with state-of-the-art residential developments. As a result, today this belt has become one of the most preferred destination for high-net-worth individuals, business honchos and celebrities alike.’’