The legal feud between Nusli Wadia of the Wadia Group and the Aditya Birla Group has concluded with a significant land transaction. Century Textiles and Industries, a subsidiary of Aditya Birla Group, purchased a 10-acre land parcel in Mumbai's Worli area for INR 1,100 crore. This deal merges existing leasehold interests with ownership rights and expands Century's total landholding to 30 acres, with an estimated booking value of INR 28,000 crore. The increasing demand for prime land in major Indian cities highlights the growing need for residential and commercial developments amid urban expansion.
The long-standing legal dispute between Nusli Wadia, chairman of the Wadia Group, and the Aditya Birla Group has reached a resolution. In a significant transaction, Aditya Birla Group's wholly-owned subsidiary, Century Textiles and Industries, has acquired full ownership rights to a 10-acre leasehold land parcel located in Mumbai's upscale Worli area for INR 1,100 crore.
This deal merges Century Textiles' existing leasehold interests with ownership rights, effectively settling the matter that began decades ago. The land, originally leased by Nusli Wadia's great-grandfather, Nowrosjee Wadia, to Century Textiles for a remarkable 999 years, became a topic of dispute after Wadia sought to reclaim the property he inherited in 1996. However, with this new agreement, both parties have reached an amicable resolution.
Century Textiles plans to develop this valuable land through its subsidiary, Birla Estates, which has ambitious projects in the pipeline. The parcel is estimated to hold a potential booking value of INR 14,000 crore. This transaction expands Century Textiles' overall holding in the area to 30 contiguous acres, with a combined booking value potential of approximately INR 28,000 crore. This includes the ongoing Birla Niyaara project, which has already achieved cumulative sales exceeding INR 5,700 crore.
The appetite for prime land parcels is on the rise across major property markets in India, particularly in cities like Mumbai, Pune, Chennai, Hyderabad, and Bengaluru. Recent transactions span both outright acquisitions and joint ventures, as developers and investors compete to secure prime locations for new developments. Many of these deals are already finalized, while others are progressing through negotiations, indicative of the robust demand for land in burgeoning urban centers. This increasing interest is fueled by the growing need for residential, commercial, and mixed-use developments as these cities expand and attract domestic and international investments.
The resolution of this dispute underscores the strong interest in prime real estate, reflecting both the urban growth in India and the strategic moves by developers to meet rising demand for diverse property developments.
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