The B K Birla Group has announced that an IT park, hotels, serviced apartments and residential buildings would come up at its Century Textiles & Industries land in Worli.
Hotels, serviced apartments, homes to make up rest of space
MUMBAI: The B K Birla Group has announced that an IT park, hotels, serviced apartments and residential buildings would come up at its Century Textiles & Industries land in Worli. The mill, which is over 100 years old, was shut down more than a year ago and the operations were shifted to Gujarat.
Half of the 30-acre land would be used for an IT and ITeS park. Through this park, the saleable area of the mill can be increased as a high floor space index (FSI) of 2.66 is allowed under state laws for IT parks in Mumbai.
Several international hotel groups have approached Century Textiles for hotels and serviced apartments, the company’s head of planning R K Vaish told DNA Money. “These groups are not in India yet. Talks are on and nothing has been finalised so far,” he said, adding that Singapore-based RSM International would plan the project. The plans are expected to be ready by June, Vaish said.
Once RSM finishes its study and submits the rough business plan, divisions will be set up to handle operations. Sources, however, said that a hotel division has already been set up and the search is on for someone to head this division. Residential buildings will cover one third of the total area.
The flagship company of the B K Birla Group, Century Textiles had moved Worli mill equipment to Gujarat in 2006 and commercial production for yarn and cloth has already begun there.
One obstacle that Century Mills might have to overcome to bring its new plans to fruition is its space sharing deal with neighbour Bombay Dyeing. About 10 acre of the 30-acre land belongs to Bombay Dyeing and was leased to the Birlas for 999 years. This part may remain untouched till an understanding is reached over its future.
Bombay Dyeing too has planned commercial hubs at two its sites in the same area.
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