Wadia warns public of Century realty project
Nusli Wadia, chairman of Wadia group of companies, issued a public notice to warn customers of Century Textiles saying the luxury housing project is being built on disputed land.
The land parcel is valued at around ~1,800 crore to ~ 2,000 crore with development potential of up to ~15,000 crore.
Century Textiles, a company now managed by Kumar Mangalam Birla, chairman of the Aditya Birla group, recently sold apartments worth ~1,000 crore in Worli, Mumbai.
The project is coming up adjacent to Bombay Dyeing’s headquarters. Wadia said the statement by Century that it owns 30 acres of land in Worli is “factually incorrect, unscrupulous, fraudulent, and deceitful”. The total parcel of land owned by Century is only 20 acres and not 30 acres, Wadia said in a public notice published in newspapers on Friday. The remaining 10 acres are owned by Wadia and are not available to Century for development, the notice says.
In a statement, Century Textiles said it always maintained that Birla Niyaara is part of an integrated 14-acre development and consistently maintained in all its communication across mediums, including advertisements /news articles/brochures, etc.
“Overall, Century Textiles and Industries, which independently and absolutely owns 30-plus acres of land at Worli across several locations, is planning to develop the same over a period of time after taking requisite approvals," the statement said.
The land measuring approximately 10 acres (the subject matter of advertisement) does not form part of the 30-plus acres of land and has no connection with the proposed development of 30-plus acres, the statement said.
Wadia has filed a suit for eviction of Century from the premises before Small Causes court in Bombay. The court has restrained Century from dealing with the premises and structures, the notice said.
Century is misguiding and cheating the public at large. The public at large is cautioned not to deal with or enter into any agreement with Century or its subsidiaries for sale/transfer and of any project (including Niyaara), Wadia said. If anyone enters into an agreement with Century then it will be at their cost, Wadia warned.