A series of public caution notices by Nusli Wadia in leading newspapers has rekindled a long-standing war between the Birla and Wadia families over the 10-acre disputed land parcel of Century Mills.
At the heart of the corporate fight is a prime real estate valued at Rs 150 crore per acre and the total disputed 10-acre land parcel valued at around Rs 1,500- 1,800 crore with a development potential of up to Rs 15,000 crore. Birla Niyaara, a luxury residential project being built by CTIL’s real estate arm Birla Estates, comprises two,three and four-bedroom hall kitchen apartments. The company is constructing a 77-storey residential tower, with commercial structures.
A statement by Century Textiles termed the public notice by the Birlas and said the company “independently and absolutely” owns the 30-plus acres of land and is planning to develop the same over a period of time after taking requisite approvals.
“The land admeasuring approximately 10 acres bearing C.S. No 1/794 (the subject matter of above-mentioned advertisement) does not form part of the aforesaid 30 plus acres of land and has no connection with the proposed development of 30 plus acres,” the statement said.
Birla Estates spokesperson clarified, “We have always maintained that Birla Niyaara is part of an integrated 14-acre development. The same has been consistently maintained in all our communication across mediums, including advertisements/news articles/brochures, etc. Century Textiles and Industries Limited which independently and absolutely owns 30 plus acres of land in Worli across several locations is planning to develop the same over a period of time after taking requisite approvals.”
Wadia in the public notice claims to have filed a suit to evict Century from the “demised” premises before the Small Causes Court and its interim order passed on December 22, 2010, had restrained the latter from dealing with the premises and the structures on the land parcel. The notice further cautions buyers investing in Century-Birla Estate Niyaara residential-cum-commercial project — Birla Niyaara — being built on 30 acres of land, is “factually incorrect, unscrupulous and deceitful”.The notice also provides a map of the disputed plot with land allegedly owned by Wadia highlighted in orange colour.
“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 or assignment of any portion of the residential-commercial project (including Birla Niyaara)…,” the notice added. Wadia group chairman Nusli Wadia had earlier issued public notices claiming that Aditya Birla Group managed Century Textiles does not own all of a 30-acre plot in Worli.
