Now Reading: BMC committee clears Century Mill land lease to Peddar Realty
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BMC committee clears Century Mill land lease to Peddar Realty
MUMBAI: The BMC improvements committee on Friday approved leasing its 6.17-acre Century Mill land in Lower Parel to Peddar Realty Ltd for 30 years, with an option to extend by another 30…
The Story in Brief
MUMBAI: The BMC improvements committee on Friday approved leasing its 6.17-acre Century Mill land in Lower Parel to Peddar Realty Ltd for 30 years, with an option to extend by another 30 years. Shiv Sena (UBT) and Congress corporators opposed the move, alleging the civic body was getting a raw deal on land reclaimed after long litigation and should have used it for a public amenity.
Sena (UBT) corporators Vishakha Raut and Sachin Padwal questioned why more bidders were not attracted and whether terms were altered to favour a developer. After the vote, Padwal and Vitthal Lokre tore up copies of the proposal in protest. Committee chairperson Sandhya Doshi said efforts would be made to house mill workers' families, who are Marathi, at the same location.
The Indian Opinion
Critics call this a fire sale of prime land to a favoured developer. But BMC is leasing, not selling, and retains ownership after 30 or 60 years. Opposition protests are as much about Marathi pride and election optics as about valuation. Yet the committee has not disclosed the lease premium or explained why only one developer bid. The real test will be the final lease deed: does it include a public-use condition or a fair-revision clause? And will mill workers' families actually get homes on site, as promised?
Source: realty.economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
