# BMC panel to decide on Rs 1,351-crore Century Mills plot lease 2026-08-10T17:53:33+00:00 | Governance | Indian Opinion Desk Corroboration: 1 independent outlet A BMC improvement committee will vote on August 12 on leasing the 23,822 sq m Century Mills plot in Lower Parel to Peddar Realty Ltd for Rs 1,351 crore. Peddar Realty outbid K Raheja Corp, Keystone Realtors and Shapoorji Pallonji Real Estate by just 0.22% over the reserve price of Rs 1,348 crore. The 30-year lease, renewable for another 30 years, demands permanent rehabilitation of 476 mill-worker families living in 23 buildings on the plot, with each family to get a 405 sq ft flat at the developer's cost. The mill shut in 2006. Shiv Sena (UBT) leader Aaditya Thackeray has urged the municipal commissioner not to proceed without verifying resident eligibility and demands. The plot, originally leased in 1927 for 28 years to house poorer-class mill employees, has a lease that expired in 1955. The BMC charges Re 1 per sq m annually for open land and buildings under construction for the first 30 years, with future rent set by then-prevailing policy. ## Coverage - timesofindia.indiatimes.com - timesofindia.indiatimes.com Tags: BMC, Century Mills, Lower Parel, mill workers, Peddar Realty, redevelopment Canonical: https://indianopinion.org/rs-1351-crore-century-mills-bid-goes-to-bmc-panel/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/rs-1351-crore-century-mills-bid-goes-to-bmc-panel/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.