Now Reading: Rs 1,351 crore Century Mills bid goes to BMC panel
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Rs 1,351 crore Century Mills bid goes to BMC panel
A proposal to lease 23,822 sq m of the Century Mills plot in Mumbai’s Lower Parel to Peddar Realty Ltd for Rs 1,351 crore will come up for final approval before the…
The Story in Brief
A proposal to lease 23,822 sq m of the Century Mills plot in Mumbai’s Lower Parel to Peddar Realty Ltd for Rs 1,351 crore will come up for final approval before the BMC Improvement Committee on Wednesday. The bid was just 0.22% above the reserve price of Rs 1,348 crore. Three other developers, K Raheja Corp, Keystone Realtors and Shapoorji Pallonji Real Estate, had also bid.
The six-acre plot has 23 buildings with 476 tenements occupied by eligible mill workers’ families and 10 shops. The lease is for 30 years, renewable. Peddar Realty must rehabilitate all eligible residents at its own cost, providing flats of at least 405 sq ft. Shiv Sena (UBT) leader Aaditya Thackeray has urged the BMC to first determine residents’ eligibility and address their demands.
The Indian Opinion
This is not a simple revenue story. Spin about a ‘windfall for the BMC’ ignores that the developer must fund rehabilitation of 476 families, and that the lease rent is Rs 1 per sq m for the first 30 years. The real test: will the BMC pin down eligibility criteria before the panel meets, or leave future occupants in limbo as it did with other mill lands?
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
