The Brihanmumbai Municipal Corporation (BMC) has received its highest financial bid of approximately Rs 1,351 crore for the redevelopment of the Century Mills workers’ colony in Lower Parel. Peddar Realty Ltd emerged as the highest bidder among four developers that participated in the tender process for the project.
The civic body had floated the tender in December last year, inviting bids to redevelop the 6.17-acre land parcel under the Public-Private Partnership (PPP) model. The selected developer will receive the land on a 30-year lease. The proposal will now be placed before the BMC Improvements Committee for approval before the contract is formally awarded.
The redevelopment project covers the existing Century Mills workers’ colony, which currently comprises 23 residential buildings housing 476 eligible mill workers’ families, along with 10 commercial shops.
Under the proposed redevelopment plan, BMC intends to construct a modern high-rise residential complex on the site, following a model similar to redevelopment projects undertaken by the Maharashtra Housing and Area Development Authority (MHADA). The project aims to provide new rehabilitation homes for eligible residents while allowing the development of additional residential units that can be sold in the open market.
The redevelopment will be carried out in accordance with the Development Control and Promotion Regulations (DCPR) governing cluster redevelopment projects.
As part of the rehabilitation package, eligible residents will receive apartments measuring around 405 sq ft, significantly larger than many of the existing homes, which are approximately 180 sq ft in size.
The completion of the bidding process marks a key step in unlocking the redevelopment of the long-pending Century Mills land parcel in Lower Parel. Once implemented, the project is expected to create new residential infrastructure in one of Mumbai’s prime real estate locations while ensuring improved housing for eligible mill workers through a planned rehabilitation and redevelopment framework.
Source: Biltrax Media
