A long-pending redevelopment project at an 8.5-acre housing complex on LBS Marg in Kurla West is finally gaining traction, though the choice of developer has triggered unease among residents. The Bombay Taximen’s Cooperative Society has shortlisted Sayeba Spaces Pvt Ltd, a relatively new entrant, for the project, prompting questions over the decision.
The sprawling complex comprises 29 buildings, 656 residential units, and 30 commercial establishments. It was originally established by trade union leader George Fernandes to provide housing for taxi drivers. Due to financial constraints in its early years, non-cabbies were also accommodated. Fernandes had sought funding from the Life Insurance Corporation of India (LIC) in the 1970s, but the process was delayed after his arrest during the Emergency imposed by Indira Gandhi. Following the 1977 elections, Fernandes, then a Union minister, facilitated approval of the loan.
Over time, ownership patterns shifted, and the complex is now entirely occupied by non-cabbies. Efforts to redevelop the property in 2005, 2008, 2013, and 2017 failed due to various hurdles.
Recently, the society invited bids and shortlisted three developers—Sayeba Spaces, Runwal Real Estate Pvt Ltd, and Chandak Group. However, concerns have emerged as Sayeba, incorporated only in 2024, was selected over more established firms. According to the managing committee, the decision followed recommendations from the project management consultant after assessing financial, technical, and operational capabilities.
A special general body meeting scheduled for April 26 will seek members’ approval for the selected developer and authorisation for further steps, including issuing a letter of intent and finalising agreements. Details regarding additional space, benefits for residents, and amenities remain unclear, while the project’s location within the airport funnel zone adds another layer of complexity.
Source: The Free Press Journal
