Mumbai's Century Mills Redevelopment Gets ₹1,351-Crore Bid

Mumbai's historic Century Mills in Lower Parel is set to be redeveloped after the Brihanmumbai Municipal Corporation (BMC) received a ₹1,351-crore bid from Peddar Realty Ltd. This move brings over 650 families of erstwhile Century Mills workers closer to getting permanent homes after nearly two decades.

The BMC had invited bids in December last year to lease the 6.17-acre land parcel for 30 years under a public-private partnership (PPP) model. Four developers participated in the tender process, with Peddar Realty emerging as the highest bidder. The reserve price for the tender was fixed at ₹1,348 crore, while the land is currently estimated to be worth around ₹660 crore.

According to Sanjog Kabare, Joint Municipal Commissioner (Improvements), Peddar Realty's bid was the highest received. The proposal to appoint the developer will now be placed before the Improvements Committee for approval, after which the contract will be awarded.

The project aims to redevelop the existing Century Mills workers' colony, which currently comprises 23 buildings housing 476 tenements occupied by eligible mill workers' families and 10 commercial shops. The BMC plans to construct a high-rise residential complex, with eligible tenants receiving rehabilitation flats. Additional apartments built on the land will be sold in the open market to generate revenue.

The redevelopment will be carried out under Development Control and Promotion Regulations (DCPR) provisions applicable to cluster redevelopment schemes. The new rehabilitation apartments are expected to measure around 405 sq ft, significantly larger than the existing 180 sq ft homes occupied by many families.

For the mill workers and their families, the redevelopment marks the culmination of a legal and administrative battle spanning nearly two decades. The dispute over the land dates back to a lease granted in 1927 to Century Spinning and Manufacturing Limited for 28 years, with the condition that housing be constructed for mill workers.

After the lease expired in 1955, ownership of the land was to revert to the BMC. However, Century Mills challenged the civic body's claim, leading to years of litigation. While the company secured relief from the Bombay High Court in 2017, the battle for the land continued.

The redevelopment of Century Mills is a significant step forward for the mill workers and their families, who have been waiting for permanent homes for nearly two decades. The project is expected to bring relief to the families and provide them with better living conditions.

The BMC's decision to redevelop the land is also expected to generate revenue for the civic body. The sale of additional apartments built on the land will help to fund the project and provide a source of income for the BMC.

In conclusion, the redevelopment of Century Mills is a major milestone for the mill workers and their families. The project is expected to bring significant improvements to the area and provide better living conditions for the residents. The BMC's decision to redevelop the land is a step in the right direction, and it is expected to have a positive impact on the community.

The redevelopment of Century Mills is also a testament to the BMC's commitment to providing affordable housing to the city's residents. The project is expected to set a precedent for future redevelopment projects in the city, and it is likely to have a significant impact on the city's real estate market.

Overall, the redevelopment of Century Mills is a significant development for the city of Mumbai. It is expected to bring relief to the mill workers and their families, and it is likely to have a positive impact on the community. The project is a major milestone for the BMC, and it is expected to set a precedent for future redevelopment projects in the city.