The Brihanmumbai Municipal Corporation (BMC) has received the highest bid of an estimated 1,351 INR-Crore for the redevelopment of the Century Mills workers’ colony in Lower Parel, Mumbai. Peddar Realty Ltd emerged as the highest bidder among four developers that participated in the tender process. The civic body had invited bids in December last year to lease the 6.17-Acre land parcel for 30 years under the public-private partnership (PPP) model. The proposal will be placed before the Improvements Committee for approval before the contract is awarded.
The Century Mills redevelopment project covers an anticipated 6.17-Acre land parcel in Lower Parel. The existing colony comprises 23 residential buildings with 476 tenements occupied by eligible mill workers’ families and 10 commercial shops. Under the redevelopment plan, BMC will construct a high-rise residential complex in line with MHADA redevelopment projects. The project will rehabilitate eligible residents with new apartments while developing additional residential units for open market sale. The authorities will implement the project under the Development Control and Promotion Regulations (DCPR) applicable to cluster redevelopment schemes. The proposed rehabilitation flats will measure approximately 405 SqFt, replacing many existing homes of around 180 SqFt.
Also Read: Upcoming CMWSSB Water Sewerage Work (Package 1) Project, Chennai
The Century Mill redevelopment project will unlock redevelopment of a long-disputed land parcel following the completion of the bidding process. Once implemented, the development will add new residential infrastructure in Lower Parel while supporting the rehabilitation of eligible mill workers through a planned redevelopment framework.
Biltrax Construction Data is tracking 65,000+ projects on their technology platform for their clients.
Get exclusive access to upcoming projects in India with actionable insights. Furthermore, gain a competitive advantage for your products in the Indian Construction Market.
Visit www.biltrax.com or email us at contact@biltrax.com to become a subscriber and generate leads.
Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, the image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article, please email editor@biltrax.com.
0Discover more from Biltrax Media, A Biltrax Group venture
Subscribe to get the latest posts sent to your email.
