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Century Mills Redevelopment Gets BMC Approval; ₹1,351-Crore Bid Selected
Mumbai: The BMC has approved the 30-year lease of its Century Mills plot in Lower Parel to Peddar Realty for redevelopment. Peddar Realty emerged as the highest bidder with a ₹1,351-crore offer, while the lease includes a renewal clause.
The 6.17-acre plot currently comprises 23 buildings, 476 tenements and 10 shops occupied by eligible mill-worker families. Under the redevelopment plan, eligible occupants will receive rehabilitation homes, while additional residential units will be developed for open-market sale.
Peddar Realty will undertake the redevelopment, with the project expected to transform the former mill workers’ colony into a modern residential development. The rehabilitation component addresses a long-pending housing issue following the closure of Century Mills in 2006.
The project also marks another step in the transformation of Mumbai’s former mill lands, bringing a prime Lower Parel property into a new phase of residential development.
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