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JSW, Raheja among four bidders in race to acquire BMC’s prime Worli plot
The race for one of Mumbai’s most coveted land parcels intensified on Friday as four major developers vied for the Century Mill plot. The project marks a major victory for the BMC following a Supreme Court battle that restored its ownership of the Worli site.
Friday was the last day of closing bids and civic officials said that four players — Shapoorji Pallonji Group, K Raheja Corporation, JSW Group and Keystone Realtors – have shown interest in acquiring the plot. (Source: File)
Four major real estate project developers are in the race to acquire the Brihanmumbai Municipal Corporation’s (BMC) prime six-acre Century Mill plots located at Worli in Mumbai’s island city. The BMC had in December last year invited bids to lease out the land parcel for a period of 30 years.
Meanwhile, Friday was the last day of closing bids and civic officials said that four players — Shapoorji Pallonji Group, K Raheja Corporation, JSW Group and Keystone Realtors – have shown interest in acquiring the plot.
Civic authorities said that the plot will be handed over to the selected developer on ‘as-is’ condition following which it will be the responsibility of the realtor to develop the plot on its own cost.
At present, there are 21 buildings in the plots, comprising 476 tenements and 10 shops which houses erstwhile workers of the Century Mill. Once the land parcel is being handed over to the realty developer, new housing tenements will be constructed for the mill workers, while the remaining flats will be sold out to private parties.
“Once the final bidder is selected, the proposal will be sent to the civic improvements committee for its approval. Following which the proposal of officially handing over the plot will be initiated,” an official said.
The officials said that the base price for leasing out the plot has been pegged at Rs 1,348 crore. Meanwhile, the current valuation of the land parcel stands at Rs 660 crore. The lease period is of 30 years and comprises a ‘renewable’ clause under private participation.
Originally, the land was leased to Century Spinning and Manufacturing company or erstwhile Century Mills for a 28 year lease in 1927.
However, after the lease expired in 1955, the latter moved to the Bombay High Court seeking execution of a conveyance deed. Later, the HC directed the BMC to execute the deed within two months in 2022. Following which the BMC approached the apex court which in January last year ruled in BMC’s favour allowing the civic body to stake claim and develop the land.
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Leasing out of the land is also a move that will allow the BMC to generate additional revenue.
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