BMC's ₹1,351-Crore Century Mill Lease Plan Sparks Congress Protest Over ₹13,000-Crore Development Potential
Mumbai: The BMC’s proposed 30-year lease of prime Century Mill land in Lower Parel to a private developer has sparked a strong Congress backlash ahead of its likely final approval at next week’s General Body meeting. The party has accused the civic body of settling for around Rs. 1,300 crore for land with an estimated development potential of Rs. 13,000 crore, and demanded a comprehensive…
The Mumbai Municipal Corporation (BMC) has proposed a 30-year lease of the prime Century Mill land in Lower Parel to a private developer, M/s Peddar Realty Ltd., in a bid to generate around Rs. 1,351 crore. This move has ignited a fierce protest from the Congress party ahead of the likely final approval at the upcoming General Body meeting.
The party contends that the BMC has undervalued the land, which has an estimated development potential of Rs. 13,000 crore, by settling for around Rs. 1,300 crore. The Congress party demands a comprehensive assessment of whether the BMC can develop the property itself and safeguard its long-term financial and public value for Mumbai.
The proposed redevelopment will consist of a high-rise residential complex, including approximately 405 sq ft rehabilitation flats for eligible families, and other units available for open-market sale to generate revenue for the BMC. The land, originally leased to Century Spinning and Manufacturing Ltd. in 1927, was leased to Peddar Realty Ltd. for Rs. 1,351 crore under a 30-year lease, with an option to extend for another 30 years.
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