MUMBAI: After the Supreme Court’s clearance over a year ago, the BMC is nearing the appointment of a developer for a prime six-acre plot in Lower Parel.
Initially receiving a lukewarm response, four major bidders—Shapoorji Pallonji, K Raheja Corp, Peddar Realty (JSW Group), and Keystone Realtors (Rustomjee)—have now submitted their offers. “The plot will be leased on an ‘as-is’ basis, with the developer tasked with rehabilitating current occupants as part of the development,” stated an official.
Once the proposal secures administrative approval, it will be forwarded to the civic improvements committee, which oversees civic property matters.
The current tender does not include a specific timeline for project completion, a point the committee is likely to emphasize. “We’ve had informal discussions with the improvements committee, which inquired about the project timeline, but it was not included in the tender document. We’ve suggested they propose a timeline as they see fit,” the official explained.
The base price for the project is set at Rs 1,348 crore, operating under the DCPR 2034 guidelines. The tender, issued in December 2025, offers a 30-year lease, extendable for another 30 years under private participation.
This land has a long and complicated history. Initially leased in 1927 to Century Spinning and Manufacturing Co for 28 years at an annual fee of Re 1, the lease expired in 1955. The company later sought the execution of a conveyance deed via the Bombay High Court. In March 2022, the high court directed the BMC to finalize the conveyance deed within eight weeks.
However, the BMC contested this decision in the Supreme Court, which in January 2025 overturned the high court’s ruling in favor of the company, confirming the BMC’s rights over the land. Subsequently, a survey was conducted to document the current state of the plot, including details about existing structures, encroachments, and tree cover.
