Peddar Realty emerges as the highest bidder; 476 mill workers' families to receive permanent rehabilitation.

BMC Panel to Decide on ₹1,351 Crore Century Mills Land Redevelopment Bid.

Century Mills' Lower Parel redevelopment proposal will be placed before the BMC Improvement Committee for final approval on August 12. The proposal involves leasing a 23,822 sq. m. plot to Peddar Realty Ltd for 30 years after the company emerged as the highest bidder with an offer of ₹1,351 crore, marginally above the reserve price of ₹1,348 crore. The site currently houses 23 buildings with 476 eligible mill workers' families and 10 shops. As part of the redevelopment, all eligible residents will receive permanent rehabilitation with flats of at least 405 sq. ft. carpet area at the developer's expense. The lease will be granted on an "as is where is" basis with a nominal annual rent of Re 1 per sq. m. for the initial 30 years. Shiv Sena (UBT) leader Aaditya Thackeray has urged the BMC to first verify residents' eligibility and address their concerns before proceeding with the project.