BMC gets ₹1,351-crore top bid for Century Mills redevelopment

Brihanmumbai Municipal Corporation (BMC) received a ₹1,351-crore top bid from Peddar Realty Ltd for the Century Mills land redevelopment in Lower Parel.

The land will be leased for 30 years under a public-private partnership (PPP) model; Peddar Realty was the highest among four bidders including K Raheja Corp, Keystone Realtors, and Shapoorji Pallonji.

The bid is among the highest for a former mill land parcel but lower than the ₹1,505 crore paid for Bharat Textile Mills in 2010.

Redevelopment will include highrise residential complex with rehabilitation flats for eligible mill workers' families and additional apartments for sale.