40 acres of prime Mumbai land to be opened for realty
Fadnavis announcement is expected to trigger a new round of sales for the huge parcels of land in central Mumbai
Feb 03, 2015
Source : Hindustan Times
Devendra Fadnavis, Maharashtra CM

 

Mumbai: In a boost to chief minister Devendra Fadnavis’ plans to create multiple financial, entertainment and residential hubs in Mumbai, 40 acres of prime land is expected to be freed up in the Parel-Lalbaug area, as three sick textile mills are set to be relocated to Amravati.

The three mills that will be moved are Tata Mills (28.27 acres) and Podar Mills (6.19 acres) at Lower Parel, and India United Mills No. 5 at Kalachowkie (5.56 acres).

These mills, controlled by the National Textile Corporation (NTC), were modernised at the cost of Rs130 crore in 2010, but are running at minimal capacity with skeletal staff strength. However, the government is yet to decide on the fate of the 2,500 workers employed at the mills.

Fadnavis’ announcement, which was made on Saturday, is expected to trigger a new round of sales for the huge parcels of land in central Mumbai. The Parel-Lalbaug belt is adjoining the Lower Parel-Elphinstone area, which has already witnessed the transformation from mill land to commercial and residential towers.

The NTC used to own 25 textile mills in Mumbai, of which seven have already been sold, raking in Rs3,999 crore, which is being used to revive the remaining mills as well as venture into another activities. The corporation has also raised around Rs6,154 crore by selling surplus land across the country.

According to a senior NTC official, the land that houses the three mills is currently underutilised. “The next course of action will be to auction these plots and utilise the money to fund the textile sector outside the city,” said the official.

Urban planners, however, have cautioned against mindless construction, saying opening up land parcels will provide an excellent opportunity to provide amenities to the people. “The need of the hour is more open spaces along with basic amenities such as schools, colleges and hospitals. We need to create them in these mill lands, or else, the situation will deteriorate further,” said Pankaj Joshi, executive director, Urban Design Research Institute.

Even the textile unions have opposed the move, calling the move in favour of the builders lobby. “If the government is sincere in reviving the textile sector and creating employment opportunities, they can do it in Mumbai itself. But the entire focus is on exploiting the land,” said Datta Ishwalkar, secretary, Girni Kamgar Sangharsh Samitee.

Latest Realty News

Luxury-home-launches-in-Bengaluru-up-531%-in-4-years
Feb 03, 2015
Bengaluru: In the four years between 2010 and 2014, Bengaluru has seen a stupendous 531% growth in luxury residential unit launches
Realty-firm-Omaxe-Ltd-plans-to-sell-non-core-lands-worth-about-Rs-150-crore
Feb 03, 2015
NEW DELHI: Realty firm Omaxe Ltd is looking to raise about Rs 150 crore through sale of non-core land parcels
Realty-players-mull-petition-against-hike-in-ready-reckoner-rates-in-Maharashtra
Feb 03, 2015
Mumbai: Realty players are considering approaching the Bombay High Court against the revision in ready reckoner (RR) rates across Maharashtra
State-government-turns-focus-on-builders-to-raise-revenue
Feb 03, 2015
MUMBAI: With finances in doldrums but not keen to tax citizens more, the Maharashtra government has turned its attention on cash-rich builders for augmenting its resources
Budget-2015:-Inclusion-of-real-estate-in-GST-will-bring-a-lot-of-transparency,-says-Mohit-Goel,-CEO,...
Feb 03, 2015
New Delhi: With the Union budget for 2015-16 round the corner, the real estate sector is ready with its wish-list, hoping for a favourable treatment from the new government
CREDAI-chief-disappointed-with-RBI
Feb 03, 2015
Mumbai: Expressing his strong disappointment at the RBI credit policy, realtors apex body CREDAI Chairman Lalit Kumar Jain has said that the nation cannot afford any more delay in accelerating the economy’s growth
Smart-township-project-spanning-80-acres-launched-in-Lucknow
Feb 03, 2015
Lucknow: A mega smart township project spanning 80 acres has been launched in Lucknow on Lucknow-Kanpur highway
Cities-will-have-to-earn-funds-for-Smart-Cities:-Venkaiah-Naidu
Feb 03, 2015
New Delhi: The Centre has cracked the whip on States to get started on developing 'Smart Cities' with a caveat-they will have to “earn” the funds being allocated by the Urban Development Ministry for the scheme
Government-plans-Provident-Fund-investment-boost-for-infrastructure,-low-cost-housing
Feb 03, 2015
New Delhi: The finance ministry is proposing changes in the investment norms for non-government provident funds as well as superannuation and gratuity funds to boost flow of funds into infrastructure and affordable housing
Mumbai's-low-cost-housing-project-a-non-starter
Feb 02, 2015
Mumbai: It has been five years since the Maharashtra Chamber of Housing Industry (MCHI-CREDAI) entered into a pact with the state government for an ambitious project of building five lakh low-cost houses in Mumbai, but the project has been a non-starter

Latest Realty News Of State

Realty Talk's