Archive · 10 Aug 2026
BMC Picks Peddar Realty's ₹1,351-Crore Bid for Century Mills Plot
In Mumbai, a place called Lower Parel has a big old factory site called the Century Mills plot.
The factory there closed down in December 2006.
Families of the workers who once worked there have been waiting for new homes for almost 20 years.
The city government, called the BMC, owns the land.
The BMC asked builders to compete to redevelop the land and build the homes.
A company called Peddar Realty won by offering the most money — about 1,351 crore rupees.
Under the plan, the workers' families get new flats, and extra homes will be sold to earn money for the city.
The BMC still needs to give its final approval, which it will consider on Wednesday.
It took so long partly because a court fight over who owns the land only ended in January 2025.
Once finished, the project will finally give the workers' families a permanent place to live.
The BMC selected M/s Peddar Realty Ltd. as the highest bidder for its 23,822 sq m Century Mills plot in Lower Parel with a ₹1,351-crore bid.
The deal is a public-private partnership with a 30-year lease extendable by another 30 years, against a reserve price of ₹1,348 crore.
The redevelopment will give permanent homes to 650 former mill-worker families, nearly 20 years after Century Mills shut in December 2006.
Four developers bid on the six-acre plot, including K Raheja Corp, Keystone Realtors and Shapoorji Pallonji Real Estate.
The proposal awaits final approval from the BMC Improvement Committee on Wednesday, following the Supreme Court's January 2025 ruling that the land belongs to the BMC.
- Who
- The Brihanmumbai Municipal Corporation (BMC) and winning bidder Peddar Realty Ltd., on behalf of 650 former Century Mills worker families.
- What
- Selection of Peddar Realty's ₹1,351-crore bid to redevelop the 23,822 sq m Century Mills plot into a residential complex with rehabilitation flats.
- When
- Announced on August 10, 2026; final approval expected from the BMC Improvement Committee on Wednesday.
- Where
- Lower Parel, Mumbai, India.
- Why
- To provide permanent rehabilitation homes to former mill-worker families nearly 20 years after Century Mills shut in December 2006.
- Highest bidder
- Peddar Realty Ltd.
- Bid amount
- ₹1,351 crore
- Reserve price
- ₹1,348 crore
- Plot area
- 23,822 sq m (about six acres)
- Lease term
- 30 years, extendable by another 30 years
- Rehabilitation
- 650 former mill-worker families; 476 occupied tenements
- Mill shutdown
- December 2006
- Supreme Court ruling
- January 2025 — land rightfully belongs to the BMC