8 bids for Poddar Mills redevelopment

Signalling the revival of the drooping real estate market in the city, nine firms have purchased the bid document to redevelop the 2.5-acre Poddar Mills. Of them, eight developers have submitted technical bids and have been declared eligible to submit the financial bids for the three day-online auction to be held between July 29 and 31.

Those in the fray are India Bulls Infratech Ltd, Peninsula Land Ltd, Celebration Developers Pvt Ltd, NBCC New Delhi, Lodha Ultimate Buildtech and Farms Pvt Ltd, Runwal Developers Pvt Ltd, Kohinoor Duet and DB View Infracon Pvt Ltd. The National Textile Corporation (NTC) has garnered Rs100 crore from the Earnest Money Deposits (EMDs).

Real estate analysts are eagerly awaiting the outcome of the online auction of Poddar and the 8-acre Bharat Mill, both defunct NTC mills, as it will be an indicator of the property market in the city. "Developers are quite bullish right now. Their optimism apart, I believe the sale will get high bids only because the land title is clear and there are no encumbrances, unlike in other redevelopment schemes in which one has to negotiate with tenants,'' said the head of the lands department of a global real estate firm.

"It's quite a changed scenario, as bidders did not show interest when the Mumbai Metropolitan Region Development Authority put up commercial plots at Bandra Kurla Complex for sale even though the land title was clear as in case of NTC,'' said an analyst.