The Bombay Dyeing Board has cleared plans to develop 70 acres of land at Spring Mills in Dadar and Textile Mill in Worli.
Spring Mills in Dadar, Textile Mills in Worli will give way to apartments, shopping centres.
Four months after the Supreme Court allowed redevelopment of defunct textile mills, the Bombay Dyeing Board has cleared plans to develop 70 acres of land at Spring Mills in Dadar and Textile Mill in Worli.
Considering the steep property prices, the company has planned a ‘mixed use development’ on the nearly 30 lakh sq-ft space. Property prices in Dadar and Worli range between Rs6,000 and Rs9,000 per sq-ft.
The first phase will include a residential complex and a shopping centre at Spring Mills, while a hotel and service apartments are being planned at the Worli mill site considering its proximity to the under-construction Bandra Worli sea link.
The board decision will be put for approval at the annual general meeting scheduled next week.
In their note to shareholders, the company said it took pride in taking the leadership to resolve the public interest litigation concerning the Textile Mill. The management said their stand had placed the company in the ‘unique position of having the planned development of Dadar and Worli site well publicised’ in the real estate market.
Company officials said the real estate sector had seen increasing Foreign Direct Investment (FDI). The growth expectation of 10 per cent per annum anticipated last year was expected to be higher at 20 per cent per annum over the next three years. But the increasing unit prices of residential apartments of around 30 per cent per annum was a cause for concern and was not sustainable in the medium term, they said.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}