Mumbai: Over a year after the Supreme Court cleared the decks for the BMC to reclaim a prime six-acre parcel in Lower Parel, the civic body is now in the final stages of appointing a developer for the high-value plot.After an initially tepid response, four major players— Shapoorji Pallonji, K Raheja Corp, Peddar Realty (JSW Group) and Keystone Realtors (Rustomjee)—have submitted bids, officials said. “We have decided to lease the plot on an ‘as-is’ basis. This means the developer will be responsible for rehabilitating occupants currently on the site as part of the overall development,” an official said.Once the proposal receives administrative sanction, it will be placed before the civic improvements committee for approval, as the panel handles matters related to civic properties.At present, the tender does not specify a timeline for project completion—a clause the committee is likely to insist on. “We have informally discussed the proposal with the improvements committee, and they were keen to know the project timeline. However, this was not included in the tender document. We have indicated that they may suggest appropriate timelines at their level,” the official added.The base price for the project has been pegged at Rs 1,348 crore, with development allowed under DCPR 2034 norms. The tender, floated in Dec 2025, proposes a 30-year lease—renewable for another 30 years—through private participation.The land has a long and contentious history.The land was leased in 1927 to Century Spinning and Manufacturing Co for 28 years at an annual rent of Re 1. After the lease expired in 1955, the company later moved the Bombay high court seeking execution of a conveyance deed. In March 2022, the high court directed the BMC to execute the conveyance deed within eight weeks.However, not willing to give up, the BMC went up to the SC which, in Jan 2025, set aside a high court order favouring the company, ruling in the BMC’s favour and ending Century’s claim over the land. Following it, a table survey was conducted, akin to a police panchnama, to record the current ground reality of the plot, capturing details such as number of structures, encroachments, obstructions, and even tree cover, a civic official said.
