BMC Panel Approves 30-Year Lease of Century Mills to Peddar Realty
Real Estate

BMC Panel Approves 30-Year Lease of Century Mills to Peddar Realty

The Brihanmumbai Municipal Corporation (BMC) Improvement Committee on Friday, August 14, 2026, approved the leasing of a 25,543 sq. m plot at Century Mills in Mumbai to Peddar Realty Ltd for a period of 30 years at Rs 13,210 million.

The committee authorised the transaction as part of a redevelopment plan intended to support the rehabilitation of workers' families and to create additional housing opportunities in the city.

The Improvement Committee, which oversees BMC-owned plots, buildings and other properties, was chaired during the meeting by Sandhya Vipul Doshi of the Shiv Sena (Shinde).

The chairperson had been elected unopposed on February 23 and presided over the deliberations that led to the approval. The committee record states that rehabilitation and housing outcomes informed its decision.

The lease covers municipal land measuring 25,543 sq. m and has been granted for three decades under terms set by the civic body. The approved consideration was reported at Rs 13,210 mn, following standard municipal valuation and approval procedures. The committee emphasised that the redevelopment would be structured to provide for worker rehabilitation alongside redevelopment objectives.

Officials indicated that the approval from the Improvement Committee is a key administrative step that enables the civic authority to finalise lease documentation and initiate redevelopment agreements with the private developer. The civic administration will therefore proceed to execute the lease deed in accordance with municipal statutes and any conditions imposed by the committee. Project implementation and timelines will be subject to statutory clearances and contractual terms.

The decision is expected to free the site for redevelopment activity while ensuring provisions for displaced workers are incorporated into project plans. The municipal panel recorded the approval to expedite the process of redeveloping the Century Mills site under BMC oversight.

The Brihanmumbai Municipal Corporation (BMC) Improvement Committee on Friday, August 14, 2026, approved the leasing of a 25,543 sq. m plot at Century Mills in Mumbai to Peddar Realty Ltd for a period of 30 years at Rs 13,210 million. The committee authorised the transaction as part of a redevelopment plan intended to support the rehabilitation of workers' families and to create additional housing opportunities in the city. The Improvement Committee, which oversees BMC-owned plots, buildings and other properties, was chaired during the meeting by Sandhya Vipul Doshi of the Shiv Sena (Shinde). The chairperson had been elected unopposed on February 23 and presided over the deliberations that led to the approval. The committee record states that rehabilitation and housing outcomes informed its decision. The lease covers municipal land measuring 25,543 sq. m and has been granted for three decades under terms set by the civic body. The approved consideration was reported at Rs 13,210 mn, following standard municipal valuation and approval procedures. The committee emphasised that the redevelopment would be structured to provide for worker rehabilitation alongside redevelopment objectives. Officials indicated that the approval from the Improvement Committee is a key administrative step that enables the civic authority to finalise lease documentation and initiate redevelopment agreements with the private developer. The civic administration will therefore proceed to execute the lease deed in accordance with municipal statutes and any conditions imposed by the committee. Project implementation and timelines will be subject to statutory clearances and contractual terms. The decision is expected to free the site for redevelopment activity while ensuring provisions for displaced workers are incorporated into project plans. The municipal panel recorded the approval to expedite the process of redeveloping the Century Mills site under BMC oversight.

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