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Bombay Dyeing still to handover Mumbai land to BMC
ECONOMY & POLICY

Bombay Dyeing still to handover Mumbai land to BMC

Bombay Dyeing could face contempt of court or the forcible takeover of its mill land as it has failed to follow Supreme Court orders. The Nusli Wadia-promoted textile company is yet to hand over 64,654 square metres of prime land worth about Rs 1,058 crore to the Brihanmumbai Municipal Corporation (BMC) and the Maharashtra Housing and Area Development Authority (MHADA).

The deadline for the handover, ordered by the Supreme Court, ended on February 8. This was despite the company issuing a public statement to the stock exchanges in August agreeing to implement the apex court verdict.

Bombay Dyeing’s projects coming up on its erstwhile mill plots are Spring Mills in Dadar-Naigaon and another in Lower Parel for residential-cum-commercial and retail use. Of the total land parcel to be handed back, MHADA’s and BMC’s shares work out to 32,326.53 sq.m. each. Of this 26,556.01 sq.m. is at Spring Mills and 5,770.52 sq.m. at Lower Parel.

According to real estate consultants Jones Lang la Salle, given that the market value of land at Lower Parel stands at an estimated Rs 30,000/sq.ft. and the same at Naigaon at Rs 10,000-12,000 a sq. ft, the value of the government agencies’ share of land stands at Rs 1,058.7 crore.

Bombay Dyeing could face contempt of court or the forcible takeover of its mill land as it has failed to follow Supreme Court orders. The Nusli Wadia-promoted textile company is yet to hand over 64,654 square metres of prime land worth about Rs 1,058 crore to the Brihanmumbai Municipal Corporation (BMC) and the Maharashtra Housing and Area Development Authority (MHADA). The deadline for the handover, ordered by the Supreme Court, ended on February 8. This was despite the company issuing a public statement to the stock exchanges in August agreeing to implement the apex court verdict. Bombay Dyeing’s projects coming up on its erstwhile mill plots are Spring Mills in Dadar-Naigaon and another in Lower Parel for residential-cum-commercial and retail use. Of the total land parcel to be handed back, MHADA’s and BMC’s shares work out to 32,326.53 sq.m. each. Of this 26,556.01 sq.m. is at Spring Mills and 5,770.52 sq.m. at Lower Parel. According to real estate consultants Jones Lang la Salle, given that the market value of land at Lower Parel stands at an estimated Rs 30,000/sq.ft. and the same at Naigaon at Rs 10,000-12,000 a sq. ft, the value of the government agencies’ share of land stands at Rs 1,058.7 crore.

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