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Mumbai: Four Bidders in Fray for BMC's 1,348 Crore Lower Parel Plot

  • by- Zaid
  • Apr 18, 2026
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.
Mumbai: Four Bidders in Fray for BMC's 1,348 Crore Lower Parel Plot

Mumbai, April 18: Four major players have submitted bids: Shapoorji Pallonji, K Raheja Corp, Peddar Realty (JSW Group), and Keystone Realtors (Rustomjee) .

Key Details

  • Plot area: Six acres (prime Lower Parel location)

  • Base price: 1,348 crore

  • Lease term: 30 years (renewable for another 30 years)

  • Development norms: DCPR 2034

  • Tender floated: December 2025

Key Conditions

  • 'As-is' basis: Developer responsible for rehabilitating occupants currently on the site

  • Timeline: Not specified in tender (committee likely to insist on this clause)

Approval Process

  1. Administrative sanction

  2. Civic improvements committee approval (handles civic property matters)

Land History

  • 1927: Leased to Century Spinning and Manufacturing Co for 28 years at annual rent of Re 1

  • 1955: Lease expired

  • March 2022: Bombay High Court directed BMC to execute conveyance deed

  • January 2025: Supreme Court set aside HC order, ruled in BMC's favour

  • Following SC order, a table survey was conducted to record current ground reality (structures, encroachments, tree cover)