BMC Secures ₹1,351 Cr Bid for Prime Lower Parel Redevelopment

The Brihanmumbai Municipal Corporation (BMC) has received a top bid of ₹1,351 crore from Peddar Realty to redevelop a prime 6.17-acre plot in Lower Parel, Mumbai. The offer just cleared the ₹1,348 crore reserve price, outbidding real estate giants like K Raheja Corp and Shapoorji Pallonji Real Estate.

Originally valued at ₹660 crore, intense competition nearly doubled the plot's final price—a clear signal of high demand for premium real estate in Mumbai's commercial hub. Most importantly, this 30-year PPP lease agreement brings nearly 650 families of former Century Mills workers one big step closer to securing permanent housing.

News by Rahul Yelligetti.