I think I forgot to post this, but this is the biggest news in Mumbai real estate in a very long time. Opens up the possibility of building very tall towers.
City skyline set to change
The Supreme Court carte blanche on the redevelopment of
600 acres of land occupied by the city’s composite textile mills is all set to transform the ‘golden triangle’ stretching between the nodes of Worli, Dadar and Parel.
Malls and office complexes are not the only development in the pipeline. The new skyline could include a
World Trade tower on NTC’s Cadell Road mill — India United No. 6 that has 200 metres of some of the best sea frontage in Mumbai. Also on the drawing board is a possible gargantuan
16-lakh square feet software park in NTC’s Kohinoor No 1 & 2 mills.
Emboldened by the court verdict, NTC officials are gung ho about a quick sell-off process. Of the 25 National Textile Corporation’s 25 mill units in Mumbai, only eight are to be retained for a refloat. All the others are on the auction block.
This means a total of 145 acres in the market equivalent to 185 acres of actual built up area (at 1.33 FSI). Of this 75 acres has already been sold off. Together with 24 acres of TDR (transferable development rights) in lieu of surrendered mill lands, NTC still holds five million sq ft of FSI, conservatively valued at Rs 4,000 crore.
Among the projects proposed on the new land assembly is a World Trade Center proposed by NTC’s planners ‘Team One’ in the 12-acre plot of India United No 6 Mills, off Cadell Road at Dadar. Using twice the normal FSI (a floor space index of 2.7) allowed to convention centres, the World Trade tower could go up to 75 stories, claims Bharat Yamsanwar of Team One.
“And if TDR is loaded from other NTC properties to the Cadell Road mill, we can go as high as 120 floors,” said the NTC planner.
The NTC is simultaneously considering development of a software park as an international magnet in central Mumbai in the 22-acre property of what is today Kohinoor Mills No 1 & 2 at Dadar TT Circle. This can be developed as an alternative to the over-crowded and inaccessible SEEPZ and create job opportunities for as many as one lakh people, an NTC planner said.
Little known to most, the new development process also includes rehabilitation of as many as 20,000 chawl units in mill compounds that are occupied by mill workers. In the NTC lands, as much as 6 acres is occupied by workers’ housing and a similar area will have to be committed for workers’ housing units. Among the private mills, Bombay Dyeing, for instance, has undertaken the reconstruction of 643 units for workers.
http://www.hindustantimes.com/news/181_1645823,0035.htm