NTC's Worli land auction on hold
The tenders were expected to be opened in June-end for which a pre-bid meeting with the interested developers was called next week, but, that has been put on hold, sources close to the development said.
By Nisha Poddar, 
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| MUMBAI: National Textiles Corporation ( NTC) has indefinitely postponed the bidding process for the 8-acre Bharat Textile Mill, a prime property in central Mumbai. The tenders were expected to be opened in June-end for which a pre-bid meeting with the interested developers was called next week, but, that has been put on hold, sources close to the development said.
Sources say that the move by NTC comes after the Maharashtra Housing and Area Development Authority (Mhada) showed interest in buying the land at the reserve price of Rs 750 crore for constructing affordable housing. Mhada officials declined to comment on the development, but, sources suggest that Mhada could be buying the land.
Gautam Chatterjee,vice-chairman and managing director of Mhada had earlier said that Mhada had plans to approach the Government of India-owned National Building Construction Corporation (NBCC) in New Delhi for a joint venture on the project.
The Bharat Mills has a built-up area of over 3 lakh square feet and has potential for a higher FSI for various usages such as IT park, hotels, hospitals, educational institutions and that had attracted a lot of interest from the Mumbai-based real estate developers.
In a recent land auction by the Mumbai Metropolitan Region Development Authority (MMRDA) Lodha Developers had paid double the reserve price for Wadala land making it the largest land deal at Rs 5,700 crores. Industry experts say NTC could have sold the Bharat Mill at a much higher price than Rs 750 crores, but, Mhada would not have been able to compete if the mill was put under the hammer.
Sources say that the move by NTC comes after the Maharashtra Housing and Area Development Authority (Mhada) showed interest in buying the land at the reserve price of Rs 750 crore for constructing affordable housing. Mhada officials declined to comment on the development, but, sources suggest that Mhada could be buying the land.
Gautam Chatterjee,vice-chairman and managing director of Mhada had earlier said that Mhada had plans to approach the Government of India-owned National Building Construction Corporation (NBCC) in New Delhi for a joint venture on the project.
The Bharat Mills has a built-up area of over 3 lakh square feet and has potential for a higher FSI for various usages such as IT park, hotels, hospitals, educational institutions and that had attracted a lot of interest from the Mumbai-based real estate developers.
In a recent land auction by the Mumbai Metropolitan Region Development Authority (MMRDA) Lodha Developers had paid double the reserve price for Wadala land making it the largest land deal at Rs 5,700 crores. Industry experts say NTC could have sold the Bharat Mill at a much higher price than Rs 750 crores, but, Mhada would not have been able to compete if the mill was put under the hammer.
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