'Indu Mills had devpt potential of Rs 3,600cr'
TNN | Jan 3, 2012, 12.51AM IST
MUMBAI: The National Textiles Corporation said its 12.5-acre Indu
Mills property at Prabhadevi, which Prime Minister Manmohan Singh
agreed to hand over to the state free of cost, had a development
potential of around Rs 3,600 crore.
Last week, the PM assured a state delegation, led by chief minister
Prithviraj Chavan, that the sea-facing property would be allotted for
a memorial for B R Ambedkar.
NTC officials are tight-lipped because of the sensitivities involved;
all that they divulged was that their valuation of this prime property
came to around Rs 300 crore per acre. However, a senior state official
debunked the NTC figure, saying the property could not be worth that
much, given the existing ready reckoner rate for land in that area.
The bureaucrat said the plot was reserved only for industrial use and
so, there was no question for commercial exploitation. "The FSI for
industrial use is 1," he said, adding the proposed memorial would have
a substantial part of the land reserved for a park, to be open to the
The official said there were several ways NTC could be compensated,
including giving it an equivalent area outside the city. Another
option could be to offer the transfer of development rights or TDR to
NTC. This TDR could be exploited in the suburbs. But civic officials
said TDR could only be sanctioned if a civic amenity was created on
the surrendered plot.
According to sources, the Indu Mills was one of the finest parcels of
land in the island city; rates in a nearby high-end residential tower
are being currently quoted at Rs 70,000 a sq ft.
The NTC had plans to build a luxury hotel and commercial complex there
to garner revenue to revive its sick units elsewhere. The original
understanding between the state and NTC was that the latter would
surrender four acres for the Ambedkar memorial. As compensation, NTC
was to receive extra construction rights on the eight acres.
The plan had to be change after supporters of Republican Sena forcibly
occupied the mill premises on December 6. When the NTC approached the
HC following the state's failure to act against the "encroachers", the
court rapped the government for its inaction. On December 22, the
state informed the court that it had persuaded the squatters inside
Indu Mills to vacate within a week and if they did not, they would be
evicted. Last week, after meeting the PM, Chavan said a panel
comprising Union ministries of environment and forests, urban
development and textiles officials and state government
representatives would be formed to resolve the issue related to land
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