The Bombay Dyeing board has approved developments on two of the company's mill lands in central Mumbai.
The board, in a meeting held last week, approved developments on Spring Mills in Dadar and the flagship Textile Mill at Worli. The board decision will be presented for share-holder approval in the AGM scheduled for next week.
The company is coming up with two town centres, on each on the Spring Mills and Textile Mills properties.
On the Spring Mills property, it is looking at developing a residential complex in the first phase while in subsequent phases a Town centre and a retail development have been planned. The complex will also house a school.
At the Textile Mills in Worli, it is likely to come up with a mixed use property, housing commercial, retail and hospitality segments.
The company had already rented a part of the premises to Hard Rock Cafe, an up-market restaurant chain a few months ago. The textile mill is on the complex is also undergoing modernisation.
The company is also planning to develop a textile museum on one of its properties, though it is not clear which mill the museum will be housed in.
The 35-acre Spring Mills has an available space of 15.30 lakh sq ft. Of this 2/3rds will go to the government for low cost and green cover.
Around 500,000 sq ft of combined residential, commercial and retail properties are expected to be developed on this property.
The Worli mill has at 24 acres of land with 10.76 lakh sq ft available space. Of this around 400,000 sq ft will come into market, after the government's share. Capital values in central Mumbai have been reported in the range of Rs 16,000/sq ft.
Bombay Dyeing has been planning real estate development on these mill lands for sometime now but as the plans were held up due to PILs on the development of private mill lands in the city.
Of the 32 private textile mills in the city, real estate being developed on 23, amounting to 15.99 million sq ft. Of these, seven million are commercial developments, 10 residential and six mixed use developments.
