HC allows Bombay Dyeing to surrender Wadala land1 min read . Updated: 21 Nov 2013, 12:44 AM IST
The Wadia group firm gets permission to develop 25 acres of land at Lower Parel for building houses for mill workers
Mumbai: The Bombay high court on Wednesday gave its permission to Bombay Dyeing, a Wadia group textile company, to develop 25 acres of mill land at Lower Parel in Mumbai after accepting its plea to hand over land in Wadala for building houses for mill workers and public amenities.
Under the Maharashtra government’s integrated development scheme for developing land housing textile mills, mill owners have to hand over one-third of the developable area to government agencies—Municipal Corporation of Greater Mumbai (MCGM) and Maharashtra Housing and Area Development Authority (MHADA).
Although the Wadia group has two mill lands, the court allowed it to hand over land at one location—Wadala, also in Mumbai—instead of separately at Lower Parel and Wadala for the government scheme.
The company is to hand over 66,651 sq. metre of land to MCGM and MHADA at a single location in its Spring Mills plot at Wadala, effectively freeing up 25 acres of mill land at Lower Parel.
Bombay Realty, a division of Bombay Dyeing, is developing a 45-acre land in Wadala for premium residential projects. The Bombay Dyeing mill land at Lower Parel is also to be developed for homes, offices, hotels, serviced apartments, branded residences, hospitals, schools and retail.
Shares of Bombay Dyeing and Mfg. Co. Ltd rose 4.68% on Wednesday to close at ₹ 69.4, while the benchmark Sensex closed at 20,635.13, down 1.22%.