Hind Mills spins 9 lakh sq ft land deal

MUMBAI: In what is perhaps the biggest joint venture on private mill land, the Thackerseys, owners of Hindoostan Spinning and Weaving Mills, have tied up with the CL Raheja group to exploit a whopping nine lakh sq feet of real estate at Jacob Circle near Mahalaxmi station.
It will eclipse the Godrej Greens residential project spread over 6.5 lakh sq ft at Simplex Mills, Saat Rasta.
With this joint venture, more than 20 lakh sq ft of development is expected to come up in a one sq km radius in the Mahalaxmi-Jacob Circle-Saat Rasta area as the proprietors of Brady Mills are also scouting around to develop 4 lakh sq ft.
"Once these projects come up, there will be tremendous strain on the infrastructure," a property consultant said, pointing to the traffic jams in the area, especially on the Mahalaxmi station bridge.
Industry sources told Times News Network that an agreement between the Thackerseys and the Raheja group was almost through and a public notice was recently issued notifying any person having a claim to or right in this property to come forward within seven days.
The Board for Industrial and Financial Reconstruction cleared the mill''s development proposal on April 1,which had earlier been held up due to legal complications.
While Ravi Raheja, director of KRaheja Corp, refused to comment, senior vice-president (finance) of the Thackersey group M P Ghaisas said that the land would be developed for both residential and commercial use.
The BMC''s building proposal department has already cleared the construction of two residential high-rises on a part of the land. "Each building will have five wings and 23 floors," a civic official said.
Market sources claimed a shopping mall was also in the pipeline. "There are possible plans for a Shoppers'' Stop or Giant (belong-ing to the RPG group) setting up a branch here," property watchers said.
About a decade ago, a portion of Hindoostan Mills'' land was allowed to be developed for the construction of the 39-storey Kalpataru Heights, a skyscraper that has become a prominent landmark on the central Mumbai skyline.