Century Mill Redevelopment to Add New Homes in Lower Parel

The approved redevelopment of Century Mill land could bring another significant change to Lower Parel's residential landscape.

BMC's Improvements Committee has cleared a 30-year lease of the property to Peddar Realty for redevelopment. The existing colony comprises 23 buildings, 476 residential tenements and 10 shops.

Eligible residents are expected to receive rehabilitation homes of approximately 405 sq ft as part of the project. Additional residential development is expected to form part of the redevelopment economics.

For the resale and rental markets, the longer-term relevance lies in the introduction of modern residential stock within an already established neighbourhood.

Lower Parel already benefits from strong employment, retail and transport connectivity. New housing created through redevelopment can broaden the choice between older resale buildings and newer residential developments within the same micro-market.

During redevelopment, temporary relocation of existing households can also generate rental requirements in Lower Parel and surrounding locations.

Key takeaway: Century Mill's redevelopment could gradually add newer housing stock to Lower Parel while changing the area's future rental and resale mix.