Mumbai Real Estate News: 15.3-Acre Worli Dairy Land Set For Redevelopment Into Commercial-Financial Hub

The state government is all set to redevelop the Worli Dairy land for a brand-new commercial-financial hub. The 15.8-acre plot, previously lying unused and reserved for the dairy development department, will now be handed over to the Mumbai Metropolitan Region Development Authority (MMRDA) for purposes including residential and recreational facilities.

Full Ownership and Development Rights

The government decision grants Class 1 occupancy rights under the Maharashtra Land Revenue Code, making MMRDA the sole owner. The development authority will not need additional approvals from the government for development rights and disposal of plots.

Precedent of Metro-Related Land Sale

Earlier this month, a 4.16-acre plot in Nariman Point, allocated to Mumbai Metro Rail Corporation (MMRC), was sold to the Reserve Bank of India (RBI) for Rs 3,471.82 crore.

The Worli Dairy redevelopment is expected to generate significant funds for MMRDA, which is reportedly facing a financial crunch while building the metro network across the Mumbai Metropolitan Region (MMR).

Public Consultation and Previous Plans

A notification inviting suggestions and objections from the public was issued on Thursday. The project is part of a larger plan to position MMR as a global economic hub, generating employment opportunities. The earlier Maha Vikas Aghadi (MVA) government had envisioned an exhibition centre, marine research institute, aquarium, and residential quarters for dairy department staff on the same plot, plans that may now be dropped.

MMRDA as Special Planning Authority

As the Special Planning Authority (SPA), MMRDA will decide plot allocations, issue development permissions and NOCs, and draft the development plan for the area.