That is 140 acres or 6.3 million square feet of real estate released in the market. Half the mills on offer are in the prime Dadar-Parel area where property rates range from Rs 5,000-Rs 8,000 per square foot. The rest is in the working-class neigbourhood of Sewri-Kalachowky where land prices are 50 per cent lower. But the possibility of a new transport link with Nariman Point in south Bombay could make even this an attractive proposition.
According to official sources, the first lot of land to be cleared for sale is a 20-acre plot in Dadar-Parel. While the government is tight-lipped about the manner in which it is going to dispose of the land, market sources expect it to be sold in four phases. Five real estate firms have been hired to get prospective buyers interested and an architect has been roped in to oversee the plan.