Two 55-storey towers to rise in Mahim bay

The city's first mega building project kissing the sea is all set to take off after coastal regulation zone (CRZ) norms restricting construction activity were relaxed near bay areas. Realty firm Hubtown, which recently won a case against the state government in the Supreme Court over its 5.5-acre Hindoostan Mills plot at Prabhadevi, has tied up with Wadhwa Group to develop the sea-facing plot.

TOI has learned that Hubtown and Wadhwa Group, who recently signed a joint development agreement, plan to build two 55-storeyed luxury residential towers. The plot can now be developed with a much higher FSI as the Mahim coast was declared a bay in 2014 by the state coastal authority, after the Centre's 2011 notification amending CRZ norms.

The CRZ relaxation has come as a major bonanza because both the developers can avail 14 lakh sq ft of saleable area, which could earn them a few thousand crores in revenue when the project is completed. "The Wadhwa Group will plan, develop and execute the project with a Rs 400-crore funding from ICICI,'' said sources familiar with the deal. As part of a state government policy on defunct textile mill lands, the developers will have to surrender a minuscule 2,000 sq m (about half-an-acre) to the state housing authority, Mhada, for public housing.

Hubtown (formerly known as Ackruti City Ltd), bought the defunct mill property from the Thackersey family for Rs 350 crore in 2007. Subsequently, the new owner realized the plot's development potential was severely limited as it fell within 500m of the high tide line, where building activity was restricted by existing CRZ rules. But in 2011, the Union environment ministry amended CRZ rules, stating that seafronts would continue to get the same protection, but construction restriction at bays would be reduced from 500m to just 100m.

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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

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