Mumbai: A massive 8.5-acre property on LBS Marg, Kurla West, is expected to go in for redevelopment. The managing committee of the Bombay Taximen's Cooperative Society, which occupies the prime land, has short-listed a lesserknown real estate company, Sayeba Spaces Pvt Ltd, for the prime project.
The complex consists of 29 buildings, 656 flats and 30 shops. The housing society was started by late trade unionist George Fernandes to provide housing for homeless cabbies.
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As funds were a problem initially, non-cabbies were also accommodated. Fernandes applied for a housing loan from the Life Insurance Corporation (LIC) in the mid-1970s, but he was arrested during Emergency declared by Indira Gandhi. Post the 1977 elections, he became a Union cabinet minister and got the LIC to sanction the loan.
Over the years, the taximen sold their flats and today the colony residents are entirely non-cabbies. According to Aneesh Siddiqui, a long-term resident and journalist, four attempts were made in 2005, 2008, 2013 and 2017 to redevelop the complex, but all of them failed due several reasons.
The society recently floated tenders and finally Sayeba Spaces, Runwal Real Estate Pvt Ltd and Chandak developer were shortlisted. Siddiqui observed that Sayeba has been hand picked by the managing committee even though it was registered only in 2024, whereas Runwal and Chandak were established players.
However, in the notice issued to all members for a special general body meeting to be held on April 26 at 3pm, the managing committee explained that Sayeba Spaces has been selected based on the recommendation of the project management consultant after evaluation of qualifications, experience, financial and technical capabilities, and financial offers.
It is reliably learnt that Sayeba Spaces has the backing of a senior leader of the NCP (Sharad Pawar).
The meeting will be held at the society’s volleyball ground “to obtain consent/confirmation of the selected developer for undertaking the redevelopment, authorise the managing committee to take all necessary steps for implementation of the redevelopment project, including issuance of letter of intent, preparation and negotiation of the development agreement, etc”.
It is not clear how much additional area will be provided free to the members and shopkeepers and what amenities will be made available. The project is in the funnel area of the airport, according to Siddiqui.
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