Conversion of Mill Lands into Residential and Commercial Properties – Its Impact on Mumbai’s Real Estate Scenario.

Ever since the liberalization of Indian economy, the urban landscape of India has changed dramatically along with the refashioning of our lifestyles. Along with liberalization surfaced the plan of developing and re-modeling some of their mega-cities to play particular roles within the emerging imperialist globalization network. And one of the first metropolises to be hit by the liberalization movement was Mumbai – the Global City.

Mumbai as a global city in its true sense is conceptualized to service the overlords of the world of finance capital and must provide sanitized enclaves that will cater to the business, residential, entertainment, security and other needs of its citizens. And as per the plans to change the face the Mumbai was targeted the textile mills lands of central Mumbai to be transformed into a new oasis of elite business and leisure which now boasts of residential villas, corporate offices, advertising agencies, art galleries, entertainment centers and posh restaurants. In the old industrial lands of central Mumbai, gleaming high-rises now compete with chimney stacks in the urban skyline, a symbol both of "progress" and change. That most precious commodity of earlier times – the mill lands in the unplanned, congested and overcrowded commercial capital, now called space, is up for grabs to the highest bidder escalating real estate prices. Different Real estate finance schemes are available in the market to suit the particular needs of the project and the party.

A group of corporate and multinational financiers, developers and entertainment. Promoters, in league with commercial real estate brokers, mill owners, state and civic authorities claim to lead Mumbai into a new era of leisure and prosperity and particularly to develop the mill areas into a destination for corporate investment and middle-class entertainment. Referring to the Phonic Mill compound, which is now remodeled to residential high-rise Phoenix Towers, numerous offices and restaurants, the Bowling Company and a discotheque, nearby mills have leased their lucrative land holdings, boasting similar space and amenities. This simultaneous conversion of mill lands into residential and commercial properties by rebuilding of the city centers and the creation of glittering residential, entertainment and commercial complexes, hotels, malls and multiplexes that mainly cater to the upper sections of society, had a direct influence on Mumbai properties.

The Indian Supreme Court in March, 2006 sanctioned the sale of 602 acres of prime land in the heart of Mumbai city occupied by 58 mills textile mills to private developers