![]() Financial Daily from THE HINDU group of publications Thursday, Mar 10, 2005 |
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Industry & Economy
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Real Estate & Construction `Gradual land sales will bring greater value for mill owners' Anna Peter
Mumbai , March 9 MUMBAI'S mill owners would realise greater value from the gradual sale of redeveloped land rather than the outright sale of large tracts. "There can be no development without Government control," said Mr Robert Adam, part of a team of British Heritage conservators who are in Mumbai for a workshop on `Revitalisation of Mumbai Mills'. Mr Adam, who is a member of the International Network for Traditional Building, Architecture and Urbanism (INTBAU), said that it was the business of Government to mediate between private interests and public good. Mumbai's mill owners could see the value of their real estate appreciate over time if they co-operated in its holistic redevelopment for the better good of the public, he said. He recommended joint redevelopment of the mill lands by private industry and the Government. The redeveloped areas, if sold in small lots, would bring about a continued appreciation in real estate values. This would also reduce the number of issues the Government would find troubling in the outright sale of large tracts of land. Mr Adam added that a masterplan, aimed at benefiting whole communities, could prove viable for that society as well. INTBAU is known to have contributed to the successful revival of heritage mill buildings in Britain, and their conversion into viable commercial and residential properties while retaining the history of the building and surrounding areas. The team had visited one of the mills in Mumbai. According to Ms Jill Channer, Director, The Prince of Wales's Phoenix Trust, even if mills and their land were sold, it was important to ensure that the funds went towards the regeneration and development of that area and its community. She added: "The first thing that needs to be done to bring Indian mills back to life is to create a climate of consent." Often, regeneration was through efforts of professionals who gave such gifts as free labour, expertise and even materials. This could reduce total regeneration costs by as much as a third. According to Professor Akhtar Chauhan, Director, Rizvi College of Architecture, regeneration of mill buildings and lands should also include such facilities as medical care and education, and create sustainable commercial activities.
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