India, July 28 -- After a two-decade-long struggle, 650-odd families of erstwhile Century Mills workers can hope to receive new homes on a 6.17-acre plot in Lower Parel. The development comes as the Brihanmumbai Municipal Corporation (BMC) has received a Rs.1,351-crore bid from Peddar Realty Ltd, the highest among four bidders for redevelopment of the land parcel.

The Rs.1,351-crore bid is among the highest-ever bids received for the redevelopment of a former mill land parcel in Mumbai in recent years, but is lower than the Rs.1,505 crore paid for the sale of the 8.37-acre Bharat Textile Mills land in 2010.

The civic body had invited bids for the Century Mills land in Lower Parel in December last year to lease the land for 30 years unde...