The NTC CMD, Prajakta Verma, provided background information by describing the status of the NTC mills, the initiatives taken by NTC to work with the Maharashtra government, MHADA, and MMRDA on the crucial issue of rehabilitation for the residents of the chawls on NTC mill land, and the developments regarding the monetization of TDR given to NTC in lieu of the transfer of land of Indu Mills No. 6 to the Maharashtra.
In order to oversee Sick Textiles Mills under the Nationalization Acts of 1974, 1985, and 1995, NTC was founded in 1968. Currently, NTC employs about 10,000 people across 23 operational mills, 49 mills that are closed (per the ID Act), 16 joint venture mills, and 2 non-operational mills. There are 11 NTC Mills Chawls in Mumbai, totaling 13.84 acres, and they are all in terrible shape. The landowner (NTC) must redevelop the Mumbai Mills' Chawls building in accordance with the provisions of DCPR 2034.
NTC has appointed a Consultant to provide services for conceptualizing the development potential, preparing methodology, preparing tender documents for appointment of developer, and assistance in tendering process of redevelopment of NTC Chawls in order to protect the life of residents of these Chawls and to comply with the DCPR provisions.
In collaboration with the MHADA architects who have been hired on as consultants, the Consultant has begun to develop a suitable methodology for the redevelopment of NTC Chawls. In order for MHADA to perform timely maintenance on these chawls, MoT has also asked GoM to convert 5 non-cessed chawls to cessed chawls.
Minister instructed GoM, MHADA, and MMRDA representatives to speed up the process of redevelopment and rehabilitation and give NTC all the assistance it needs in this endeavour. Additionally, the sale of NTC's TDR was a topic of discussion. On March 25, 2017, NTC gave the GoM 11.96 Acres of land from Indu Mill No. 6 (Dye Works) for the Dr. Baba Saheb Ambedkar memorial.
Instead of making the aforementioned transfer, GoM issued the Development Right Certificate (DRC) in the form of Transferable Development Rights with an estimated value of Rs. 1413.48 crores. If the amount received by NTC from the sale of TDR is less than the stated land valuation, the GoM shall pay NTC the difference in cash. If the amount received by NTC exceeds the stated land valuation, it shall be given to the Govt. of Maharashtra for Memorial construction.
A consultant has been hired to provide transaction advisory services, such as market research, tender document preparation, prospecting for buyers, advising NTC about market trends, the amount of TDR to be put up for sale, revenue maximization, and other modalities. The Minister instructed MMRDA representatives to collaborate with NTC and support it in the monetization of TDR.
