'Chawl' revamp to slash Central Mumbai realty prices by up to 25%

Experts say over the next decade, 12-million sq. ft development will transform the micro markets of Worli and Lower Parel into a mid-market affordable housing settlement

One of Mumbai's biggest real estate redevelopment projects of Bombay Development Directorate's (BDD's) chawls (large buildings divided into many separate tenements, offering cheap, basic accommodation) has taken off in Central Mumbai, opening up a Rs 20,000-crore opportunity for real estate companies. It is expected to drive down real estate prices in Central Mumbai by up to 25 per cent, forecast real estate experts.

Spread over 92 acres in Central Mumbai's prime localities of Worli, Lower Parel, and Dadar and consisting of 195 four-storey houses, the BDD chawls were constructed in the 1920s.

The over-a-century-old chawls are one of the largest cluster redevelopment