Indiabulls’ project gets conditional green nod

A mega luxury residential and commercial project by Indiabulls Infrastructure, to be spread across 11 acres in Lower Parel, has been given a conditional clearance by the state’s green authority.

A mega luxury residential and commercial project by Indiabulls Infrastructure, to be spread across 11 acres in Lower Parel, has been given a conditional clearance by the state’s green authority.

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The project, named Indiabulls Bleu, is being built on Bharat and Podar Mills, near Worli naka and was auctioned by national textile corporation (NTC) in 2010. The company bought the 8.3 acre Bharat Mill for a whopping Rs1505 crore and the 2.3 acre Poddar Mill at Rs250 crore.

The project includes two 60-storey towers that will house 2,000 sq ft apartments and two 50-storey commercial towers, estimated to cost Rs764 crore.

The project got a clearance from the state expert appraisal committee (SEAC) this month. This advisory body scrutinises all mega construction proposals over 20,000 sq meters.

Clearance was recommended on the condition that the developer complies with certain issues including that the additional floor space index (FSI) offered under the state’s IT policy and utilised for the commercial towers should not be availed for residential towers.

The authority has asked the environment department to look into the matter and take action.

The project developers had informed the authority that the site had been cleared as per its agreement with the BMC.