Historic Swadeshi Market in Kalbadevi sees two factions battle over redevelopment goldmine

Time of India

19-07-2025

Mumbai: A century old textile market in South Mumbai has become the site of a pitched battle over its redevelopment. The historic 130-year-old Swadeshi Market building in Kalbadevi is witnessing a tug of war between the incumbent committee and a rival faction over rebuilding the dilapidated five-storey structure.
On Friday a group of residents and tenants led a protest, demanding that redevelopment be sped up. Their coordinator Anil Beniwal said, "The directors of the market want redevelopment and tenants want it too. This group held an agitation against a few residents who are stalling the process. The building is in sorry shape and a mishap can occur at any time."
Another trader said, "The standoff is between two groups seeking control over the redevelopment process.
A fracas erupted during the AGM (annual general meeting) which resulted in another stalemate. The matter has gone to the National Company Law Tribunal (NCLT) court. Moreover, the society needs to hold elections and that is another prolonged affair."
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Mukesh More, who owns three apartments in Swadeshi Market building said, "This two acre plot holds immense potential. We have been approached by reputed developers offering us a good deal.
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Even the jewellers of Zaveri Bazar have shown interest, saying they want to expand and build a gold souk like the one in Dubai. But a handful of traders are opposed to this because their businesses are faring well. They are seeking control and want the present management to step down to make way for them.
" More said the plot is a goldmine of opportunity worth Rs 4,500 crore in redevelopment potential. He claimed a leading politician from the BJP was supporting their "struggle".
Meanwhile the BMC has issued notices threatening to disconnect electricity and water supply. Residents say that a fortnight ago, the civic body demolished parts of the dangerous upper storeys. "We will approach them to not cut off amenities. Else we will seek political intervention," More said.
When contacted, BMC officials clarified that the eviction notice was issued by Mhada (which owns the property). "The building has been classified as C1 in the structural audit by M/s Capstone Consultants Pvt Ltd.
and C Ward conveyed this to Mhada. However, after securing an NOC from Mhada, only partial repair work was undertaken, leaving the rest of the dilapidated structure as it is," said an official from BMC.
Mhada officials did not respond to TOI's request for comment.
Trader Nitin Shah who owns an 80-year-old family business in Swadeshi Market said, "We all want redevelopment since the market is 130 years old. In fact the authorities have begun demolishing portions of the upper storeys. So although the ground floor is stable, if the higher levels collapse we will surely suffer."