The excess land will be divided in three parts: one each for the commercial use of mill, cooperative housing society of mill workers and the rest to be handed over to the Greater Mumbai Municipal Corporation as an open land. These 58 mills comprising 24 run by NTC, one by Maharashtra State Textile Corporation and 23 by private sector have been spread over 20 lakh sq mt in Mumbai's "Golden Triangle" area.

A committee headed by the retired High Court judge will monitor the sale of excess land by individual mill and the use of proceeds from such sales for land redevelopment and revival. The mill workers would be given voluntary retirement scheme on the Gujarat pattern wherein they would be entitled to get funds of in all 75 days leave. According to the policy cleared by the state cabinet on Wednesday, mill owners would have to give 225 sq ft of tenement free of cost to those residing in the chawls in the mill premises.