India, Jan. 29 -- Mumbai's skyline is gradually being reshaped by the reinvention of its industrial past. Across the city, old textile mills, factories, and once-iconic commercial structures are giving way to gleaming luxury residences and premium office developments, as land-starved Mumbai squeezes fresh value from its legacy assets. From shuttered cotton mills in Central Mumbai to former manufacturing hubs in the suburbs, industrial land that once powered the city's economy is now being monetised to fuel its next phase of urban growth.

The latest chapter in this transformation features the iconic Parle-G biscuit factory in Vile Parle. Long a symbol of India's FMCG success story, the Parle Products manufacturing campus has seen portions...