Indiabulls has bagged the city’s biggest redevelopment project. Gagan Banga, spokesperson for the group, said the Mantralaya venture was the most expensive project in the country. “At Rs 344.12 crore per acre, it is also the most expensive per acre deal in the country and probably Asia. This will allow us to build a world-class structure for the state -an iconic building of 7-star category which will surely change the skyline of Mumbai,'’ he declared.
Some top developers in the city, under condition of anonymity, `alleged’ that the state government had not publicised the tender process adequately. “It is surprising that there were only three short-listed bidders for such a huge contract when many more could have participated,” said one of them. Indiabulls has much to be happy about-the company will get a generous floor space index (FSI) of 4, and could end up getting as much as 44,000 square feet per acre in the free sale component. It plans to construct one high-end residential tower in the area where flats in the nearby NCPA apartment are reportedly being quoted at 80,000 to 85,000 per square foot. PWD minister Chhagan Bhujbal said the proposal was now before a committee headed by chief minister Ashok Chavan for approval.
As part of the redevelopment-which has its share of critics-the main Mantralaya building, as well as the new administrative building opposite it, will be completely torn down, as will the 50 charming row bungalows opposite, which currently house judges and ministers. In place of the bungalows, Indiabulls plans to construct four clusters which will include apartments for judges and ministers as well as a new building for the state headquarters. “We will make sure this is the best building in the country and showcase it as such,'’ said Banga. Of the Rs 1,376 crore offered by Indiabulls, Rs 276 crore is for the corpus for upkeep and maintenance of the new buildings. The project is to be completed in three years’ time.
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