Indiabulls bags Mantralaya makeover project

August 21, 2009 01:04 pm | Updated 01:04 pm IST - Mumbai

The skyline of the city’s famous Nariman Point area is set to be different as the Mantralaya makeover project, which Indiabulls bagged for Rs 1,376 crore, gets completed in the next three to five years.

Indiabulls plans to redo the main Mantralaya building, the administrative building opposite to it and around 50 row bungalows, which currently house judges and ministers, to make way for a few iconic buildings of seven-star category.

The exiting building of Mantralaya, the secretariat of the Maharashtra Government, would remain at the same place, an Indiabulls official said, adding that the company would get four acres of land on long-term lease basis in lieu of the Rs 1,376 crore redevelopment job from the State Government.

“We, at Indiabulls, are yet to decide what kind of project we would build in that land,” the official said, adding that it could be residential apartments or commercial buildings.

Nariman Point is one of the costliest areas in the world where rates for per square feet of residential apartments are currently hovering around Rs 80-85,000.

The official, however, said that the work on the project would take time to start.

Indiabulls would not tie-up with any other developer for redeveloping the project, he said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.