Nariman Point, one of world’s most expensive office markets, is expected to yield the government a windfall of Rs 12,500 crore if it decides to go ahead with a proposal to integrate the makeover of the area with that of Mantralaya.
When bids were opened for the Mantralaya project last August, India Bulls had offered the highest, Rs 1,400 crore, for executing the project in return for rights to commercially exploit a four-acre plot. The project, however, was ridden with controversy and was stayed by the Chief Minister on the eve of the Assembly elections. Revised plans show that instead of involving a developer, if the government were to merge the project with its Nariman Point revamp plan, it would reap a profit eight times higher.
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Nariman Point, one of world’s most expensive office markets, is expected to yield the government a windfall of Rs 12,500 crore if it decides to go ahead with a proposal to integrate the makeover of the area with that of Mantralaya.
When bids were opened for the Mantralaya project last August, India Bulls had offered the highest, Rs 1,400 crore, for executing the project in return for rights to commercially exploit a four-acre plot. The project, however, was ridden with controversy and was stayed by the Chief Minister on the eve of the Assembly elections. Revised plans show that instead of involving a developer, if the government were to merge the project with its Nariman Point revamp plan, it would reap a profit eight times higher.
Discuss
Tell a friend
Bury
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