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Mantralaya redevelopment venture in Indiabulls hands

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As per the sources available to www.propertykhazana.com, Indiabulls had grabbed the city’s largest redevelopment venture Mantralaya. Gangan Banga, representative for the Group had said that, “Mantralaya project is the costly venture in the country, it was at Rs. 344.12 Crores per acres and was the pricey per acre contract in the country and in Asia. This venture allowed us to construct a top-notch building for the state and it was the grand building of 7 star categories which changed the skyline of Mumbai.”
Reports also says that some of the top developers in the city suspected that the state government had not revealed the tender procedure sufficiently and it is amazing that there was only three short listed developers for that big project and even many more would have taken part in this venture.
Indiabulls was happy for the company which had got a liberal floor space index (FSI) of 4 and ended by receiving as much as 44,000 Sq. ft per acre in the free auction section. Indiabulls had planned to build one giant tower in the city where the flats would be near the NCPA apartment and are apparently being estimated at 80,000 to 85,000 per Sq.Ft.
as part of the reconstruction which had its share of detractors, the main Mantralaya building and the administrative building opposed to it, will be totally ragged down. The 50 row bungalows opposed to it which has the residences of Judges and Ministers. In the place of those bungalows Indiabulls planned to build 4 huddles and also consists of the apartment for Judges and for Ministers as the new building for the state head office. Banga speaking to the www.propertykhazana.com said that “We make sure that this will be the best building and showcases in the country.” Indiabulls was offered by Rs. 1,376 Crores and Rs. 276 Crores was for the corpus for the repairs and for maintenance of the new buildings and it was said that this venture will be finished in three years from the date.

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