Indiabulls bags Rs 1,376 cr Mantralaya makeover project

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 is 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.