The Mantralaya project was drawn up by the PWD while the Nariman Point plan is under the Mumbai Metropolitan Region Development Authority (MMRDA), the planning agency for the Backbay area.As per the revised plans now awaiting the CM's approval, both are to be carried out by the MMRDA as a composite Rs 3,500-crore project.
MMRDA 's profit would be by way of building commercial and residential space and selling it in the open market. An iconic commercial building would be built on the four-acre plot behind YB Chavan Auditorium, the same plot that was to be given to the developer as per earlier plans. Another 10storey commercial tower is to be built on the seafront after rehabilitating the occupants of the 300 slum structures next to the MLA hostel. The 20 quaint ministerial bungalows would be razed as per the PWD's plans, but instead of building three sixty-storey twin towers for ministers, judges and bureaucrats, there would be two 25-storey towers. Next to it would be an additional 1.25 lakh sq metres of residential space with sprawling apartments that would be sold in the open market.
Even at a conservative estimate of Rs 50,000 per sq ft, the profit from the saleable component works out to a whopping Rs 12,500 crore. "The plans will crystallise only after the government land is transferred for the project," said MMRDA commissioner Ratnakar Gaikwad.The project will have a global floor space index (FSI) of 4, three times the existing 1.33 in the area.
Apart from the saleable part, most elements of the earlier Nariman Point plan remain untouched. The Mantralaya project will involve modernisation of the Mantralaya and New Administrative Building, a new underground tunnel linking the two to Vidhan Bhavan and a building opposite the LIC office for political party offices.
The Nariman Point project would also entail creating a 1.5 km waterfront promenade stretching up to Badhwar Park with food courts, water sports facilities, a children's forum, a helipad, parking, a pedestrian central avenue and a circular Central Park next to the proposed residential towers.The MMRDA in its recent budget allocated Rs 100 crore for the project. "This would be required for peripheral works such as coastal studies, traffic management plans and surveys for upgrade of services like water, sewage and road," said P K Das, the project consultant who has drawn up the revised plans.