India Bulls,ABIL Avinash Group to renovate Mantralaya

Arguably in a largest re-development deal in Mumbai,a consortium of Mumbai-based India Bulls and Pune-based ABIL Avinash Bhosale Group bagged the four-acre re-development project of the Mantralaya building by offering a maximum bid of Rs 1,376 crore. Of the Rs1,376 crore offered by the consortium,Rs 276 crore is the corpus for upkeep and maintenance of the new building. According to Sudhanshu Purohit,chief operating officer,Avinash Bhosale Group,the project is expected to be completed in three years.

The State Government had set a reserved price of Rs. 1,100 crores for the project,which had two other bidders – IL & FS in a joint venture with Akruti which quoted Rs. 1308 Crore and DB Realty which offered Rs. 1200 Crores,said press release. As part of the redevelopment,the main Mantralaya building as well as the new administrative building opposite to it will be completely brought down,as will the row of bungalows on the opposite side. In place of the bungalows,the Consortium of India Bulls and ABIL Avinash Bhosale Group is planning to construct four clusters