MUMBAI: That Mumbai is India's most expensive real estate market is well known. But if you thought the exorbitant rates are only applicable to land above sea level, get this: the Mumbai Port Authority (MbPA) has sought ₹8,500 crore from the Mumbai Metropolitan Region Development Authority (MMRDA) to acquire its land that will be used to build underground twin tunnels connecting the Mumbai Coastal Road with the Eastern Freeway. That's more than the total project's cost-₹7,765 crore.
MbPA's quote of ₹8,500 crore is for a 99-year land lease. It has also given an option of a 35-year lease that will cost ₹1,500 crore. These amounts have possibly been calculated based on the Indian government's Policy Guidelines for Land Management, 2015.
The twin tunnels are part of an ambitious plan to connect Mumbai's western and eastern seafronts. MMRDA had invited bids for the project in January 2023, with an estimated cost of ₹6,500 crore. In July that year, Larsen & Toubro emerged as the lowest bidder with a ₹7,765 crore quotation.
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