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.
This story is from the December 27, 2024 edition of Hindustan Times Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 27, 2024 edition of Hindustan Times Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
International Acts Have Set High Standards
Singer Sunidhi Chauhan says that with more international concerts happening in India, it has become a challenge for Indian acts to be at par with them
Hania Aamir alleges assault by event organisers in the US
Pakistani actor Hania Aamir has accused the organisers of a meet-and-greet event in Dallas (US) of verbal assault.
Making good films, not sequels, is more important: Imtiaz
This year, franchise films like Stree 2, Bhool Bhulaiyaa 3 and Pushpa 2: The Rule emerged as some of the biggest box-office successes.
Tough Beginning for World No. 1 Carlsen; Raunak Stuns Firouzja
World No. 1 Magnus Carlsen had a torrid start to the World Rapid and Blitz Championship, losing in one round and escaping with draws in two others to end Day 1 of the rapid event at 2.5/5 in New York.
Nagal Continues To Stay Away From Davis Cup
India's singles No. 1 Sumit Nagal continues to remain absent from national duty as his name was missing from the team's upcoming Davis Cup World Group I play-off tie against Togo, to be held in New Delhi in February.
Jayasuriya aims to make SL cricket find an upswing
It's been only two months since Sanath Jayasuriya took over as full-time head coach of Sri Lanka's men's cricket team.
Back in hockey, Ward hopes to shine in HIL
Sam Ward can easily be spotted on a hockey turf, wading past defenders as a skater would glide on ice, but what really sets the 33-year-old apart is his mask.
You need a lot of luck on these wickets to get big runs, the ones we're playing at the moment. And last week I had my share
You are one of the best batters on the planet and then, the centuries dry up. That's how fickle form can sometimes be.
Rohit's Insipid Captaincy Lets Australia Take Control
It was a slow trudge out, with head bowed, for India's captain Rohit Sharma.
Renuka and Deepti star as India women sweep ODI series vs WI
Renuka Thakur and Deepti Sharma delivered a bowling masterclass to trounce West Indies by five wickets and seal a dominant victory in the third and final ODI of the series at the Kotambi Stadium, Vadodara on Friday.
