The construction cost of 350-foot-long Dr Babasaheb Ambedkar Memorial is likely to be above Rs 750 crore as the single bidder that has shown interest in constructing it has quoted almost 25 per cent more than the estimation of Rs 622 crore anticipated by Mumbai Metropolitan Region Development Authority (MMRDA). The MMRDA had floated bids for construction of Ambedkar Memorail in April 2017 at an estimated cost of Rs 550 crore; however, after receiving only a single bidder, the bids were re-floated at Rs 622 crore in the first week of November. The reason for escalation in cost was the proposed use of special steel for the Memorial considering it is near Arabian Sea and the steel has to be anti-corrosion. A senior MMRDA official said, “We have got a single bidder, Shapoorji Pallonji Group, that has quoted more than Rs 780 crore against our estimations of Rs 622 crore. While the initial cost of the project was estimated to be Rs 435 crore in 2016.

Source: dna November 29, 2017 01:07 UTC