The ambitious makeover project for the Mantralaya precinct has finally generated interest among developers, yet another indicator of the renewed optimism in the real estate sector.

A few months ago, when tenders were first invited for the Rs 1,200-crore project at Nariman Point, it received a tepid response. Only three developers submitted offers but each quoted 30 per cent lower than the actual rates, forcing the government to invite fresh tenders.

Mantralaya sources said that this time, within days of calling for new bids, several top developers such as Tata Housing, Larson & Toubro, Hiranandani Developers, BE Billimoria and Company, Unity Infraprojects, Supreme Developers, Infrastructure Leasing & Financial Services Ltd (IL&FS), DB Realty and the Pune-based Kakade Group have already collected the tenders. The last date for submission is July 14.

Bipin Sankhe, chief architect of Maharashtra, refused to comment on the tenders collected but said, “We had called for tenders early this year before the code of conduct came into force. At that time, the market was going through a slump due to which we had to call for fresh tenders again. Today, after the elections, the market is much better and we expect a good response.”

The developer who clinches the deal will get a lucrative four-acre plot at Nariman Point on a build-operate-transfer basis. In return, the developer will have to renovate the Mantralaya, add a glass façade to the existing New Administrative Building and build an underground tunnel to link the two buildings to Vidhan Bhavan. Besides, the developer will also be required to construct a rest house for dignitaries, an MLA hostel and offices for political parties.

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