Mumbai’s coastal road project to be costlier by Rs 339.32 cr

15 Jun 2023 CW Team

The ambitious coastal road project has faced numerous challenges throughout its construction. However, the latest hurdle is particularly significant, with a cost increase of Rs 339.32 crore. This substantial amount is being demanded by the companies involved in the project, citing changes in GST rates since the commencement of work. As a result, the overall cost of the coastal road has now risen from Rs 12,721 crore to Rs 13,060 crore.

In order to maintain the project's progress, the BMC (Brihanmumbai Municipal Corporation) will be required to allocate the aforementioned amount, which includes an additional sum of Rs 6.94 crore. The companies have requested extra funds to relocate a water pipeline that obstructs the project's path.

Initially, the shifting of the pipeline was not included in the original contract and scope of work. However, given the project's advanced stage, this task has become unavoidable. The BMC's hydraulic department has already granted approval for the relocation of the 900mm diameter water line. Interestingly, a comprehensive survey of utility services was conducted prior to commencing the coastal road construction, but this particular issue did not arise at that time.

Under the revised cost proposal, a 12 percent GST rate was applied when the project commenced in 2018. However, the tax rate increased to 18 percent in 2022. Consequently, the three companies involved in the project will be responsible for paying an additional six percent GST.

The construction of the coastal road stretch from Priyadarshini Park to Baroda Palace is being undertaken by L&T company. Similarly, HCC and HDC firms are responsible for building the section from Baroda Palace to the Bandra-Worli Sea Link, while L&T is in charge of constructing the final stretch.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..