India, Oct. 21 -- The cost of constructing two highrise buildings at Nariman Point under the Manora MLA hostel redevelopment project has escalated to Rs.2,009 crore on account of additional development charges and incidental expenses related to the project's floor space index (FSI) of 5.39. Both buildings are currently under construction and the project is slated for inauguration as per schedule, by March 2028, officials said.

In March 2019, four 14-storey buildings comprising the Manora MLA hostel complex were demolished after the Brihanmumbai Municipal Corporation (BMC) declared them dilapidated. The state government invited bids for construction of two highrises to replace the four buildings the same year, with the base price at Rs.86...