logo
BMC slashes Worli tower cost by Rs 37cr as Mumbai activist questions expense

BMC slashes Worli tower cost by Rs 37cr as Mumbai activist questions expense

Time of India25-06-2025
Mumbai: In a rare decision, BMC has slashed by Rs 37 crore the cost of a 29-storey commercial office building proposed to come up on its asphalt plant and testing lab premises in Worli, following a complaint by an RTI activist about the 'exorbitant' robotic parking planned for 450 vehicles in the redevelopment project.
After cancelling the original Rs 525-crore tender, BMC issued a fresh Rs 488-crore tender in May. The biggest cost cut was in the robotic parking system — from Rs 96 crore to Rs 72 crore.
RTI activist Anil Galgali told TOI that he had red-flagged the inflated cost of the robotic parking system in the Worli tower project in Aug 2024. "I wrote to the chief minister flagging off the issue and pointing out that it is provided at a lesser rate in other metro cities," he said.
On June 19, BMC wrote to Galgali informing him that the tender was cancelled following his complaint. "Thereafter, the estimated cost of the new robotic parking system was determined at Rs 72 crore in consultation with the re-appointed project management technical advisor and executive engineer (Traffic Control)," stated the letter.
You Can Also Check:
Mumbai AQI
|
Weather in Mumbai
|
Bank Holidays in Mumbai
|
Public Holidays in Mumbai
A civic official said the plot currently houses BMC's asphalt plant and material testing lab in three ground-floor structures.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Giao dịch vàng CFDs với sàn môi giới tin cậy
IC Markets
Tìm hiểu thêm
Undo
As per the redevelopment plan, floors 1 to 13 will have shuttle and robotic parking for 450 vehicles with automated retrieval systems, floors 14 to 17 will house advanced material testing laboratories and vigilance department offices for multi-product testing, floors 18 and 19 will have road department offices with a real-time road monitoring command centre and floors 20 to 29 will have ready-to-move-in offices, excluding furniture, for commercial realisation for BMC.
"Shuttle and robotic parking systems and stack parking are to be constructed and provided with 20 years of overall. The facility will be for the laboratory testing facility staffers and those who would occupy the office spaces on the top floors," said the civic official, adding: "The tendering process is on, and we plan to finalise the same by next month."
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Indices tumble nearly 1% on selling in IT, auto stocks
Indices tumble nearly 1% on selling in IT, auto stocks

Hans India

time34 minutes ago

  • Hans India

Indices tumble nearly 1% on selling in IT, auto stocks

Equity benchmark indices Sensex and Nifty declined for the third session in a row on Friday, dropping nearly 1 per cent, dragged by heavy selling in IT, auto and energy stocks amid a muted start of the earnings season. Tariff-related uncertainties and mixed global market trends also added to the pressure, analysts said. The 30-share BSE Sensex tanked 689.81 points or 0.83 per cent to settle at 82,500.47. During the day, it fell 748.03 points or 0.89 per cent to 82,442.25. As many as 2,450 stocks declined while 1,557 advanced and 158 remained unchanged on the BSE. Similarly, the 50-share NSE Nifty dropped 205.40 points or 0.81 per cent to 25,149.85. On the weekly front, the BSE benchmark dropped 932.42 points or 1.11 per cent, and the Nifty tanked 311.15 points or 1.22 per cent. 'While weak European market cues and negative US Dow Futures weighed on sentiment, the disappointing start to earnings season by software major TCS cautioned investors about the sluggish global demand scenario that led to heavy selling in IT, telecom, auto, realty and oil & gas stocks,' Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said. From the Sensex firms, Tata Consultancy Services declined 3.46 per cent after reporting its June quarter earnings. The country's largest IT services company on Thursday reported a 6 per cent growth in June quarter net profit at Rs 12,760 crore, helped by a jump in non-core income even as revenues grew at a tepid pace. The rupee revenue grew 1.3 per cent to Rs 63,437 crore during the quarter. Still, it was down by over 3 per cent on a constant currency basis, as the company faced headwinds in its major markets amid a winding down of the BSNL deal, which helped it in recent quarters. Mahindra & Mahindra, Bharti Airtel, Tata Motors, Titan, HCL Tech, Bajaj Finance, Reliance Industries, Trent, Infosys and HDFC Bank were among the other major laggards from the pack.

'Pulp Fiction? Not Quite': How Indian Oranges Are Powering A French Medicine To Treat Varicose Veins
'Pulp Fiction? Not Quite': How Indian Oranges Are Powering A French Medicine To Treat Varicose Veins

News18

timean hour ago

  • News18

'Pulp Fiction? Not Quite': How Indian Oranges Are Powering A French Medicine To Treat Varicose Veins

'We are proud that the oranges grown in Indian soil are now an integral part of a medicine used by millions across the world," Aurelien Breton, managing director, Servier India, told News18. 'We procure oranges from Maharashtra, Telangana, Andhra Pradesh, MP, and Rajasthan currently." According to IQVIA data, Daflon's 500mg and 1000mg stand at a value of Rs 61 crore as per moving annual turnover, May 2025, ranking 2nd in the varicose therapy market. The average number of patients treated in a month is 1.2 lakhs. The citrus supply chain The Indian-sourced oranges are first processed locally—cleaned, dried, and converted into powder form. This citrus powder is then exported to Servier's manufacturing headquarters in France, where it undergoes sophisticated processing to extract the active pharmaceutical ingredients (APIs). Interestingly, those APIs are then re-imported back to India, where the final formulation of Daflon is completed for domestic distribution. This circular, transcontinental journey of a single orange—from a farm in Nagpur to a lab in northern France and back to a pharmacy shelf in Delhi—highlights the globalisation of pharmaceutical supply chains and India's growing importance as a trusted sourcing and manufacturing hub. The move wasn't just about logistics or cost-efficiency. According to Breton, Indian oranges matched the quality standards required for flavonoid extraction. 'We achieved 100% reliance on local Indian oranges through our Indian supply chain with effect from the financial year 2021." Indian oranges matched the former Spanish and Mexican counterparts. '2000 metric tons of small oranges were procured in the financial year 2023-24. We work with aggregators and farmers in multiple states in India," said Breton. Company set to bring precision cancer medicine Servier Pharma is set to bring precision cancer treatments to India. 'Unlike traditional chemotherapy, these therapies act on specific genetic mutations that are responsible for causing the cancer," Breton said. Out of three novel drugs coming into the Indian market, the first drug, Ivosidenib, targets a mutated protein known as isocitrate dehydrogenase 1 (IDH1), which is found in a subset of patients with cholangiocarcinoma (a type of biliary tract cancer) and acute myeloid leukemia (a form of blood cancer). 'Epidemiological data show a high prevalence of biliary tract cancers along the Ganga River basin, supporting the need for this targeted option, which can significantly delay disease progression. In clinical trials, Ivosidenib has demonstrated more than a threefold improvement in survival for AML (blood cancer) patients." The drug was officially launched in India in June 2025.

RBI to hold buyback auction of 3 G-Secs
RBI to hold buyback auction of 3 G-Secs

Time of India

timean hour ago

  • Time of India

RBI to hold buyback auction of 3 G-Secs

Mumbai The government has announced buyback of three government securities worth ₹25,000 crore, the Reserve Bank of India said on Friday. This is the third buyback announcement in this financial year. The buyback auction of three government bonds-yielding 7.27%, 5.63% and 6.99%-all maturing in April 2026 will be held on July 17. Buybacks are a way for the government to pay off debt for next fiscal year to reduce its gross borrowing and manage fiscal deficit, according to bank treasury officials. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thao Dien: Repossessed Houses For Sale At Prices That May Surprise You Foreclosed Homes | Search ads Search Now Undo It also results in RBI infusing durable liquidity in the system. The previous two buyback auctions conducted in June had seen strong demand. The total notified amount was ₹51,000 crore, of which the RBI had accepted bids worth ₹49,600 crore across two auctions. Bonds Corner Powered By NSE, BSE issue advisory to bond investors. Here are 10 things to know BSE and NSE have jointly advised investors using online bond platforms to understand key concepts like Yield to Maturity, credit risks, and interest rate effects, as bond investments carry no guaranteed returns. The move comes amid rising popularity of OBPPs. The case for fixed-income investments: What Gen-Z investors should know Vedanta Resources dollar bonds see minor uptick JPMorgan considers cutting China, India share in EM Bond Index Sebi's bond central to deepen corporate bond market, improve price discovery: Vineet Agrawal Browse all Bonds News with

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store