The work order was issued after NIT’s board of directors recently approved the proposal for the project.

The contractor will pay Rs 1.20 billion to the planning authority upfront after emerging as the highest bidder, surpassing the base price of Rs 1.20 billion. The developer will finance the construction of the building on about an acre of land owned by NIT, situated at a prime location on North Ambazari Road.

The report stated that the construction of the project is estimated to cost around Rs 2 billion, and with the premium paid to NIT, the total cost will be approximately Rs 3.20 billion. However, the report clarified that the developer will be responsible for the construction expenses as part of their purview, and other associated costs will also be borne by the contractor.

The plot is situated adjacent to the MahaMetro Aqua Line, and being part of the Metro Corridor, it qualifies for a floor space index (FSI) of four. The new 13-storey complex will be constructed on a plot of over 43,000 sq ft and will provide a total built-up area of more than 1.75 lakh sq ft. Currently, the NIT building is G+1 and houses approximately 22 shops, a banquet hall on lease, and the NIT West Division office.

The report mentioned that the developer will pay rent to the shopkeepers until the project is completed, after which they will be accommodated in the new complex. Additionally, NIT will receive two floors in the new building for its office.

The new commercial-cum-residential complex will include a basement and two floors designated for parking. Above the three-tier parking, two floors will be leased to commercial establishments. There will also be a banquet hall on the upper floors, and a starred hotel is also proposed as part of the complex, along with residential units. The developer will determine the selling or rental prices for these units, as indicated by NIT sources, who added that many details of the project are still being finalized since the tender stage is on-going.

It remains unclear when demolition work on Sanskrutik Sankul will begin to make way for the new construction. In addition to this, the planning authority is managing various projects across the city worth over Rs 30 billion, with several more in the pipeline.