The Maharashtra Housing Area Development Authority (Mhada) has proposed pulling down its headquarters and building a swank new complex comprising four towers.
Officials said the proposal is still on the drawing board and is estimated at Rs 1,230 crore. Mhada has proposed commercially exploiting its two acre plot abutting the Western Express Highway at Bandra.
The proposal is to use one of the towers as its headquarters and rent/sell remaining three generating funds for the reconstruction. The authority is planning to float an Expression of Interest for the project. Administrative approval is awaited.