The project was started in 1992, but disputes between the BDB committee, its architects and contractors, and payment defaults by members during the 1995-99 property slump, put the project on hold in 1998. It was restarted in 2001.
Construction work on eight towers is over. We are waiting for the occupation certificate. Once we get it, a lease agreement will be signed with MMRDA (Mumbai Metropolitan Region Development Authority) for final possession, Anoop Mehta, president of BDB, told FE. By the time the entire process is complete by May 2007, the total cost of the entire complex is expected to be Rs 950 crore.
The bourse will be a trading hub with single-window facilities. Nearly 30 banks will be housed in the complex, along with a dedicated customs house facility. It will have around 24,500 safe deposits vaults. Security measures will on a par with global markets, Mehta said.Currently, trading of rough diamonds is concentrated in three buildings: Prasad Chambers, Panchratna Building and Shreeji Building in south Mumbais Opera House.