Tata Projects Limited (TPL) on Wednesday won the contract to build a new Parliament building at a cost of Rs 861.90 crore. Among all the bids, Tata Group emerged as the lowest bidder. The next lowest bidder, L&T Ltd, had submitted a bid of Rs 865 crore.
In a statement Tata Group said that it is "delighted to share TPL is L1 for New Parliament House project."
The new Parliament building will be constructed close to the existing one under the Central Vista redevelopment project, and it is expected to be completed in 21 months.
According to the Central Public Works Department (CPWD), the new building will come up at plot number 118 of the Parliament House Estate. The CPWD said the existing Parliament building will continue to function during the entire period of execution of the project.
The Narendra Modi government earlier this year initiated the process for bidding emphasising the need for a new building for Parliament. The government said the current Parliament Building Complex has been subjected to "overuse" and wears the "signs of distress".
Architects Edwin Lutyens and Herbert Baker planned the Central Vista of New Delhi and it has the Rashtrapati Bhavan, Parliament House, North and South Block and India Gate among others.
These iconic buildings were constructed between 1911-1931, the year in which the new capital was inaugurated. Thereafter, no major building of such exemplary architecture has been constructed.