The Tata Projects Limited has outclassed L&T Ltd to win the bid to construct a new building of Parliament. The budget of the project has been estimated Rs 861.90 crore. The L&T Ltd had submitted a bid of Rs 865 crore for the same project.

Titled as Central Vista redevelopment project, the new Parliament building is expected to be constructed in 21 months and will be close to the existing one. The Central Public Works Department (CPWD) said the Plot Number 118 of Parliament House Estate will be used for the construction.

According to the CPWD, the Central Vista redevelopment project will help the the government operate 51 ministries in 10 and will save Rs 1,000 crore of rent. However, India’s executive and legislative institutions that have been there since colonial rule will now be shifted to a new location.

The new Parliament House plan aims to accommodate collective 1,224 members from both the Lok Sabha and the Rajya Sabha in case of a joint session. As many as 10 administrative buildings will be constructed for various ministries, while the iconic North and South blocks will be converted into museums.