Mumbai, Dec 24(PTI): Chhatrapati Shivaji Maharaj's upcoming statue in Arabian Sea off Mumbai coast will cost the Maharashtra exchequer Rs 3643.78 crore and construction of allaspects of the project will be over by 2022-23, the government said.

The state cabinet on November 1, 2018 had extended administrative approval to the project report and sanction to total expenditure of Rs 3700.84 crore. As per the official sanction given by the state government, the cost is now down by Rs 56.70 crore, stated a government order (GR) issued last week.

The Maharashtra government on December 19, extended administrative approval to the total expenditure of Rs 3643.78 crore over five years, which includes survey and investigation of site to implementation of security measures by the police.

The construction of the statue would cost Rs 2581 crore, while Rs 309.72 crore would be the GST on the amount. Rs 236 crore would be spent on security infrastructure, Rs 45 crore for permanent water and electricity supply at the completed statue, the GR said.

It stated that Rs 1 crore is allocated for formation of SPV which will maintain and do repair work while Rs 2 crore will be spent on study tours for the project.

"Amounts of Rs 112.68 crore, Rs 56.34 crore and Rs 140.85 crore are allocated for contingency fund, computerisation, and centage charges, respectively. Project management consultant would be paid Rs 82.46 crore while Rs 76.73 crore is for construction of jetty", it stated.

According to the timetable set by the government, the statue work and construction of a sea wall will begin in 2019-20.

"Construction of balance pedestal building works, architectural works, electrical works, mechanical works, construction of Entrance Forecourt will take place in 2020-21", it said.

Since 2013, a total of Rs 36.86 crore have been spent on the project which is yet to take-off, which also includes Rs 8 crore spent on stone-laying ceremony conducted by the Public Works Department in presence of Prime Minister Narendra Modi in 2016.