Construction of the new Carnac Bunder bridge which will be 70 mtr long, is likely to cost Rs 41.27 crore.
The BMC has already floated a tender for development of the new bridge, which lies between CST and Masjid Bunder station.
Demolition of the bridge will commence after selection of the contractor, which is most likely to take place after 15 December, 2016.
The BMC has already paid Rs 2.6 crore to the Central Railway for demolishing Carnac Bunder and Hancock bridges, which were declared unsafe.