The 155-year-old Esplanade Mansion can be restored to its full glory. That's what two reports filed by a high court-appointed panel states. Based on them, the findings of which are contrary to IIT-Bombay's structural audit, conservation architects Abha Lambah and Pankaj Joshi have estimated a cost of Rs 98 crore.

While MHADA has argued since May last year that the cost of restoring the building was too high, in the 'Building Condition Report' Lambah and Joshi stated, "The economic per square foot rate as decided by MHADA cannot be the sole consideration for deciding the future of such a historic building." In their report, the estimated cost includes repair and restoration of the cast iron portions and the superstructure as well. They have recommended that for the restoration work a special purpose vehicle (a government-appointed committee) must be formed, which will arrange funds for the building's long-term maintenance.