Mumbai’s skyline is set to scale new heights if Lodha Developers’ plans to build the world’s tallest residential building go ahead as planned.
The land for the project has already been acquired by paying off liabilities to the tune of Rs 250 crore – a plot of 17.5 acres, which was occupied by the now defunct Shrinivas Cotton Mills, at Lower Parel.
The residential project called World One, has been estimated at Rs 2,000 crore and is expected to be completed by 2014. Lodha Developers have entered into a tie-up with New York architecture firm Pei Cobb Freed & Partners, and with Lera for the structural engineering aspect of construction. Construction is expected to be carried out by a top international civil engineering firm – reportedly L&T, Samsung Constructions and Grocon are all vying to be in. With these international associations, the firm aims to bring in a new level of excellence to make World One a landmark exemplifying the Mumbai spirit.
The proposed height of World One, which is aimed at global Indians we suppose they mean rich NRIs and rich Indians – is more than 1,450 ft. (117 storeys). It would have 300 exclusive 3 and 4-bedroom World Residences and World Villas which would have their own private pools, and also a few duplex World mansions.
This would all be housed in a complex that houses three residential buildings, a top-end shopping avenue and an office building of international standards. The area would have about 5 acres of landscaping and would include an 80,000 ft. sports club that would be situated 175 ft. above ground level. The structure will be designed to effectively withstand wind and seismic movements.
Prices for the units would range from Rs 7.5 to 50 crore. The firm is reported to be expecting Rs 5,000 crore in revenue at the end of the project. According to sources at Lodha, the pre-launch, which was done among select buyers, has already seen a number of bookings, priced at around Rs 25,000 per sq.ft. A full on launch is expected to take place by the end of this month.
Funding for the project is to be through customer receipts, debt finance and internal accruals. Sources say that the developers would also be open to going in for private equity funds if the need arises. Banking sources say that the firm received property funds from HDFC, Singapore funds GIC and Temasek, of more than Rs1,000 crore.
The building will receive the ‘Gold Leed’ certification and will, on completion, take on the title of tallest residential building in the world – which is currently owned by the QI tower in Australia’s Gold Coast (80 storeys in height). Lodha Developers also plans to launch an initial public offering (IPO) of $650 million this year.