Lodha Group plans Rs 2K-cr tallest residential tower at Worli


Mumbai: Realty major Lodha Developers plans
to build the world's tallest residential tower at a cost of Rs 2,000 crore in
central Mumbai.

The 1,450-feet WorldOne will come up at
Upper Worli on a 17-acre plot, by 2014. The units would
be priced between Rs 7.5 and Rs 50 crore or Rs 25,000 per square feet.

"The project, pegged at Rs 2,000 crore
and to be built on a 17-acre site, will have the world's tallest residential
tower," Lodha Group managing director Abhishek Lodha told reporters here

"We have strived hard to ensure that
this development not only gains from Mumbai's energy but also gives back high
quality public spaces to the city," he said.

Lodha said the company has already received
booking for a few units during pre-launch, which are priced at over Rs 25,000
per sq ft.

Lodha Developers has tied-up with the New
York-based architectural firm Pei Cobb Freed & Partners and structural engineering
firm Lera for the project.

Through the partnership with global
architects, designers and engineers, the company seeks to bring to Mumbai a
landmark, which would "exemplify the spirit of Mumbai—to always soar
higher through hard work and passion," Lodha said.

Construction is expected to commence in the
next couple of months and the project is scheduled for completion by 2014.
Booking is expected to commence from the end of this month, he said.

With a proposed height of over 1,450-feet,
WorldOne, would be the tallest residential tower in the world, which would be
rated as 'Gold Leed' certified building, Lodha said.

The building would include about 300
exclusive homes, including 3-and-4-bedroom World Residences, lavish World
Villas with their own private pools and a limited number of uber duplex World

The units would ranged between Rs 7.5 and
Rs 50 crore. Lodha said the company has already received booking for a few
units during pre-launch, which are priced at over Rs 25,000 per sq ft.

The company has planned to construct three
residential towers, a high-end shopping avenue and a world-class office

The company plans to fund the project
through a combination of customer receipts, internal accruals and debt
finance," Lodha said, adding, "if need be, we might also go in for
private equity funds."

The construction is expected to be carried
out by one of the top civil engineering firms -- those in the fray include
Samsung Constructions, L & T and Grocon.

"We have taken special measures to
ensure the highest levels of fire safety and have designed the structure to
manage the effect of wind and seismic movements," Lodha said.

The site would have over 2-lakh sq ft (5
acres) of landscape area for the residents, including a special 80,000 sq ft
sports club at a height of 175 feet above ground.PTI