The city of Mumbai is one of the most populated cities in the world. Home to Bollywood, people from across the world wish to call this city their home. The rising population and the shortage of land can be attributed as one of the main causes for the changing skyline of Mumbai. Developers and construction groups are forever competing against each other in building new high-rises to accommodate and profit from this growing populace. But the upcoming project by Lodha Developers is set to make the attempts and projects of other builders seem futile. It is being reported that the realty major group plans to build the world’s tallest residential tower at a cost of Rs 2,000 crore ($425 million) in central Mumbai. The skyscraper, christened the World One will stand tall at a height of 1,450 square feet and will come up at Upper Worli on a 17-acre plot by 2014.
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When ready, this 117 storey tower will become the world’s tallest residential tower! The tower will boast of 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 mansions.
As is expected, only the upper crust of Mumbai can dream of calling this tower home as prices for an apartment will be set between Rs 7.5-50 crore ($1.6 million- $10.6 million) or over Rs 25,000 ($535) per square feet. Lodha Developers has tied-up with the New York-based architectural firm Pei Cobb Freed & Partners and structural engineering firm Lera for the project. The tower which would be rated as a ‘Gold Leed’ certified building, has already received several pre launch bookings.
The construction will be carried out by one of the top civil engineering firms; those in the fray include Samsung Constructions, L&T and Grocon. The company plans to acquire funds for the project through a combination of customer receipts, internal accruals and debt finance, even private equity finds if need be. Besides the exquisite apartments, the project 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.
An ambitious project, it is sure to not just change but also redefine the skyline of Mumbai.