Mumbai to get world's tallest residential real estate tower!

News Posted - 2010-06-10

The world’s tallest residential tower is to be built in Mumbai, India, on the site of an old cotton mill, it has been announced. Mumbai based Lodha Group will build the 117 storey skyscraper on a 17 acre site in Lower Parel in the city centre. It will be 442 meters high, beating the current tallest residential building in Australia at 323 meters and will contain 276 luxury apartments.

The building will be an iconic tribute to Mumbai and a symbol of India’s arrival on the global economic and cultural stage, the company said.

It has appointed New York based architects Pei Cobb Freed and Partners, whose work includes the Louvre Pyramid in Paris, Bank of China Tower in Hong Kong and John Hancock Tower in Boston.

About two to three acres will be reserved for open spaces with construction expected to start in the next few months and scheduled to be completed by 2014.

‘Through the partnership with global architects, designers and engineers, we aim to bring to Mumbai a landmark, which would exemplify the spirit of Mumbai to always soar higher through hard work and passion,’ said Abhisheck Lodha, director of Lodha.

As residential property prices continue to rise in India the upmarket apartments are expected to be popular. The company is negotiating with foreign as well as local financiers to fund the project.

‘A project of such big magnitude would surely be priced at a premium. We anticipate that there would be some demand for the project from high net worth individuals,’ said Yashwant Dalal, president of the Estate Agents Association of India.

The project also includes luxury villas with private pools, a high end shopping mall and an office building. Some booking have already taken place in the pre-launch period but the main launch is expected at the end of the month.

Pawan Swamy, managing director western India, at Jones Lang Lasalle Meghraj, a global realty consultancy firm, said Lodha Developers have the necessary permission to build a similar project at their recently acquired plot at Wadala.

Anand Gupta, Honorary treasurer of the All India Builders Association of India, said the project is something that all should all be proud of. ‘The structure and the skyline of the city symbolise the development and the progress of Mumbai,’ he added.

Source: propertywire 9/6/10