Lodha To Invest Rs 2000 Cr In Mumbai Project (08-Jun-2010)
Lodha Developers is eyeing to make an investment of Rs. 2,000 crore or $426 mn for its upcoming projects in Central Mumbai.
The company has plans to build a 117 storey residential tower in Mumbai, adding another milestone to its real-estate business.
The proposed project is supposed to be the world''s tallest residential tower.
The funds for the proposed project would come through internal accruals and pre-launch sales. It is also looking at private equity investments to ramp up funds for the project.
Besides, the company is also planning to hit the capital market with its Initial Public Offering (IPO) of $650 mn later this year.
It proposed 117 storey building project also known as World One, would be open for bookings by the end of this month and expects to complete the project by 2014.
Mr. Abhisheck Lodha, MD of Lodha Developers said the firm expected to launch 300 residential apartments and score sales of about Rs. 5,000 crore from the project.
The project is comprised of 3 towers and the flat will command a price of Rs. 7.5-50 crore.
Earlier in May, the company paid more than twice the asking price to win a plot of land in central Mumbai for Rs. 4,050 crore, in what was the single largest land transaction in the city.
Lodha Developers has tied-up with New York-based architectural firm, Pei Cobb Freed and Partners and structural engineering firm, LERA, for the project, to be built over 17-acres at Upper Worli (Mumbai).
Besides, the management has said that the project is expected to contribute around Rs. 10,000-15,000 crore to the topline of the company.
The tallest tower would comprise 3 and 4 BHKs, villas, and mansions.
3-4 BHK apartments will be located between the 7th and 41st floor and have an area of 3,420-3,465 sq ft. One will have to shell out Rs. 22,000-Rs 24,000 per sq ft and an additional Rs 180 per floor rise/sq ft. An additional Rs. 25,20,000 will have to be paid for two compulsory parking lots.
Villas will be located from floors 42 to 83. The large four BHK villas will have an area of 7,092 sq ft and will be priced at Rs 27,000-28,000 per sq ft or about Rs 18 crore. Occupants will also have to pay an additional Rs 180 per floor rise/sq ft and will have to take three compulsory parking slots.
Mansions will be on floors 83-117 and have an area of 12,000 sq ft. It will be priced at Rs 36,000-40,000/sq ft and will have four compulsory parking slots for occupants. It will have the most expensive houses to live in with a base price of Rs 45 crore.
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