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Lodha Developers is all geared-up to build the world’s tallest residential building Lodha World Place. The Mumbai-based developer has said the ultra premium project will require an investment of Rs 2000 crore.
Lodha Developers is all-geared up to build the world’s tallest residential building Lodha World Place. The Mumbai-based developer has said the ultra premium project will require an investment of Rs 2000 crore.
The company will fund the requirement through internal accruals and pre-launch sales. It is also looking at private equity investments to ramp up funds for the project.
The management has said that the project is expected to contribute around Rs 10,000-Rs 15,000 crore to the topline of the company. However further plans of launching an initial public offer (IPO) has been currently stalled as several IPO in the realty sector have not faired well since February.
Lodha Developers plans to to build Lodha World Place in Lower Parel, Mumbai, comprising of three towers. The flat will command a price of Rs 7.5-50 crore.
The tallest tower would comprise three and four BHKs, villas, and mansions.
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.
The Lodha Group expects to launch the project on June 10. It will have a five-year project timeline. The Group is likely to make a formal announcement on June 8.
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