The world’s tallest
residential tower scheduled to come up in Mumbai (India) just seems to have
shrunk, even as the developer, backed by the family of BJP member of Parliament
Mr. Mangal Prabhat Lodha, has managed to sell almost 60% of the residences
planned to be built in World One.
117
Floors..!
Despite the lapse of
a year since the ICAO (International Civil Aviation Organisation) conducted a
study to determine risks to aircraft movement, approvals have not been
forthcoming for the 117 floors as planned.
Industry experts are
of the view that the tower may actually pose risks to aircrafts landing in and
taking off from MIA (Mumbai International Airport), as it would come up in
central Mumbai.
Mr. Abhisheck Lodha,
MD & Promoter, Lodha Developers said, “The survey has been conducted. But we
have not yet got permission more than 85 floors. As of now, there is no clarity
and we do not know when we will get permission for the remaining floors”
Landmark
Global Apartment..!
Should the permission
fail to come, prospective buyers could end up losing their bragging rights to a
landmark global apartment.
Lodha said, so far,
the project had garnered sales revenue worth about Rs. 2,500 crore.
The developer of
premium & luxury homes has been targeting private banking clients of top
foreign banks to attract customers for World One.
Mr. Sunder Dinesh,
Senior analyst, Consultancy Liases Foras said, “If Lodha Developers fails to get
approval for the remaining floors, it will certainly not be the world’s tallest
tower. In that case, the premium charged by the builder claiming to be the
world’s tallest tower is not correct.”
ICAO conducted a
study on the proposed tower in October last year (2012) based on which a
decision was to be made whether or / not
to accord an approval to the project.
Fire Brigade
officials too would need to be consulted as Mumbai lacks fire tenders with the
ability to evacuate residents trapped at such heights, in case of any
eventuality arising out of earthquake or fire.
According to Lodha,
since the ACC Simplex consortium (the contractor for the project) will take one
and a half years before reaching the 85th storey, there is enough time for the
approvals to come through.
Mr. Anuj Puri,
Chairman and Country head, Jones Lang LaSalle India said, “The Lodha
Developers will try to get approvals before construction is completed till the
85th floor for which they have approvals at present. It is unlikely that they
will delay the project for want of approvals for the remaining floors, and if
they fail to get permission, they may scrap the remaining storeys. If not
world’s tallest tower, it will still be India’s tallest tower.”
Private equity (PE)
funds like HDFC, Temasek & the
government owned Singapore Investment Corporation have invested in the SPV
(Special Purpose Vehicle) that is constructing Lodha World One.
“The height
limitations generally placed on buildings in Mumbai would impede construction
of an iconic tower like this. We are awaiting the results of the study which
has already been conducted by the International Civil Aviation Organisation and
are hopeful of a positive outcome,” Lodha had told on October 19, 2011.
The Lodha Developers
claims that the project construction is on track & international property
management compannies have been sounded out to manage the facility once it's
constructed.
Lodha Developers has
debt worth about Rs. 3,000 crore & free cash flow of nearly Rs. 1,500
crore, Lodha said, adding that the company does not have plans to raise further
funds for the World One project.
It has already raised
Rs. 500 crore from HDFC backed PE funds and the remaining funds will be by way
of debt from banks which will be construction linked.
Src: FC
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