Lodha realtor to build India’s tallest 101-floor building

PUNE/MUMBAI - The Mumbai Metropolitan Region Development Authority (MMRDA), entrusted with the infrastructure development of the city, Tuesday got a bid of Rs.4053 crore for its proposed 101-storeyed Iconic Tower to be constructed in the heart of the city.

A leading private Mumbai developer, Messrs/Lodha Crown Buildmart Private Ltd bagged the bid for a stupendous Rs.81,818.18 per square metre (psm) - more than double the reserve price of Rs.40,000 psm after the bids were opened here late Tuesday afternoon.

The bid by Messrs. Lodha - which would net MMRDA around Rs.4,053 crore - left three other top bidders lagging way behind.

The closest bidders were Messrs. Sunteck India Private Ltd (Rs.3465 crore), Messrs. Indiabulls Real Estate Ltd (Rs.3327.50 crore) and Messrs. Gaurhari Estate Private Ltd (Rs.2251.99 crore).

MMRDA had invited bids for constructing a landmark building offering five million square feet, at Wadala on design, build, own, operate and transfer (DBOOT) basis.

“We are happy with the response. In fact, we have received more than double of the reserve price. I am sure, the iconic structure, once completed, would assume significant relevance and attract international business to the state,” said MMRDA Additional Metropolitan Commissioner S.V.R. Srinivas, shortly after the mega-bid.

The Iconic Tower will offer 50 lakh square feet of built-up area encompassing several eco-friendly systems which would include energy conservation, re-cycling of water and also re-cycling of heat generated by the air-conditioners and such other heat generating systems.

Messrs. Lodha will also construct the outer shell with provision of all basic amenities including fire resistance, security, lifts, communication systems, and electrification.

The interiors of various premises would be left to the occupants to control the construction costs as most occupants, more often than not, show their own preference for the interiors of their premises.

The construction programme and the time limit for the construction of the Iconic Tower have not yet been announced.