Thousand-footer in Mumbai?

[TLOZ Link5]

There's also talk of a 90-story residential tower, but right now this is the most comprehensive plan for an Indian supertall...

http://www.bsnl.in/business.asp?intN...DaysBefore=all

18 Sep 2005 08:26:30

India's tallest building planned in Mumbai

NEW DELHI: Mumbai is turning upwardly mobile. Come 2007 and India's commercial capital will have the tallest building in the country at a height of 1,050 ft with 72 storeys. The India International Trade Tower (IITT) will be developed on 12 acres of National Textile Corporation's Indu Mills land in Prabhadevi, facing the Arabian Sea. The ministry of textiles has approached the Export Promotion Council for Handicrafts (EPCH) to develop this world-class gem and jewellery centre besides other commercial floors.

The EPCH has expertise in world-class marts having developed one for handicrafts on 45 acres of land at Greater Noida which will be operational by next month. The total estimated cost of the project will be more than Rs 700 cr.

“With the view to create world class infrastructure to attract global investments in Mumbai and to make the city a major hub for internal trade especially in textiles and gems & jewellery, it is proposed to develop the prestigious commercial and business tower on NTC land in Mumbai. The project is to be totally self-financing and will be implemented through a special purpose vehicle (SPV),” said a senior official.

The project, will be on a national scale and executed by a SPV which will have four members, the CMD NTC, joint secretary ministry of textiles, chairman EPCH and ED EPCH, Rakesh Kumar, who is also MD, India Exposition Mart.

“The land will be handed over by NTC to the SPV for execution on condition that cost of construction would be mobilized by the SPV and the profit of sale of the space will be shared with NTC according to an agreed formula,” said the source.

It is estimated that by selling the constructed space the income would be around Rs 1,000 cr and after covering the cost of the construction and debt servicing charges there would be a surplus of Rs 500 cr. Out of the amount, NTC would receive Rs 300 cr towards the cost of the land the other profit will be retained with the SPV for further development.

It is estimated that each floor would cover 12,000 sq ft and the tower will have two floors. The ground level will have diamond cutting facilities, the convention centre will cover two floors, textile mega mart four floors, handicraft mart four floors, diamond and jewellery mart 20 floors, commercial complex & malls 10 floors, office space 15 floors, hotel complex 10 floors and restaurants and recreation centres five floors.

Source: The Economic Times

[spyguy999]

I don't know if this will happen or not, but because of the court's ruling on the mill lands this week there is a HUGE chance for some major projects in Mumbai, including lots of very tall buildings and world class structures. Should be interesting...