MUMBAI: The Worli plot that was once home to a unit of pharmaceutical giant GlaxoSmithKline will soon accommodate a residential complex of towering swagger.
A 4-acre (1.8 lakh square foot) plot, owned till recently by GSK, on Annie Besant Road is being readied to become the site of India’s tallest residential building of 65 storeys. When construction is completed in about three years’ time, the tower will loom over the twin 60-storey structure being built by Shapoorji-Pallonji and Dilip Thakkar at Tardeo. This building was heralded as India’s tallest till the project on the former GSK land was envisioned.
Work to prepare the Worli plot for construction is scheduled to begin in about 15 days. Located close to the Mumbai Doordarshan centre, the tower, which will have saleable FSI of about 3 lakh sq ft, will have 60 flats with exclusive swimming pools.
The yet unnamed project has another first to its credit. A financial institution - ICICI Venture Funds Management Company - is not only funding it, but also participating as a developer. Three years ago, I-Ven Realty Ltd, a joint venture company formed by Oberoi Constructions and ICICI Venture Funds, bought this Worli plot for Rs108 crore. Today, the construction cost is estimated at Rs250 crore.
The initial plans, approved in principle by the BMC, suggest that the building will house 60 duplex flats of about 6000 square feet each. Each apartment will have an internal elevator opening into the flat. These luxurious apartments will have their own swimming pools and gymnasia with the latest equipment.
Each apartment will have parking slots for five to six cars. And the good news for the visitors: up to 50 ‘outside vehicles’ will have space to park inside the premises. The skyscraper will house a ladies’ parlour and a business centre.
It will have an air-conditioned lobby, and the exterior will be a blend of concrete and glass to keep maintenance costs low.
Cost of owning a flat? The developers are mum. Says Vikas Oberoi, managing director, Oberoi Constructions: “We are in the process of finalising things. Work, however, is scheduled to commence soon.”
Realtors believe that taking into account the current rate of Rs18,000 per sq ft in the area and appreciation of 20 per cent per annum, the price could touch about Rs30,000 psf. So, a flat here may cost not less than Rs18 crore.
Unlike the Tardeo property, this complex is unlikely to face any infrastructure woes since it is located close to the main road. This is another reason why realtors think the cost will remain high and stable.
But if you are planning to make inquiries about a pad here, don’t bother... unless you are on the developer’s invitee list.
