8 vie to build 105-storey Wadala tower | india | Hindustan Times
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8 vie to build 105-storey Wadala tower

india Updated: Jun 18, 2009 01:10 IST
HT Political Bureau

The race for building the city’s tallest tower is hotting up.

Already, eight parties have shown interest in constructing the 101-storeyed tower. Costing Rs 2,500 crore, it will come up on 35 hectares of land in Wadala and will be on a build-operate-transfer basis.

The bids will be opened in July.

The government proposes to give floor space index (FSI) of four to the project. FSI is an indicator of the total floor area a builder is allowed to build with regards to the size of the plot area. In Mumbai, the FSI is 1.33.

The FSI of Four will give the tower a built-up area of 6 lakh sq ft.

As per the initial plan, the top 30 floors are likely to be earmarked for international corporate offices, entertainment zones and high-end hotels with their service apartments.

Meanwhile, Mumbai Metropolitan Region Development Authority (MMRDA) will hold a pre-bid meeting of all interested parties on Thursday.

“The meeting is to orient developers on issues such as land clearance, the expected financial requirement as also to clear concerns, if any, in the mind of the developers,” said MMRDA’s Additional Chief of Transport & Communication Division R. Ramana.

As per the financial plan, MMRDA will give the land for free while the builder will have the right to lease the project. The project will, however, have to be handed over back to MMRDA in 35 years.

The parties, which have bought the bid documents include Tata Realty Infrastructure Limited, Reliance Infrastructure, Akruti City Limited, IL&FS Transportation Networks, Indiabulls, Top Value Deal Developers, Shapoorji Pallonji & Co. and Pratibha Industries.

“The project will be awarded to the developer who will develop and market the project and return the same to MMRDA upon completion of 35 years,” said MMRDA spokesperson Dilip Kawathkar.