Petrodollars may fund a proposed 100-storey tower in Wadala.
Mumbai Metropolitan Region Development Authority (MMRDA), which is building the tower, Mumbai's tallest, is hoping to beat the cash crunch by roping in investors from the Gulf.
The money generated by the project will be used to develop infrastructure in Mumbai.
MMRDA funds infrastructure in the region mainly through the money it generates from land sales in Bandra-Kurla Complex (BKC). However, its land bank there is running dry and MMRDA is thinking of new ways to raise money.
“Oil-producing countries are in a position to invest even in this slump. We are hoping that a promoter there will partner us,” said a senior MMRDA official on condition of anonymity.
A formal presentation on the project will be made to Chief Minister Ashok Chavan, where MMRDA officials will push for a government-to-government pact between Maharashtra and any Gulf state that shows an interest.
MMRDA has 115 hectares of land at Wadala, of which 35 hectares will be taken up by the tower. The rest will be used for other projects. MMRDA is expecting a floor space index — which indicates how much construction is allowed on the area concerned — of four, which will means a total built-up area of 5.6 lakh sq mt.
MMRDA officials believe that a revenue sharing model can be worked out, where the developer gets the land for free while MMRDA gets part of the revenue generated.
Officials hope to start work on the project within six months.
The project, if it manages to get the necessary clearances and a promoter, will be the tallest building in Mumbai.