The country’s tallest commercial building is all set to come up at Lower Parel.
Marathon Group has announced the launch of Marathon Futurex, a 165-metre tall building, which is currently in the last phase of construction. The 38-storey building is located at Mafatlal Mills.
“The reason for choosing a location on NM Joshi Marg was its proximity to two stations – Lower Parel and Curry Road. So, apart from being accessible to people travelling by train, it is also close to the Bandra-Worli sea link,” said Mayur Shah, managing director, Marathon Group.
Each of the building’s first 13 floors would cover an area of approximately 60,000 sq ft and will be available for lease or sale from November 15 this year.
From the 14th floor upwards, the area would be about 30,000 sq ft per floor and the space will be available from March 2011.
“The idea is to have an entire floor for one office or company, so that they have all their rooms, sitting areas, lobbies on the same floor,” added Shah.
While the sale rates would range from Rs 20,000-25,000 per sq ft, the lease rates will be from Rs 190-220 per sq ft.
The building will also have several other features to facilitate a large number of employees. There will be 22 high-speed elevators, a car parking that can accommodate over 1,000 cars, a spacious lobby, and over 15 sky gardens.
“In order to have a green building and reduce our energy consumption by over 25 per cent, we have used reflective glass facades, which block the ultra-violet rays, but let in natural light so as to reduce consumption of electricity,” said Shah. “We also have a water harvesting system and our own underground water-sewage treatment plant that will recycle water.”
According to Pawan Swamy, managing director, west India, Jones Lang LaSalle India, since the commercial real estate market is not booming, it may take time for spaces to get rented.
“However, at the same time, many multinationals are once again looking at bigger office spaces and Futurex being an A-grade building, it is bound to get buyers,” Swamy said.