Coming up: 117-storey tower at Lower Parel

The Lodha Group, which recently struck the most expensive land deal in the country, is set to construct one of the world’s tallest residential towers in Mumbai.

The Lodha Group, which recently struck the most expensive land deal in the country, is set to construct one of the world’s tallest residential towers in Mumbai.

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Each apartment in the 117-storey building will cost between Rs 8 crore. It will also house villas priced at Rs 18 crore and mansions for Rs 45 crore.

The tower, Lodha World, will be built in Lower Parel on land where the now-defunct Srinivas Mills is located.

Eminent architects Pei Cobb Freed and Partners and renowned structural engineering firm, LERA, will collaborate on the project.

The architects have designed landmarks such as The Louvre Pyramid in Paris, the Bank of China Tower in Hong Kong and the John Hancock Tower in Boston.

The Lodhas refused to comment saying the plans for the tower will be unveiled at a press conference today.

The tower will have three and four-bedroom-hall-kitchen flats along with villas and mansions. Industry sources say the prices in the tower will be in the range of Rs 23,000 to Rs 40,000 per sq ft. Critics, however, have expressed certain doubts. “This is more hype than substance,” said Pankaj Kapoor, managing director, Liasas Foras, a real estate research firm.

“It will be good to construct such ultra-luxury apartments in places facing the sea or in Bandra Kurla Complex but not in Lower Parel which is surrounded by chawls.”

Lodha recently bought a 25,000-square-metre plot at Wadala for Rs 4,053 crore.