India’s first super-tall building is in the works with World One set to become the world’s tallest residential tower, according to JLL. World One will be located in Mumbai on a 17-acre site and stand 117-stories tall. The mixed-use building will be nearly kilometer tall when finished.
“Such towers, often deemed ‘trophy assets’, are contributors to the brand image of a city,” Ashutosh Limaye, head of research and real estate intelligence service for JLL India, said. “Tall buildings in premium neighborhoods – like World One – are the preserve of High Net Worth Individuals (HNWI) whereas in the suburbs, high-rise buildings are inhabited by high-middle or even middle income groups.”
The developer of World One, Lodha, believes the new building will put Mumbai’s skyline on the map. “World economies have been typically marked by iconic structures,” a spokesperson for Lodha said in a press release. “With World One, Lodha will give Mumbai its well-deserved icon.”
JLL added that the World One project is in the heart of Mumbai’s financial district and will have a total of 300 units, including 3- and 4-bedroom residences, villas with private pools and a number of duplexes. Construction of the project coincides with a turnaround in India’s real estate market which is recovering from a slowdown.
Limaye stated that the profile of the buyer for a unit in a high-rise development in a city like Mumbai varies depending on the location but most of the time includes a significant number of HNWIs. Apartment prices at World One start at USD2 million.
India’s economy is currently seen as a bright spot having surpassed China as the world’s fastest-growing economy, JLL reported. In January, the World Bank released projections that indicated India will grow by 7.8 percent in 2016 and 7.9 percent over the course of the next two years.