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26-05-10 1 Hits


MUMBAI: Realty company Lodha Crown Buildmart, a part of the Lodha Group, has bagged the contract for the ambitious 101-storey iconic tower project of the Mumbai Metropolitan Region Development Authority (MMRDA) for Rs 4,050 crore. <BR><BR>The bids for the 25,000-sq metre plot at Wadala where the authority is planning the iconic tower, were opened today. <BR><BR>Four bids were received for the project and the Lodha Group topped the bid, bagged the contract, Mumbai Metropolitan Region Development Authority (MMRDA) said today. <BR><BR>While Lodha bid Rs 4,050 crore, Sunteck India bid Rs 3,465 crore, Indiabulls Real Estate Rs 3,327 crore and Gaurhari Estate Rs 2,251 crore. <BR><BR>Lodha Group managing director Abhishek Lodha said the company is initially planning to carry out residential development on the site. "It is a huge project. At present, it is too premature to say how we would be developing the land. At this moment we are primarily planning to develop the site for residential purpose," Lodha told PTI. <BR><BR>He said the group would enjoy the advantage of the upcoming monorail and metro rail both converging at Wadala. Besides, the new freeway being built along the harbour would also joining there, thus ensuring very good connectivity. <BR><BR>Lodha said owing to the deferred payment schedule offered by MMRDA, the group would have to make an investment of about Rs 400 crore for developing over 75 lakh sqft, which is the expected saleable area. <BR><BR>An MMRDA statement said the winner of the bid would have to construct the outer shell and provide all basic amenities including fire resistant, security, lifts, communication systems and electrification, among others. <BR><BR>The MMRDA has set a reserve price at Rs 1,980 crore and a deferred payment schedule spread over five years with a 10 per cent interest annually. <BR><BR>The company is planning to quote a sale price at Rs 14,000 per sq ft, he said.<BR><P><BR></P><P>Other News<BR>IPOs feel the heat in volatile market phase<BR>FDI in retail set to get 100% backing<BR>Stocks to fall on renewed euro banking fears<BR>Mkt cheers 'harmony' among Ambani brothers<BR><BR></P><P>The Mumbai [ Images ] Metropolitan Region Development Authority on Tuesday received huge response for its Iconic Tower in Wadala (a Mumbai suburb) with Lodha Crown Buildmart Pvt Ltd quoting more than double the reserve price of Rs 40,000 per sq mt. <BR><BR>Lodha Crown quoted Rs 81,818.18 per sq mt, bringing in around Rs 4,053 crore (Rs 40.53 billion) for the MMRDA.<BR><BR>The other three bidders were Sunteck India Pvt Ltd (Rs 3,465 crore -- Rs 34.65 billion), Indiabulls Real Estate Ltd [ Get Quote ] (Rs 3,327.50 crore – Rs 33.275 billion) and Gaurhari Estate Pvt Ltd (Rs 2,251.99 crore -- Rs 22.512 billion).<BR><BR>The Mumbai Metropolitan Region Development Authority had invited bids for developing the iconic structure at Wadala on Design, Build, Own, Operate and Transfer (DBOOT) basis.<BR><BR>"We are happy at the response. In fact, we have received more than double of the reserve price. I am sure, the Iconic structure, once completed, would assume significant relevance and attract international business to the State," said S V R Srinivas, additional metropolitan commissioner, MMRDA.<BR><BR>The iconic structure will offer 50 lakh sq ft (5 million sq ft) of built-up area with eco-friendly systems which include energy conservation, re-cycling of water and also re-cycling of heat generated by the air-conditioners and such other heat generating systems.<BR><BR>The bid-winning developer is expected to construct the outer shell with provision of all basic amenities including security, lifts, communication systems, electrification, etc. The interiors of various premises would be left to the occupants to control the construction costs as most occupants, more often than not, show their own penchant for the interiors of their premises.<BR><BR></P><P></P><P>Lodha realtor to build India's tallest 101-floor building<BR>By Indo Asian News Service | 25 May 2010 | 10:18pm 0 Comment <BR><BR><BR>Pune/Mumbai, May 25 (IANS) The Mumbai Metropolitan Region Development Authority (MMRDA), entrusted with the infrastructure development of the city, Tuesday got a bid of Rs.4053 crore for its proposed 101-storeyed Iconic Tower to be constructed in the heart of the city.<BR><BR><BR>Pune/Mumbai, May 25 (IANS) The Mumbai Metropolitan Region Development Authority (MMRDA), entrusted with the infrastructure development of the city, Tuesday got a bid of Rs.4053 crore for its proposed 101-storeyed Iconic Tower to be constructed in the heart of the city. <BR><BR>A leading private Mumbai developer, Messrs/Lodha Crown Buildmart Private Ltd bagged the bid for a stupendous Rs.81,818.18 per square metre (psm) - more than double the reserve price of Rs.40,000 psm after the bids were opened here late Tuesday afternoon. <BR><BR><BR>The bid by Messrs. Lodha - which would net MMRDA around Rs.4,053 crore - left three other top bidders lagging way behind. <BR><BR><BR>The closest bidders were Messrs. Sunteck India Private Ltd (Rs.3465 crore), Messrs. Indiabulls Real Estate Ltd (Rs.3327.50 crore) and Messrs. Gaurhari Estate Private Ltd (Rs.2251.99 crore). <BR><BR><BR>MMRDA had invited bids for constructing a landmark building offering five million square feet, at Wadala on design, build, own, operate and transfer (DBOOT) basis. <BR><BR><BR>'We are happy with the response. In fact, we have received more than double of the reserve price. I am sure, the iconic structure, once completed, would assume significant relevance and attract international business to the state,' said MMRDA Additional Metropolitan Commissioner S.V.R. Srinivas, shortly after the mega-bid. <BR><BR><BR>The Iconic Tower will offer 50 lakh square feet of built-up area encompassing several eco-friendly systems which would include energy conservation, re-cycling of water and also re-cycling of heat generated by the air-conditioners and such other heat generating systems. <BR><BR><BR>Messrs. Lodha will also construct the outer shell with provision of all basic amenities including fire resistance, security, lifts, communication systems, and electrification. <BR><BR><BR>The interiors of various premises would be left to the occupants to control the construction costs as most occupants, more often than not, show their own preference for the interiors of their premises. <BR><BR><BR>The construction programme and the time limit for the construction of the Iconic Tower have not yet been announced.<BR><BR></P>

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