In what seems like a sign of recovery in the real estate industry, a consortium of three leading developers has proposed what may be the city’s tallest residential building, 486 metres high and having about 125 floors, on Keshavrao Khade Marg near the Mahalaxmi Race Course.
Still at an initial stage, the project’s layout plan was submitted last week to the state-appointed high-rise committee by Joyus Housing Ltd, a consortium floated by three developers, Shapoorji Pallonji, Ackruti and DLF Group.
While the tower will have parking space on six floors, another five floors are proposed to be kept vacant for a refuge area to be used during an emergency; the remaining 114 floors will house flats and suites. The developers have already started planning the process of shifting around 4,000 people, many living in hutments and others in the BMC staff quarters on part of the plot, into transit accommodation.
More : economictimes.indiatimes.com
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Mumbai’s office rents are 4th-highest globally
Amid a wobbly domestic realty market, office rents in Mumbai are the fourth most expensive in the world. According to a research by real estate consultant Knight Frank, the commercial capital of India beats New York, Paris, Hong Kong, Shanghai and other global commercial hubs to the position in 2007 despite a dip in the rupee value. Mumbais office rents have remained high due to mismatch in demand and supply in the commercial property space. More : dnaindia.com