The Lodha Group is likely to construct a 117-storeyed residential tower in Mumbai.

The project christened - World One - is likely to come up on a 17-acre plot in Lower Parel, the mill land area. It is likely to house about 300 super luxury homes, including three and four bedroom residences, villas with own private pools and a limited number of luxury mansions as well.

The Group plans to invest Rs 2,000 crore in the project which is to be funded through internal accruals, debt financing and pre-launch sales. The Group is also looking at some private equity (PE) investment in the project. The Group is holding discussions with a few PE firms and about Rs 500 crore could come in PE investment.

The Group has roped in New York based architect firm Pei Cobb Freed and Partners and retained Lera, also from New York, for structural consultancy. The project will apply for green certification of the Green Building Council. Construction on the project is scheduled to begin in a few months with completion slated for 2014.

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Lodha wins Wadala plot from MMRDA (26-May-10)