World One

World One is a stalled construction project for a supertall residential skyscraper in Mumbai, India.[2] It is located in Lower Parel, South Mumbai on the 7.1-hectare (17.5-acre) site of the defunct Shrinivas Mill. The site also houses two other lower towers: World View and World Crest.[3]

World Towers
General information
StatusOn hold
TypeResidential
LocationLower Parel
Town or cityMumbai
CountryIndia
Coordinates19°00′08.9690″N 72°49′27.5005″E
Construction started2011
CostUS$321 million
OwnerLodha Group
Height
Architectural442 m (1,450 ft)[1]
Tip442 m (1,450 ft)[1]
Top floor442 m (1,450 ft)
(Floor 119)
Observatory304.8 m (1,000 ft)[1]
Technical details
MaterialComposite
Floor count119 above ground
2 below ground
Floor area750,000 m2 (8,072,933 sq ft)
Lifts/elevators12
Grounds7.1 ha (17.5 acres)
Design and construction
ArchitectPei Cobb Freed & Partners
DeveloperLodha Developers
Structural engineerLeslie E. Robertson Associates
Main contractorArabian Construction Co. & Simplex and Muscovite Group
Other information
Number of units290
Website
www.world-one.in

World One was being built at an estimated cost of over US$321 million. Construction began in 2011. As of September 2018 the project is stalled at 285m due to height restrictions near Mumbai Airport[4].

World One's architect is Pei Cobb Freed & Partners, the structural engineer is Leslie E. Robertson Associates[5] & MEP engineer is Buro Happold Engineers. The whole project i.e. The World Towers consists of three towers. There were two construction civil contractors involved: Arabian Construction Co. and Simplex (World One), Muscovite Group (World Crest, World View).[6]

History

The Lodha Group purchased the 7.1-hectare (17.5-acre) site of the defunct Shrinivas Mill in Lower Parel, Mumbai from Shrinivas Cotton in 2005.[7][8][9][10] In June 2010, The Economic Times reported that the Lodha Group had secured over ₹10 billion (US$140 million) from Singapore funds GIC and Temasek, and a property fund of mortgage giant HDFC, and intended to develop property on the Shrinivas Mill site.[8] In 2010, the developer announced the project to construct the World One at the site of the defunct mill. The Lodha Group would also construct the World View and the World Crest, on the same site, as part of the project.[11] World One initially faced opposition from the Directorate General of Civil Aviation (DGCA) over security concerns related to the height of the building.[11] World One was built at an estimated cost of over US$321 million. The interiors of the tower were designed by Giorgio Armani, and includes a swimming pool, gym and health club, cricket pitches and a pavilion.[12] The 117 storey tower contains 290 apartments, some of which overlook the Arabian Sea.

The contract to construct World One was awarded to a joint venture between UAE-based Arabian Construction Company and Simplex Infrastructure.[13] Construction on World One began in 2011.[14] By December 2014, about 75% of civil construction on the project had been completed.[11] By June 2015, 70% of the tower was complete, with 83 floors having been built.[12]

Apartments at World One start at ₹150 million (US$2.1 million) for a 3BHK.[15] The Lodha Group opened bookings for apartments at World One[16] on 29 November 2011. When the first round of bookings closed on 14 December 2014, Lodha had received ₹5 billion (US$70 million) worth of bookings, at an approximate rate of over ₹70,000 (US$980)–₹80,000 (US$1,100) per sq ft. The tower is composed of 3 and 4 BHK apartments.[11] Lodha began offering apartments at World One for sale in London in February 2015. The company hired London estate agent, Wetherell Estates, to market and sell homes in the tower. Lodha particularly hoped to target high net worth Indians living in Mayfair, London.[17]

HDFC Property Fund invested ₹500 crore to acquire a 10% stake in the World Towers project in 2010. The firm exited the project in October 2016, earning a return of triple their investment.[18][19] In September 2016, Piramal Fund Management Pvt. Ltd invested ₹2,320 crore in the World Towers project.[20]

The developer failed to obtain approval from Airports Authority of India for 501.33 m (1,645 ft) height in 2010 and 453.29 m (1,487 ft) height in 2015, so as of 2018 World One still has approval for 285.06 m (935 ft) height only (approximately 76 floors).[4]

World View and World Crest

There are 2 other towers under this project:

World View

The World View is an 82-floor residential tower with a height of 291 metres.[21] The construction of building has begun.

World Crest

The World Crest is a 60 floor residential tower with a height of 223 metres. Construction on the tower began in 2011, and was completed in 2017.[22]


Controversy

Several construction projects in Mumbai by The Lodha Group currently face considerable public ire on grounds of questionable construction practices, public safety, and misrepresentation of the areas being sold to customers. The Lodha Group has tried to fight this through legal gag orders and defamation policies on digital platforms, but has found only limited success.[23] [24]

  • World One Under Construction
  • World One Under Construction

See also

References
  1. "World One". CTBUH Skyscraper Center. Retrieved 23 August 2018.
  2. "Media Kit.cdr" (PDF). Archived from the original (PDF) on 10 May 2019. Retrieved 16 July 2010.
  3. "The World Towers Complex". CTBUH Skyscraper Center. Retrieved 23 August 2018.
  4. RAI, Dipu (13 September 2018). "DNA MONEY EXCLUSIVE: Lodha 'World One' buyers move RERA over tallest claim". dna. Retrieved 29 November 2018.
  5. "Lodha announces Residential Tower | Projects | Construction News". ConstructionWeekOnline.in. Retrieved 16 July 2010.
  6. "World View and Crest".
  7. "Lodha to invest Rs 2,000 cr for world's tallest homes". The Economic Times. Retrieved 27 April 2016.
  8. "Lodha to gift Mumbai world's tallest homes - The Economic Times". The Economic Times. Retrieved 27 April 2016.
  9. Money Management. "Lodha group set to erect world's tallest residential tower - 1 - 2010: Money & Budget Special on MSN India". News.in.msn.com. Archived from the original on 12 June 2010. Retrieved 16 July 2010.
  10. Ghosh, Sugata; Datta, Kausik (4 June 2010). "Lodha to gift Mumbai world's tallest homes-News -Real Estate-Markets-The Economic Times". The Economic Times. Economictimes.indiatimes.com. Retrieved 16 July 2010.
  11. "Lodha Sells Rs 500 Crore Worth Flats in 9 Days at Mumbai High Rise - NDTV". profit.ndtv.com. Retrieved 27 April 2016.
  12. "World's tallest residential tower is 70% complete". Design Middle East. Retrieved 27 April 2016.
  13. Dey, Paromita. "World's tallest residential tower gathers pace | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 27 April 2016.
  14. "World One - The Skyscraper Center". skyscrapercenter.com. Retrieved 1 November 2018.
  15. Bundhun, Rebecca (3 March 2016). "Supertall Buildings Lure Mumbai's Elite". The New York Times. Retrieved 27 April 2016.
  16. "Lodha Group's World One".
  17. "The world's tallest tower block goes on sale". Telegraph.co.uk. Retrieved 27 April 2016.
  18. "HDFC PE fund exits Lodha's World Tower project for Rs 1,500 crore". The Financial Express. 26 October 2016. Retrieved 11 February 2017.
  19. Menon, Bindu (26 October 2016). "HDFC Property Fund sells Lodha World Towers project stake for Rs 1,500 cr". The Hindu Business Line. Retrieved 11 February 2017.
  20. Nandy, Madhurima (2 September 2016). "Piramal Fund to invest Rs2,320 crore in Lodha's World Towers Mumbai". Mint. Retrieved 11 February 2017.
  21. "World View". CTBUH Skyscraper Center. Retrieved 23 August 2018.
  22. "World Crest". CTBUH Skyscraper Center. Retrieved 23 August 2018.
  23. "Bombay High Court win for activist posting videos questioning quality of Lodha Group constructions". Scroll. Retrieved 3 May 2019.
  24. "YouTuber exposing shoddy construction says his videos are being blocked in India (updated)". The Daily Dot. 13 February 2019. Retrieved 13 February 2019.

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