World’s tallest residential tower to be built by Lodha Group: IPO launch soon
Mumbai based developers Lodha Developers Pvt. Ltd, is building the world’s tallest residential tower. The company is building the 117-storey World One residential tower, which it says will be the world’s tallest at 423 metres. This tower is located in central Mumbai’s Lower Parel district near the offices of Morgan Stanley and KKR & Co. This tower will be luxury at its peak and will feature apartments outfitted by Giorgio Armani SpA’s interior design brand.
The real estate giant is planning to launch an initial public offering (IPO) that may raise as much as $1 billion (about Rs 6,000 crore). After these IPOs are launched and bought by people, the valuation of Lodha Developers will go up and is expected that the sale may value Lodha at as much as $10 billion.
The company is expected to start trading next year. According to the data from LiasesForas Real Estate Rating and Research Pvt. Ltd, the home prices in Mumbai, India’s financial capital, more than doubled in the five years through March. After looking at these figures Lodha Developers is seeking a listing and wants to make a profit out of this positive sentiment.
Lodha agreed to buy a Canadian diplomatic property in central London’s Mayfair district in November for 530 million Canadian dollars ($493 million). In February, it bought another London property on Carey Street, close to the Royal Courts of Justice, for £90 million ($154 million) to develop a residential project. These developments clearly state that Lodha does not want to remain only in the Indian market, but wants to expand its wings and explore the foreign lands too.
Source- Mint
construction and property, house building, Lodha Developers, Lodha World One Mumbai Tower, Maharashtra, Mumbai, Realty News, Residential building, world record, World S Tallest Building news
