State relaxes norms for Wadala's 'iconic tower'

19 June 2009

Keen as ever on grandiose projects that do little for the common man, the Maharashtra government on Thursday relaxed basic norms for bidders seeking to build the so-called Iconic Tower at Wadala in Mumbai, which will be the seventh tallest building in the world and the largest in terms of space.

Work on the Rs4,000-crore, 531 metre tall tower is slated to start in October. It will boast 101 storeys and a built-up area of 600 crore sq ft, the biggest among skyscrapers across the world.

Mumbai Metropolitan Region Development Authority commissioner Ratnakar Gaikwad said permissions should be available shortly for the project. ''The building will generate Rs2,000 crore in revenue through rent, which will go towards other development projects in the region,'' claimed Gaikwad.

Speaking soon after a pre-bid meeting with companies interested in developing the project, Gaikwad said the state had extended the last date for submissions for the pre-qualification bids to 31 July.

Twelve prospective developers attended the pre-qualification bid meeting, including Reliance Infrastructure, Tata Realty and Infrastructure, Scomi, Shapurji Pallonji, IL&FS Transportation Networks, Pratibha Industries, Skylark Build, Akruti City, Som Enterprises, and financial services provider Indiabulls.

"The pre-qualification bids will be followed by technical and financial bids. We should be able to begin work on the project in October and it will take four to five years to be completed on a design, build, own, operate and transfer basis,'' Gaikwad said.