India’s tallest commercial building is to be built in Mumbai with the Ministry of Shipping proposing a towering business district on Mumbai Port Trust land, to monetise the asset and ease the space crunch in the city.
Leader of the Ministry of Shipping, Nitin Gadkari said it will be a 130 storey building and house mostly offices as well as amenities. The plan is still in its initial stages.
The project is likely to cost over Rs.10,000 crore that will not cost the government anything, it will be financed with funds raised from pre-booking space from the public sector units and private companies.
KMPG Partner Jaijit Bhattacharya said the government plans to undertake the project on its own. Land will not be given to private builders and if the logistics are clearly addressed the 130-storey building will have a demonstrative effect on a mechanism for monetising land assets owned by ports.