Mumbai- based real estate firm Lodha Group has said it will invest Rs 10,000 crore to build a residential-cum-commercial space in the city.
The project will come up on a 23-acre plot the developer had bagged earlier from the Mumbai Metropolitan Region Development Authority in Wadala East for Rs 4,050 crore.
The Lodha project will also be part of 250-acre land bank with MMRDA which the authority plans to develop.
Mr Abhisheck Lodha, Managing Director, Lodha Group, said the first phase will consist of a pair of 63-storied towers, with 15 acres dedicated to lush green spaces.
Funding
Project funding would be taken care of by internal accruals and the development as such was scheduled for completion in seven years, he said.
The Lodhas said this land bank was the last major undeveloped area located virtually in the geographical centre of the island city. Given its strategic location, it will be a meeting point of the monorail, metro rail and the Eastern Freeway. The destination will be able to offer connectivity to every part of the city.