Luxury Real Estate Blog and News
A Mumbai developer is about to start construction on what he claims will be the world’s tallest residential tower. If you are super rich, you can see what such lofty living feels like. Mumbai builder Lodha Developers Ltd. said it will finish the over 117-storey stack of private homes called “World One” in 2014. At more than 450 meters, it will be taller than the Empire State Building in New York or the Willis Tower, known until quite recently as the Sears Tower, in Chicago. It is also scheduled to beat the record for tallest residential tower which is currently held by the 323-meter residential complex in Australia called “Q1.
Boasting the second highest international growth in number of HNWIs (high net worth individuals), India’s highest end niche in luxury property prospers despite overall stagnation in the country’s real estate market. In cities where individual affluence and disposable income is on the rise (specifically Mumbai) super premium housing is growing at a rate of 25-30 percent. Developers are racing to meet demand, building everything from costly condos to suburban town houses and golf villas.