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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Mumbai plans world's tallest apartment block AFP - Wednesday, June 9 Send IM Story Print MUMBAI (AFP) - – An Indian property group on Tuesday unveiled plans to build the world's tallest purely residential tower in Mumbai, the country's booming financial capital. Lodha Developers said the tower would be 117 storeys high and would be designed by New York-based Pei Cobb Freed and Partners, the architects of the Louvre Pyramid in Paris and the Bank of China building in Hong Kong. "At 1,450 feet (442 metres), the tower will be the tallest of its kind," Abhisheck Lodha, managing director of Lodha Developers, told reporters as he presented a scale model of the complex. Called "World One", it will be located in central Mumbai on the plot of a defunct textile mill and should be completed by 2014. The development will contain more than 300 apartments and include large green spaces, cafes and an open-air observatory. Mumbai's sky-high property prices continued to rise during the global economic downturn, even though the city is plagued by water shortages and poor infrastructure. The city's central district was a textile mill hub until a few decades ago, but a large labour strike in the 1980s and the entry of new power loom complexes led to the old mills' demise. In their place have risen shopping malls, luxury apartments, hotels and high-tech corporate offices. "This is to meet the aspirations of the global Indian and to establish a landmark for the city," Lodha said. "We are trying to create the Rockefeller Centre-type experience." The developer expects the base price of an apartment to be upwards of 75 million rupees (1.63 million dollars), while luxury multi-storey properties could cost up to 10.5 million dollars. The tower will cost about 440 million dollars to build, the Lodha group said, and apartment sales will start this month. At present, the world's tallest residential tower is the 323-metre Q1 on Australia's Gold Coast, while Mumbai's 60-storey Imperial twin-towers are India's tallest, at 249 metres. There are taller buildings around the world, including Dubai's Burj Khalifa at 828 metres, and the Canton TV Tower in Guangzhou, China, at 610 metres, but these are not purely residential. City residential rates have risen about 30 percent in the past six months, analysts say, due to higher input costs. "The market for luxury homes in Mumbai is growing," said Param Desai, real-estate analyst with Mumbai's Angel Broking said. "Liquidity is improving and salaries, disposable income is on the rise," Param told AFP. India's economy recorded 7.4 percent growth for the year to March, official data released last month showed. India's top property firm, DLF, has plans to launch Mumbai's largest luxury residential project, a few blocks from the proposed World One tower. This project would have 1,000 apartments in three buildings, of 80-90 floors each, industry sources said. Recommend Send IM Story Print Related Articles Sony to film World Cup games in 3D AFP - 1 hour 1 minute ago Strike called off at Chinese Honda joint venture: report AFP - 2 hours 15 minutes ago Mumbai plans world's tallest apartment block AFP - Wednesday, June 9 Japan PM stresses need for fiscal rebuild AFP - Wednesday, June 9 Time is right for China to reform the yuan: govt researcher AFP - Wednesday, June 9 News Search Top Stories Swiss lawmakers reject US-UBS tax evasion deal World Cup delight as family says Mandela to attend opener Austerity anger grows in Europe Berlin Air Show takes off with record 'superjumbo' order Obama 'would have fired BP chief' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Obama 'would have fired BP chief' White House press legend quits amid Israel row Charlie Sheen plea deal hits snag Aquino wins Philippine presidential election Barack's no mug: red-faced Aussies in spelling gaffe More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture US team creates first 'synthetic life' Paris museum burglar grabs 120-million-dollar art haul Clashes as Israeli forces storm Gaza aid boat: Hamas TV More Most Recommended » Elsewhere on Yahoo! 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