Iconic tower gets Licence to rise

Civil aviation ministry agrees in principle to allow 500-m tower in Wadala; area to become a no-flying zone

The civil aviation ministry has agreed to raise the height of the Rs 2,500-crore Iconic Tower project in Wadala to 500 metres and dedicate the area as a no-flying zone in the near future.

MiD DAY had reported yesterday that the MMRDA and the state government were seeking special permission from the civil aviation ministry for the 100-plus storey tower that promises to be India's tallest building.
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A senior MMRDA official said on condition of anonymity, "The civil aviation ministry agreed in principle to erect
the 500-m tall building.
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We will now submit an official letter, after which the ministry will grant us permission officially."

Under flying zone

The iconic structure came under the flying zone where buildings can't be more than 50 m. Now, with the permission from the civil aviation ministry for the skyscraper, airplanes will have to change their route.

Meanwhile, the 12 prospective developers of the tower have asked MMRDA for an extension to submit their bids from July 2 to July 31 so that they can form joint ventures and arrange for finances.

They have also asked the MMRDA to relax norms (see box) to construct this one-of-its-kind structure.

"We have agreed to the developers request since we want more competition," said Ratnakar Gaikwad, MMRDA commissioner.

Change in norms

1) The MMRDA has stated that the developer should have constructed a building that is at least 400 metres tall in the past five years.

Developers' demand: The developers should have constructed a building of at least 300 metres in the past.

2) The main developer should contribute 75 per cent of total cost, according to the MMRDA.

Demand: The lead partner should hold majority of not less than 26 per cent and the joint venture partners too should have 26 per cent as minimum contribution.