Orbit Corp to build WTC

Realty developer Orbit Corporation is planning to build a world trade centre (WTC) in Kalina, Mumbai with ultra-modern facilities.

Recently, it bought the land from Ambuja Cements at a cost of Rs 333 crore. To be named 'Órbit WTC', the company is planning to invest Rs 100-150 crore in the project.

For the total project cost of Rs 560 crore, the company has lined up a debt of about Rs 300 crore.

It is planning to sell the space to the maximum two buyers and hoping to sell the space at Rs 27,000 to Rs 30,000 a sq ft in the outright sale.

In the adjacent business district Bandra-Kurla Complex, prices have already touched nearly Rs 30,000 a sq ft.

"We plan to construct Mumbai's own world trade centre. With over 400,000 sq ft area, each Orbit WTC workspace encompassing 15,000 sq ft on each floor of the wings, will offer business dynamics to the tenants," said Pujit Aggarwal, managing director, Orbit Corporation.

The salient features of the building include Bloomberg/ Reuters screen terminals at all levels, business centre, a helipad and a 24-hours cafe. The two wings in the building would have nearly two lakh sq ft area and house global financial institutions.

The project is expected to complete within 22 months.

Recently, the company merged its three subsidiaries Orbit Constructions and Realtors, Orbit Buildcon and Realty, and Orbit Housing with itself to consolidate its real estate assets.

At present, Mumbai is the only city among the metros which is facing the short supply of office space.

While 6.4 million sq ft office space was absorbed in Mumbai in 2006, it is expected to absorb 7.5 million sq ft office space in 2007, as against the supply of 6.9 million sq ft in the same year, resulting in a supply-demand gap of 0.6 million sq ft, according to international property consultant DTZ.