Please guide me on how to select the capacity of submersible pump for my borewell. How does one calculate the required HP of the submersible pump for a particular application, what are the factors that should be taken in to consideration?

My borewell is 140 feet in depth, the overhead tank was fitted on building which is 70 feet from ground.  It is 6" dia borewell, bore to tank pipe dia is 1.25 . Can we use 1.5 to 2 HP 12 stage submersible pump.