January 28th, 2013, Mumbai: Lodha Group has closed the pre-launch bookings for its luxury residential development – Codename Blue Moon at Worli, on Sunday, 27th Jan, following an unprecedented response which saw more than 1,300 applications worth more than Rs. 5,400 Crores (>USD 1 billion @ INR 54/1 USD) from prospective buyers. Such a response to a realestate launch is unheard of, not just in India, but across the world, and goes to reinforce Mumbai as one of the most robust and attractive realestate markets globally.
The 10-day application window opened on January 18th to a massive response, with more than 1,000 applications received within hours on the first day itself. This strong demand from serious buyers led to release of further units, which also got a very favourable response, with applications coming in from all parts of India and also from all around the world. With a total of nearly 750 units available for sale in the pre-launch phase,the applications have been almost 2x over-subscribed.
The project used a distinctive sales model where applications were invited from prospective customers stating their preference of configuration, floor band and ticket sizes. The allocations will be made using an automated allotment process, ensuring a very objective mechanism which is fair to all. Such a model is being used for the first time in luxury real estate, and is sure to change the way in which real estate is sold.
“Nearly 30% of the applications received were from NRI/PIO’s while an equal proportion also came in from other cities in India such as New Delhi, Ahmedabad, Kolkata, Hyderabad & Bangalore. This shows the robust and growing demand for premium properties in Mumbai when available in an objective, transparent and above all, inclusive manner. The combination of Lodha’s strong and reliable brand, excellent location, international lifestyle amenities and a competitive pricing has heralded the participation of a new class of buyers in the South Mumbai market. This is in line with our objective of enabling a whole new generation of people from across the world to live and work in the heart of this bustling megapolis”, said Mr. R Karthik, Chief MarketingOfficer, Lodha Group.
Codename Blue Moon is planned for development on the 17-acre land parcel that Lodha recently acquired from DLF at Rs. 2,727 cr., making it the largest real estate transaction last year. The site is located opposite the Hard Rock Café on Pandurang Budhkar Marg, next to Shree Simandhar Swani Jain Temple. It is understood that the development will have a 7-acre central landscape, making it the largest private garden landscape in South Mumbai. The design is being done by a Singapore based architecture firm. The pre-launch consisted of two projects, codenamed Alpha and Gamma and house 2, 3 and 4 bedroom residences starting at Rs. 3.2 cr. Post thispre-launch,the company has announced that the launch price fortheproject will be at least 20% higher.
The success of this project sets a completely new benchmark in terms of the way luxury real estate is developed and purchased in India. It shows that there exists abundant demand for high quality developments from credible developers at the right prices points.
About the LodhaGroup:
Established in 1980, privately held Lodha Group is India’s No. 1 real estate developer and amongst the world’s select multinational real estate developers with presence in India and the United Kingdom. The company had net sales exceeding Rs. 8,700 crores in FY 12-13. The Group is currently developing over 35 million sq. ft. of prime real estate, with over 20 projects in London,Mumbai,Pune and Hyderabad.
The Lodha Group has several landmark developments to its credit including World One – the world’s tallest residentialtower and PalavaCity –one of the largest private developments in the world. The group hasbrought some of the top globalnames includingArmani/Casa,Trump, Philippe Starck, Jade Jagger, GregNorman and Pei Cobb Freed to India.The Group has recorded the biggest land dealin Indiatill date,buyinga plot for Rs. 4,053 cr from the Mumbai Metropolitan Region Development Authority (MMRDA) in 2010, where it is developing New Cuffe Parade,a world-class mixed use development set to become the new city centre of Mumbai. In the last 12 months, the group has acquired two other notable land parcels in Mumbai – the 17-acre Mumbai Textile Mills parcel forRs. 2,727 cr. from DLF and the famous Washington House property on Altamount Road from the American government for Rs. 342 cr.
More details about the companyare available on www.lodhagroup.com