– New tower to be pre-launched with this innovative model at India’s most successful real estate development by Lodha Group
– A new version of the initial IPO-style application process to enable choice of residences
– The final pre-market opportunity at The Park, Worli, in the same neighbourhood that houses Mumbai’s one and only Trump Tower
August 21st 2015, Mumbai: In a first-of-its-kind endeavor aimed at enhancing sales efficiency, Lodha Group today launched a unique ‘IPO with Your Choice’ application process for the much awaited new tower at The Park, named as Codename August Moon. The new process is engineered to provide a hassle-free and seamless experience for homebuyers to choose a residence at the time of purchase – an option that wasn’t available in the earlier process.
The 75 storey tower designed by WOHA world’s finest sustainable high-rise architects, will be the last pre-market opportunity for home buyers to own a residence in the up-market Worli at very competitive price points. The pre-launch will make 126 spectacular residences available under the unique Book Building process
Codename August Moon’s new process will allow the homebuyer to select an exact residence on the map while completing formalities during the allotted slot. Lodha Group has pioneered an IPO-style application process to sell residences at The Park in 2013 that witnessed an overwhelming response and consistent over-subscriptions from homebuyers, making it as India’s first billion dollar pre-launch. This was the first time in the history of real estate that an IPO process was used to sell residences.
Carrying forward its legacy of innovation, Lodha Group has once again set new standards by introducing ‘IPO with Your Choice’ with a mix of right sized inventory in a micro-market starved for appropriate supply. In the past, all 3 pre-launches at The Park have received widespread participation from homebuyers resulting in oversubscriptions 2 times on an average
Commenting on the pre-launch, Abhishek Lodha – Managing Director, Lodha Group, said: “Mumbai is today a global megapolis and the center for capital, talent and industry. It is only fitting that we bring quality housing in a market where the supply of the right sized and rightly priced residences are scarce. The present options are either extremely large sized and high priced or heavily compromised in terms of lifestyle in case of old or standalone towers which are left craving for even the most basic amenities and safety features. Codename August Moon at The Park aims to bridge this gap.”
The Tower, whose architecture is inspired from the rich textile heritage of Mumbai, will be a vibrant and colourful addition to the skyline of Mumbai and will feature grand 2, 3, 4 and 5 bedroom residences. It
includes a great mix of highly functional and luxurious elements with contemporary design and focus on eco-sustainable living. The residences not only have a designer entrance lobby, imported marble
flooring, bedroom with walk-in-wardrobes and 5-fixture bathrooms but also 7-tier security systems, separate servant’s room, Puja and utility areas.
About Lodha Developers Pvt Ltd:
Established in 1980, privately held Lodha Developers is India’s largest real estate developer and amongst the world’s select multinational real estate brands with presence in India and the United Kingdom. The company is one of the most profitable players in India and the largest by sales for three consecutive years. It achieved net sales of INR 7,790 Cr for FY 14-15 and INR 7,520 Cr for FY 13-14.
The group is currently developing over 45 million square feet of prime real estate across Hyderabad, Mumbai and Pune, and over 0.3 million square feet* in London. It currently has total land holdings of over 6,000 acres with an estimated saleable area of ~490 million sq ft. Of this, 27 ongoing and 21 planned projects, spread over 1,284 acres of land, comprise 100 million sq ft of saleable area. In addition our land reserves of 4,750 acres – the largest in the Mumbai Metropolitan Region – have an estimated saleable area of 388 million sq ft. Historically, we have executed and delivered projects to the tune of 26 million square feet across Mumbai, Pune and Hyderabad. In FY 14-15 alone the company delivered 5.7 million square feet and 5,500 units across projects. The group plans to deliver more than 11.8 million sqft in FY 15-16.
Lodha’s vision of ‘Building a Better Life’ extends across markets with several landmark developments to its credit including World One – the world’s tallest residential tower, and Palava City – the first Greenfield smart city in the country. The group has brought some of the top global names including Armani/Casa, Trump, Philippe Starck, Jade Jagger, Kelly Hoppen, Greg Norman and Pei Cobb Freed to India.In November 2013, the Group extended its international footprint with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in Prime Central London from the Canadian Government for a consideration of over GBP 300 million (INR 3,100 Cr). The Group acquired another premium site in Prime Central London, ‘New Court’ at 48 Carey Street, taking the combined investment to GBP ~400 million. The group is on target to deliver over 1,000 homes each year from 2017 and is planning a further £3 billion worth of investment in the UK by 2018. Lodha Developers is one of the largest corporate entities in Mumbai, with over 3,900 direct associates and over 25,000 workmen at its sites. Over 2% of the group’s annual profits are dedicated to social programs with a focus on education as the best medium to enrich society. With offices in London, Dubai and Shanghai and planned openings in the USA and Singapore, the group is on the road to a substantial international presence. www.lodhagroup.com
Lodha Group:Jovita D’Souza
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