January 7th, 2013, Mumbai: After completingthe year’s biggest real estate acquisition, buying the 17.5 acre plot at Worli from DLFfor 2,725 cr – the largest in South Mumbai, LodhaGroup is now launching an exclusive luxury development on the site. LodhaGroup will develop well planned 2,3 and 4 bedroom residences,housed in luxury high-rise tower around a large private park spread over3,00,000 sq ft. The project will feature one of the largest private landscapes in South Mumbai, with best-in-class leisure and lifestyle services, in addition to lavish internal and external amenities for the residents.
Over the past few years, development focus in South Mumbai has shifted strongly towards large sized apartments ranging between 3000-5000 sqft. With the prices around the city moving upwards significantly, the quintessential Mumbaikar’s dream of moving South into the plush localities like Worli and Prabhadevi is becoming quite difficult. While in suburbs like Andheri, Vile Parle and Goregaon, prices of premium apartments range upwards of Rs. 3 crore, in reputed Grade A developments in South Mumbai, 3 BHK’s now cost 9-10 crore and 4 BHK’s cost 10-12 crore. As a result, there is a large demand-supply gap in the current market, with the growing upper middle class consisting of professionals and salaried individuals unable to afford good quality homes in the island city. It is this need-gap that Lodha Group has been looking to service for quite a while, and this large plot with its great location at Worli provides the right platform.
The company will be opening a limited number of units for pre-launch sales from 18th to 28th January 2013. The special pre-launch pricing will change the economics of housing in South Mumbai with 2 BHK starting around 3.5 crore, 3 BHK’s around 4.5 crore, and 4 BHK around 6.75 crore. –almost equal to the prices in suburbs like Andheri and Vile Parle and upto 50% lower than current ticket sizes enabling a whole new generation of people to live and work in South Mumbai, in a truly luxury project. Being the largest developable land parcels in South Mumbai, it makesfora once-in-a-blue moon opportunity.
“We have seen a very strong initial response to the project, being a unique and attractive opportunity for the large number of home buyers who have so far not been able to participate in the South Mumbai real estate market. Owing to this large demand, we have decided to use a never-before sales mechanism for the limited pre-launch in which an automated allotment process will be used for the first time in Indian real estate. Potential buyers would apply for residences, expressing their preference in terms of the configuration, floor and price range they are seeking,” said Lodhagroup spokesperson.
Applications will be accepted both online and physically and allotment will be made based on an automated preprogrammed algorithm. Thisform of sales mechanism hasn’t yet been used in luxury housing, and is only possible in such rare instances when demand far outstrips supply. This is being done to ensure that a larger set of buyers get the chance to understand this opportunity so that we can match their requirements with our availability and ensure that maximum buyers get a residence of their choice.
About the LodhaGroup:
Established in 1980, the Lodha Group is India’s No 1 real estate developer. The Group is currently developing in excess of 35 million sq. ft. of prime real estate, with over 30 projects in and around Mumbai, from Nepean Sea Road to Dombivali. The Group has further extended its promise of luxury living with successful projects in Hyderabad and Pune. The Lodha Group has several landmark developments to its credit, including World One – the world’s tallest residential tower, Lodha Bellissimo – the only Indian residential development to feature amongst the top 1000 landscapes in the world, and Palava – India’s most livable city, spread over 4,000 acres and located close to the upcoming Navi Mumbai international airport. The Group has made history by achieving the world’s first billion dollar pre-launch for Codename Bluemoon that received IPO style applicationsexceeding Rs.5,400 cr.
The Group has also recorded the biggest land deal in India till date, buying a plot for Rs. 4,053 crore, from the Mumbai Metropolitan Region Development Authority (MMRDA), 3 where it is developing New Cuffe Parade, a world-class mixed use development set to become the new city centre of Mumbai. Continuing to set new benchmarks, the Group completed acquisition of a 17-acre prime land parcel in Worlifor Rs.2,725cr., the largest realty deal in2012.
The Lodha Group has also been at the forefront of developing designer homes and luxury residences in India through global tie ups with leading brands, including Lodha Fiorenza by Jade Jagger for yoo and Lodha Evoq with interiors designed by global design icon, Philippe Starck. Pioneering new trends in the market, the Group introduced CASA by Lodha, offering the mid- income consumer luxury homes within easy reach. The Group also introduced the concept of branded office spaces, with offerings at every level, from world-class corporate offices to large- scale office campuses to signature boutique offices for growing businesses.
The Group’s tremendous success has been marked by financial investments from the finest global investors. The Group currently employs over 3,200 associates and provides site-based employment to over 25,000 workers. And going beyond its role as a premier real estate developer, the Lodha Group has been a socially responsible corporate,focusing on education as the best medium to enrich society.