August 31st, 2013, Mumbai: LodhaGroup’s recently launched master planned neighbourhood in Worli (Mumbai),The Park, witnessed unprecedented interest with over 450 bookings worth over Rs. 2500 crores being received on the first day of the applications being accepted.
Lodha had launched The Park with Mrs. Aishwarya Rai Bachhan as the brand ambassador at a widely publicized press event a few days ago. This has been followed by a global launch in 7 cities – Mumbai, Dubai, Delhi, Kolkatta, Pune, Ahmedabad and Surat. Applications to purchase units have been received from across the country, along with strong interest from NRI‟s in the UAE and USA.
Amidst all the gloom about the Indian economy, the successful launch of this development has surprised market watchers. However, according to a leading South Mumbai based broker, “There has been a tremendous interest across India and from overseas customers as well. This is largely on account of the excellent location, world class design and amenities, and Lodha’s brand and credibility in the market. Also the success of their pre-launch of this property under Codename Bluemoon where they received over USD 1 billion of applications in January 2013 and the good returns that buyers in that pre-launch have enjoyed, has given lot of confidence to new buyers that this is by far the best development to buy into from a quality and returns perspective.”
It is understood that these bookings are for the first residences around the Park and prices range from Rs. 3.6 crores to Rs. 10 crores for 2, 3 and 4 BHK residences, created by some of the finest brands and designers across the globe.
The Park is a 17 acre master-plan district, located at Worli, on the property purchased by Lodha in 2012 for Rs. 2727 crores from DLF. The Lodha Group plans to develop a variety of different projects around this park, ranging from high rises, town houses, luxury retail and even a few select bungalows.
A part of the 17 acre property has been exclusively designed as a tribute to nature with 7 acres of world class landscapes set on top of a 70 feet tall hill at Worli, South Mumbai. Inspired by the great urban parks around the world, The Park offers an ideal urban lifestyle, one that is currently not possible in Mumbai. With over 7-acres of space, which is equivalent to 6 football fields put together, or about 1.5 times the size of the world’s largest cricket ground, The Park is a tapes try of experiences, pulsating with vibrant life and activity.
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 1,000 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 applications exceeding 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 Worli for Rs.2,725 cr., the largest realty deal in 2012.
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 campusesto 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.