DLF makes a 'premium' comeback to Mumbai after two decades
Named The Westpark, the first phase of its debut project in Mumbai is coming up in the tony Oshiwara, Andheri (West) area and will command Rs 4.5 to 8 crore per unit depending on the carpet area that varies from 1120-1,525 sqft, Aakash Ohri, the joint managing director and chief business officer of DLF, told reporters here Thursday.
The absence of the premium builder of residences, malls, office spaces and hospitality projects from the country's most sought-after realty market has been conspicuous. In fact the company had bought an NTC land parcel in south Mumbai for about Rs 700 crore in 2002 but could not develop it even in a decade and sold it to the Lodhas, the city's largest builder, for around Rs 2000 crore. This was part of the Delhi-Gurugram-bound DLF's land buys in 21 other cities.
Being a slum redevelopment project, Trident Realty has already executed the first of the two 40-storey towers for the 4,500 original residents of the area and 2500 residents have been allocated their new homes. The second tower will come up before DLF begins the second phase of the project, he added.
Ohri said the initial phase of the first phase has a sales potential of Rs 2,300 crore in the first year and another Rs 2,300 crore in the second year. On completion of the entire project, it will fetch them a little over Rs 10,000 crore in sales at the current market price, which is around Rs 42,500 per sqft.
While the groundwork for the first two towers is already underway, the remaining two towers are expected to be launched over the coming weeks—when it will formally launch sales.
The first phase comprises 416 three-bedroom apartments, priced between Rs 4.8 crore and Rs 8 crore, depending on configuration and the floor elevation. For a change, DLF is offering finished apartments (which means they have flooring and doors and windows) as against its normal way of selling bare-shell units. There are also a few four-bedroom penthouses.
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