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DLF's comeback project in Mumbai sees ₹2,300 cr sales in first week
The company launched four towers as part of the first phase. The project—The Westpark—is a premium residential development located off Link Road, Andheri West, Mumbai.
Aakash Ohri, joint managing director and chief business officer of DLF Home Developers (a wholly owned subsidiary of DLF), described the company's success in Mumbai as a bigger statement than Privana North—DLF's luxury project in Gurugram, which generated Rs 11,000 crore in sales within a week of its launch.
Ohri told Business Standard that the company was able to command prices between Rs 42,500 and Rs 53,000 per square foot (sq ft) while selling The Westpark, with one of its five penthouses in the first phase sold at Rs 70,000 per sq ft. The company secured margins between 39 and 40 per cent from the sales.
DLF, the largest listed Indian real estate developer, holds a 51 per cent stake in The Westpark, with the remaining share owned by Trident, another Gurugram-based real estate company with several projects in Mumbai.
'Initially, we launched only two of the four planned towers, but due to exceptional demand, we brought all four towers to market, resulting in the sellout of all 416 units,' Ohri said.
The Westpark spans 5.18 acres and is part of a larger 10-acre master plan. The development will comprise eight residential towers, with the first phase introducing four towers, each rising 37 storeys and offering a total of 416 residences. The homes include a select mix of 3- and 4-BHK residences ranging from 1,125 to 2,500 sq ft (carpet area).
Located off Link Road in Andheri West, The Westpark offers access to the Western Express Highway, SV Road, the New Link Road, and upcoming developments like the elevated JVLR and Coastal Road. Residents are expected to benefit from seamless travel across the city, north to south and east to west, DLF added.
Ohri stated that the company has already received 5-20 project proposals in Mumbai. 'We want to start and get this product off the ground first, show some strength and ability, and then get down to doing it (more projects in Mumbai),' he added.
Additionally, the second phase of The Westpark is expected to launch next year and is anticipated to generate revenues of Rs 2,300-2,500 crore more.
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