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Hans India
4 days ago
- Business
- Hans India
DLF-Trident Realty sells 416 flats in Mumbai for Rs 2,300cr
New Delhi: India's largest realty firm DLF Ltd and Trident Realty have sold all 416 flats for around Rs2,300 crore in a luxury residential project in Mumbai on high demand. In a regulatory filing on Friday, DLF said that the entire 416 units launched in the first phase of 'The Westpark' project has been sold for Rs2,300 crore in less than a week. DLF arm DLF Home Developers Ltd is developing this project at Andheri West in partnership with Trident Realty. 'Our entry into Mumbai represents a significant strategic milestone for DLF,' said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. 'Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents,' he added. DLF and Trident Realty will invest around Rs900 crore to develop this luxury housing project at Andheri (West). The company launched the first phase of this 5-acre project in a price range of Rs42,000 per sq ft to Rs47,000 per sq ft. It sold flats in a range of Rs4 crore to Rs7.5 crore. In July 2023, DLF had announced its re-entry in Mumbai market by partnering with NCR-based builder Trident group. Then, DLF had said that the company would hold a 51 per cent stake in the special purpose vehicle (SPV) which will develop this project.
New Indian Express
4 days ago
- Business
- New Indian Express
DLF says all 416 homes in Mumbai project worth Rs 2,300 cr sold out within a week
MUMBAI: Real estate developer DLF Home Developers, which announced the re-entry into the nation's costliest realty market -- Mumbai last week with a 416 units project with a price tag ranging from Rs 4.8 crore to Rs 9 crore or an average of Rs 42,500/sqft, said the project has been fully sold out with a potential realisation of Rs 2,300 crore in completion. DLF said Friday that it has sold all the 416 units, including apartments and penthouses, in the first phase of The Westpark project in the suburban Andheri (west) area. The sale kicked off only last week. The Westpark, being developed as a slum rehabilitation project in association with the New Delhi-based Trident Realty, involves four towers of 44 stories each (37 floors for residents). Although the plan was to launch two towers initially, due to high demand it is adding two more towers now in the first phase itself, the company said. 'We sold the entire inventory within a week at an average price of Rs 42,500/square foot. Non-resident Indians accounted for about 20% of the sales. Three of the five penthouses were sold for Rs 35 crore each, at about Rs 70,000/sqft,' Aakash Ohri, the joint managing director and chief business officer of DLF Home Developers told reporters here. 'Our reentry into Mumbai represents a significant strategic milestone for DLF, this city has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents. 'We are both humbled and gratified by the overwhelming response, the inventory for Phase 1 of the project has been completely sold out in less than a week, a remarkable outcome in a market typically characterised by gradual absorption. 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.
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Business Standard
4 days ago
- Business
- Business Standard
DLF's comeback project in Mumbai sees ₹2,300 cr sales in first week
New Delhi-based real estate major DLF's first project in Mumbai, marking its comeback in the market in partnership with Trident Realty, has achieved sales of Rs 2,300 crore. The first phase of the project, launched recently, sold out completely within a 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.
Hindustan Times
5 days ago
- Business
- Hindustan Times
DLF sells all 416 luxury apartments worth ₹2,300 crore in its debut Mumbai project
Delhi-NCR-based real estate major DLF announced on July 25 that it has sold out all four towers launched under Phase 1 of its debut luxury project in Mumbai, 'The WestPark' in Andheri. Launched just a week earlier on July 17, the project has generated sales worth ₹2,300 crore, the company said. Delhi-NCR-based real estate major DLF announced on July 25 that it has sold out all four towers launched under Phase 1 of its debut luxury project in Mumbai, 'The WestPark' in Andheri. (Representational Image)(File Photo ) In a regulatory filing on July 25, DLF said that the 416 units launched in the first phase of 'The Westpark' project were sold for ₹2,300 crore in less than a week. According to the company, the sellout highlights its strategic expansion into key regions across western India. On July 17, DLF, in partnership with Trident Realty, launched 416 apartments in four towers in the Andheri West area of Mumbai. The companies will invest nearly ₹900 crore to develop this luxury housing project. According to the company, the entire project is spread across 10 acres and will feature a mix of 3 BHK and larger apartments ranging from 1,125 sq ft to 2,500 sq ft. In the first phase, apartments are priced between ₹37,500 and ₹54,000 per sq ft. The development will also include 845 dedicated car parking spaces, along with separate visitor parking facilities. Also Read: DLF eyes more projects in Mumbai's real estate market, but focus remains on Andheri for now The project will feature a 50,000 sq ft clubhouse equipped with many amenities, including a wellness hub, yoga studios, meditation decks, co-working spaces, lounges, and several other lifestyle facilities. 'Our entry into Mumbai represents a significant strategic milestone for DLF. Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents," said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. "We are both humbled and gratified by the overwhelming response, the inventory for Phase 1 of the project has been completely sold out, a remarkable outcome in a market typically characterised by gradual absorption. 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 company said that the development will comprise eight architecturally distinctive towers. The first phase will introduce four towers, each 37 storeys high and offering a total of 416 residences. The homes include a select mix of spacious 3—and 4-BHK residences ranging from 1,125 to 2,500 sq ft, along with a limited number of penthouses. According to the company, the project is designed by globally renowned architecture firm HB Design. With structural expertise from Thornton Tomasetti, interiors by BLINK, and landscaping by SHMA, it brings together international design sensibilities and a local context. The residences feature refined interior layouts, expansive decks, and full-height windows offering sweeping views, balancing privacy and openness, the company said in a statement. The company said that the projects' central feature is the 6,000 sq. metre (~1.46-acre) landscaped podium, the 'Eco Deck', which serves as the green heart of the development. The podium links all the towers and features lush gardens, panoramic views, and a signature 25-meter pool with a tropical leaf-patterned floor, the company said in the statement. It creates the ambience of a tropical forest in the heart of the city. Also Read: Mumbai real estate: All you need to know about the Andheri West real estate market as DLF launches its first project DLF's re-entry into Mumbai DLF announced its re-entry into the Mumbai real estate market in July 2023. The company's first project in the city will be developed in partnership with the Trident Group under the Slum Rehabilitation Authority scheme. In 2005, DLF had purchased 17 acres of prime mill land in Lower Parel at a National Textile Corporation auction for ₹704 crore, the highest bid at the time. After the 2008 economic crisis, it changed its plans and sold the land to Lodha, also known as Macrotech Developers, for ₹2,700 crore in 2012.
Business Standard
5 days ago
- Business
- Business Standard
DLF announces complete sellout of its 'The Westpark' project in Mumbai
DLF Home Developers, a 100% subsidiary of DLF, through its subsidiary in partnership with Trident Realty, announced the complete sellout of all four towers launched as part of Phase 1 of The Westpark', a landmark residential development located off Link Road, Andheri West, Mumbai. This swift sellout marks DLF's entry into Mumbai's residential real estate market and highlights the company's strategic expansion into key regions across western India. Located in one of Mumbai's most vibrant neighbourhoods, The Westpark spans ~5.18 acres and is part of a larger ~10-acre master plan. The development will comprise eight architecturally distinctive 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 spacious 3 and 4 BHK residences ranging from ~1,125 to ~2,500 sq. ft., (carpet), along with a limited number of exclusive penthouses. Our entry into Mumbai represents a significant strategic milestone for DLF, said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents. In collaboration with Trident Realty, we have introduced a premium residential offering that reflects DLF's hallmark values of quality, community living, and design excellence built over our 78-year legacy. We are both humbled and gratified by the overwhelming response, the inventory for Phase 1 of the project has been completely sold out in less than a week, a remarkable outcome in a market typically characterised by gradual absorption. 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.
