Andheri West Project To Offer Luxury Amenities, New Proposals In Pipeline: DLF On Mumbai Launch
The real estate developer's re-entry into the Mumbai Metropolitan Region was driven by a shift in priorities and a mature strategy.
DLF Ltd.'s re-entry into Mumbai's property scene with a luxury housing project in Andheri West will bring in a "legacy and lifestyle story", according to Joint Managing Director Aakash Ohri.
The WestPark, a premium residential project in Andheri West, was launched by DLF on Thursday. The project marks DLF's entry into Mumbai’s real estate market after more than a decade.
The new project will set the foundation for the company's "impactful" presence in Mumbai's real estate market. Speaking to NDTV Profit, Ohri said the company aims to foster a deep and sustained relationship with Mumbai through this launch.
"There's a product that we've conceived for the market and there is a certain legacy and a lifestyle story that we are bringing in. So, I think it's going to be a really good relationship," the chief business officer said.
On reports that the launch could yield Rs 2,500 crore in pre-sales, Ohri emphasised a cautious approach but expressed optimism over the Mumbai market. The 5.18-acre project has been launched in a price range of Rs 42,000 per sq. ft to Rs 47,000 per sq. ft.
"Everybody's kind of gotten used to DLF selling in one day and three days…Mumbai is a new market for us. I will tread carefully. We will do this in two phases. The first phase of this particular launch is happening now, as you see and then followed by the other one," he said.
Phase one of this project will comprise four towers, followed by another four in phase two, according to Ohri. "We are bringing in the DLF amenities... bowling alleys, rooftop restaurant and other facilities that go with it: a gym, spa, other food and beverage facilities. So, I think this is something that Mumbai is going to enjoy. The price point will be Rs 6-9 crore," he said.
Ohri explained that DLF's re-entry into the Mumbai Metropolitan Region was driven by a shift in priorities and a mature strategy. Their initial foray through land acquisition in Lower Parel didn't materialise as expected and was eventually sold to Lodha Developers in 2012.
"We're in a very buzzing place around Andheri West. And the product itself is something that people are going to enjoy not only owning, but living in," Ohri said.
The real estate developer is aiming to expand its operations in Mumbai after the successful launch of the luxury housing project in Andheri West.
"There are so many things happening, some very good proposals on the table. But first, we want to get through this and you will see future announcements from us from Mumbai," Ohri said. "And the products and offerings and services will definitely get better."
