DLF sells out Phase 1 of Mumbai debut project: 20% buyers are NRIs from Mumbai, penthouses sold for ₹70,000 per sq ft

Hindustan Times

5 days ago

Delhi-NCR-based real estate major DLF has said that 20% of homebuyers for its debut premium residential project in Mumbai, The WestPark in Andheri West, are Non-Resident Indians (NRIs), primarily those originally from Mumbai. The company has also secured bookings from members of the Bollywood fraternity. Mumbai real estate update: Delhi-NCR-based real estate major DLF has said that 20% of homebuyers for its debut premium residential project in Mumbai, The WestPark in Andheri West, are Non-Resident Indians (NRIs), primarily those originally from Mumbai. (Picture for representational purposes only)(Pexels)
DLF revealed on July 25 that it has sold out all four towers launched under Phase 1, generating sales bookings worth ₹2,300 crore. The project was officially launched on July 17.
'We have around 20% homebuyers who are NRI but originally from Mumbai. Our teams visited places like Kuwait, the US, UK, and Singapore, where we received several bookings from NRI homebuyers,' said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd.
Ohri said that DLF also received bookings from homebuyers based in South Mumbai, Pune, Nanded, Gujarat, and other regions. 'We've also had four to five bookings from the Bollywood fraternity,' he confirmed, though he declined to reveal specific names.
Initially, the company launched two towers comprising part of the 416 apartments available in Phase 1. However, due to high demand, two additional towers were released, leading to a 'complete sellout' of the phase.
"The second phase launch will now be looked into, and we will work on getting approvals for the second phase. We look forward to launching the second phase next year around this time." Ohri said.
Speaking on the difference between homebuyers in Mumbai and Delhi-NCR, Ohri noted that Mumbai buyers tend to be more personally involved in the homebuying process. He said that they are not only seeking the signature DLF lifestyle, but are also specifically looking for larger-sized apartments.
"We received feedback that we should have bigger 3 BHK apartments, and in the next phase, we will work towards it," Ohri said.
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.
However, Ohri said that the company managed to sell the penthouses in the project at a price of ₹70,000 per sq ft.'
Also Read: DLF sells all 416 luxury apartments worth ₹2,300 crore in its debut Mumbai project
More projects in the Mumbai real estate market
According to Ohri, the company has already received a few proposals for more projects in the Mumbai real estate market.
"We already have a few proposals, but nothing is concrete for now. Anybody can send proposals that way, but for now, we have to go to the board and inform them about our Andheri progress, followed by the further strategy for the next phase in Andheri," Ohri said.
Goa launch
According to Ohri, DLF plans to enter the Goa real estate market with its first project, which will feature luxury villas priced above ₹50 crore. 'In the coming months, our focus will be on launching these ultra-luxury developments,' he said.
Also Read: Mumbai real estate: All you need to know about the Andheri West real estate market as DLF launches its first project
All about its Mumbai real estate market project
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.
The development will also include 845 dedicated car parking spaces, along with separate visitor parking facilities.
The project will feature a 50,000-square-foot clubhouse equipped with many amenities, including a wellness hub, yoga studios, meditation decks, co-working spaces, lounges, and several other lifestyle facilities.
The company had 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.
Also Read: DLF's Mumbai debut: Adopts cautious project pricing aligning with Andheri West real estate market rates
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.