Latest news with #TheWestpark
Hindustan Times
6 days ago
- Business
- Hindustan Times
DLF eyes more projects in Mumbai's real estate market, but focus remains on Andheri for now
Delhi-NCR-based real estate major DLF is eyeing further expansion in Mumbai's real estate market, signalling interest beyond its ongoing project in Andheri. However, the immediate focus remains on the current development, Aakash Ohri, joint managing director, DLF, told Delhi-NCR-based real estate major DLF is eyeing further expansion in Mumbai's real estate market, signalling interest beyond its ongoing project in Andheri. However, the immediate focus remains on the current development. (In Photo: Aakash Ohri, joint managing director, DLF)(File Photo ) 'Right now, our focus is on the Andheri project in Mumbai, but we are open to exploring more opportunities across the city, including South Mumbai, where many of our aspirational homebuyers are," Ohri told "We have received RERA approval for four towers in the Andheri project, of which two have already been launched. The remaining two will be introduced in the coming days, followed by an additional four towers in Phase 2 over the next few months," he said. According to Aakash Ohri, the Andheri project is receiving a strong response, with growing interest from local and international buyers. "We're seeing good traction from NRIs as well and are deploying teams to five countries to promote the project to them actively. That said, our first preference is being given to local Mumbai homebuyers. We aim to maintain a 20–30% share for NRI homebuyers," Ohri said. Also Read: DLF re-enters Mumbai market with over ₹800-crore The Westpark project in Andheri; Launches Phase 1 with 416 flats All about DLF's re-entry into Mumbai's real estate market DLF on July 17 announced its re-entry into the Mumbai market with the launch of its premium residential project in Andheri. The first phase of The WestPark will comprise 416 apartments across four towers, two of which were launched on July 17. The company plans to invest over ₹800 crore in the project and expects a topline of over ₹2,000 crore from Phase 1. 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 ₹40,000 and ₹48,000 per sq ft. Also Read: DLF's Mumbai project set to launch soon as RERA gives green light to first phase with 416 premium apartments Last month, DLF received approval from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for this phase, comprising 416 apartments across four towers. 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.
News18
7 days ago
- Business
- News18
DLF Makes Mumbai Debut With Rs 5.5–7.5 Cr Homes In Andheri's Oshiwara
DLF is launching its first residential project in Mumbai's Oshiwara on July 17, after MahaRERA approval. Leading real estate company DLF is marking its entry into Mumbai by launching its first residential project on July 17. It came after weeks of receiving approval from the Maharashtra Real Estate Regulatory Authority (MahaRERA). The first phase of the 'The Westpark' project will feature over 400 apartments available for sale, according to registration documents reviewed by Moneycontrol. The Gurugram-based firm will unveil the project in the Oshiwara neighbourhood of Mumbai's Andheri suburb. Although DLF is renowned for its luxury and ultra-luxury residential projects in Gurugram and other markets, the Westpark is expected to be a 'premium' project, with prices ranging from Rs 5.5 crore to Rs 7.5 crore. Headquartered in Gurugram, Haryana; DLF is now India's largest listed real estate company with developments across 15 states and 24 cities. It specializes in residential, commercial, retail, hospitality, and infrastructure projects—think apartments, offices, malls, hotels, golf courses, and mixed‑use townships. DLF is a listed firm with the last trading price at Rs 844.95 apiece. For the project at Oshiwara, DLF has partnered with the Trident group. As the project is on a once slum area, Trident is expected to execute the slum rehabilitation project. Trident will handle the rehabilitation part of the project, which includes clearing the land and constructing housing units for slum residents. DLF will focus on the free-sale portion, estimated to be around 9 lakh square feet. residential launches, representing approximately 29% of the total launches across the top 7 cities, as per Anarock report. Another Anarock report added that Mumbai continued to dominate land activity in H1 2025, with the Mumbai Metropolitan Region (MMR) witnessing the highest number of land deals among Tier 1 cities. A total of 24 deals for over 433 acres were recorded, underscoring the region's growing importance in India's real estate landscape despite land scarcity and high costs. view comments First Published: July 17, 2025, 07:17 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Hindu
7 days ago
- Business
- The Hindu
DLF forays into Mumbai with premium housing project
DLF Ltd., India's largest real estate company in terms of market cap, on Thursday announced its entry into Mumbai with the unveiling of a residential real estate project in the premium segment in Andheri west, a Mumbai suburb. Called The Westpark, the project spanning 5.18 acres is part of a larger 10-acre master plan and will come through a joint venture with a local partner. DLF holds 51% interest in the development. In this project, apartments are being offered at an average price of ₹42,500 per sq. ft. 'We are getting the DLF legacy of lifestyle and amenities into Mumbai. We will keep sustainability at the core,' said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. 'We are taking Mumbai very seriously. We want to take the project off the ground first before starting any new project. Mumbai and Delhi will be two of our most important markets,' he said. In 2008, DLF had acquired NTC land in Mumbai through an auction process but did not construct any project. Later it sold the land to Lodha Group at a premium. Now, in its Mumbai foray, DLF is targeting businessmen, professionals and people working in the film industry. Over one year, the company is expecting to have sales worth ₹5,000 crore. In the first phase, the company offers four towers, each rising 37 storeys offering a total of 416 residences. The project is coming up on a land parcel that once housed slum dwellers. The project, to be completed in four years, will offer a mix of 3 and 4 BHK residences ranging from 1,125 to 2,500 sq. ft., along with a limited number of exclusive penthouses. Mr. Ohri said the project would be known for its landscaped gardens and various amenities it would offer. 'We will make a difference in this locality and other developers will have to match our standards,' he said.
&w=3840&q=100)
Business Standard
7 days ago
- Business
- Business Standard
DLF re-enters Mumbai market with ₹800 crore premium housing project
Gurugram-based DLF, India's top listed real estate developer, has entered the Mumbai market with a premium residential development, investing Rs 800–900 crore in the first phase of the project, which is estimated to generate Rs 2,300 crore in revenue. The first phase of the project, The Westpark, comprising four 37-storey residential towers and 416 residences, will be delivered in the next four years. It spans 5.18 acres and is part of a larger 10-acre master plan with eight distinctive towers. The company has partnered with Trident Realty, another Gurugram-based developer with ongoing projects in Mumbai. The project falls under the Slum Rehabilitation Authority (SRA) scheme. However, DLF will oversee only the greenfield portion, while Trident will handle the SRA component. DLF holds a 51 per cent stake in the project; the remaining 49 per cent is held by Trident. The development will offer a mix of 3- and 4-BHK residences ranging from 1,125 to 2,500 sq ft, along with a limited number of exclusive penthouses. Prices will range from Rs 37,000 to Rs 47,000 per sq ft — effectively Rs 4.5–8 crore per unit. The second phase of the project is likely to be launched next year and is expected to generate revenues of Rs 2,300–2,500 crore. Aakash Ohri, joint managing director and chief business officer, DLF Homes, said the company aims to diversify its portfolio and takes Mumbai 'very seriously'. 'Mumbai and Delhi are going to be two big markets (for us) because they're the ones who are going to give us our returns,' he added. Ohri stated 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. The company is banking on its lifestyle-oriented developments and strong balance sheet. 'What we bring to the table is the lifestyle story. This is the difference between everybody else and DLF. DLF will not operate in any city, including Gurugram, if the margins are not conducive to DLF; we don't have to. Today, we are a debt-free company; we are cash-rich, we have got land banks to carry us for the next 25 years. Why do I need to get into any stress? I don't need to prove anything,' Ohri said. DLF had earlier exited Mumbai in 2012 as part of its deleveraging strategy. It sold a prime 17-acre land parcel in Lower Parel to Lodha Developers for Rs 2,700 crore to reduce debt. 'That (Mumbai exit) was part of our development plan. Out of 22 cities, one didn't work out. Fine. At that point in time, Gurugram was also good and needed a lot of attention. Gurugram was where a lot of our future interests and the business were. (In that land deal) we got out at a good premium. It was not a loss,' Ohri said. This time, the company is confident and has received a positive response from channel partners. 'It's just that there's never a right or wrong time. Even the markets are different and far more mature and conducive. You cannot not be in Mumbai, being a national player. Competition is always good,' Ohri added. Mixed response from sector experts Industry experts have expressed mixed sentiments. Gulam Zia, senior executive director at Knight Frank India, said DLF has entered the market at a time when signs of fatigue are visible and the cycle is nearing its peak. 'The next 2–3 years will be tough. You need to be invested in the property long enough to reap the benefits. Since it's a large property of more than 17 acres, they will be developing it over at least one or two market cycles. So, entry will be tough,' Zia added. He also noted that buyers in Mumbai may not be enamoured by the luxury brand DLF has built in Gurugram. However, a sector analyst, speaking on condition of anonymity, said the company may benefit from its brand, the project's location, and the vibrancy of Mumbai's real estate market. 'The company wants to have a footprint in a market like Mumbai and better realisations,' the analyst added. Another industry expert, who did not wish to be named, noted that DLF may face challenges due to the hyperlocal nature of real estate and strong competition from well-established Mumbai-based developers.
New Indian Express
17-07-2025
- Business
- New Indian Express
DLF makes a 'premium' comeback to Mumbai after two decades
MUMBAI: DLF, the country's most valued and largest real estate developer, has finally re-entered the nation's costliest realty market with a 415-unit premium project in Mumbai, which is coming up on a 10-acre plot at an investment of Rs 900 crore for the first phase. The project will have four 44-storey towers developed with Trident Realty in a 51:49 joint venture. 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.
