Latest news with #TheWestpark
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Business Standard
2 days ago
- Business
- Business Standard
DLF-Trident JV sells ₹2,300 Cr worth luxury flats in Mumbai in just 7 days
India's largest real estate company, DLF Ltd, in joint venture with Trident Realty, has pulled off a blockbuster sale of all 416 luxury apartments launched in its Mumbai project The Westpark, raking in a whopping ₹2,300 crore—within just a week of launch. Developed under a Slum Rehabilitation Authority (SRA) scheme in Andheri West, The Westpark marks DLF's strategic re-entry into the Mumbai market after over a decade. The joint venture, in which DLF holds 51% and Trident 49%, launched the first phase of the 5-acre project at a premium pricing of ₹42,000–₹47,000 per sq ft, with apartments priced between ₹4 crore and ₹7.5 crore. "Mumbai has always been a key component of our national growth strategy. With The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents," said Aakash Ohri, Joint MD and Chief Business Officer, DLF Home Developers Ltd. The duo plans to invest ₹900 crore in building the project, which sold out entirely within days, signalling robust demand for luxury homes in India's financial capital. This is not the first time DLF has hit a home run this year. Just last month, it sold out 1,164 units in its Gurugram project DLF Privana North for approximately ₹11,000 crore. Together, the Mumbai and Gurugram launches have helped DLF cross 50% of its annual sales booking guidance of ₹20,000–₹22,000 crore in the first few months of FY26. DLF's previous stint in Mumbai real estate included a 17-acre land deal with Lodha Developers for ₹2,700 crore in 2012 and a short-lived JV with Akruti City. But the company had since stayed away from India's most expensive housing market—until now. With The Westpark, DLF is betting big again. The project's full sellout in record time reflects both brand equity and a surge in demand from affluent buyers for high-end homes in strategic locations. DLF's Record Year DLF reported a record sales booking of ₹21,223 crore in FY25, up 44% from the previous year. Net profit for the fiscal surged to ₹4,366.82 crore, with revenues touching ₹8,995.89 crore. The developer has more than 280 million square feet of development potential across residential and commercial projects, and an annuity portfolio exceeding 45 million sq ft. Key points to note: Pricing and Configuration Development & Investment Phase 1 Construction Cost: Approx. ₹900 crore Entire Project Launch: Part of DLF's strategic re-entry into Mumbai after over a decade Project Type: Luxury residential gated development Expected Timeline: Underway; development work to follow full sellout of Phase 1 All Phase 1 units (416 flats across four 37-storey towers) sold out in under a week, driving DLF's Mumbai debut success. The non-resident Indians made up around 20% of buyers, with penthouses priced at ₹35 crore each (approx ₹70,000/sq ft). The ₹900 crore development plan for the 5-acre Phase 1 is within a larger 10-acre SRA master plan.
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
5 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
5 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.
Mint
5 days ago
- Business
- Mint
DLF sells all 416 homes for over ₹2,300 crore in new Mumbai project Westpark
Bengaluru: DLF has sold out all apartments in a project in Mumbai for over ₹ 2,300 crore, marking a successful return to the real estate market in India's financial capital. DLF Home Developers Ltd, a subsidiary of DLF Ltd, India's most valued real estate company, said it sold all 416 units, including apartments and penthouses, in the first phase of The Westpark project in suburban Mumbai's Andheri (west) locality. The sale kicked off last week. Although DLF launched the project with two 37-storey towers initially, high demand prompted it to add two more towers. DLF is developing the project with New Delhi-based Trident Realty. The developer sold the entire inventory within a week at an average price of ₹ 42,500 per square foot. Non-resident Indians accounted for about 20% of the sales. Three of the five penthouses were sold for ₹ 35 crore each, at about ₹ 70,000 per sq. ft. 'Mumbai projects usually sell at a staggered pace. We are overwhelmed by the demand for our project and the sales,' Aakash Ohri, joint managing director and chief business officer of DLF Home Developers, told Mint in an interview. 'The Mumbai launch was important for DLF, and this gives us confidence to do more in the city.' The Westpark project marks DLF's return to Mumbai after exiting the property market there many years ago due to a sector slowdown. 'Mumbai is a key part of our national growth strategy. In Mumbai, customers liked the product offering including the amenities, followed by the brand value. Given the way we have entered the Mumbai market, we are here to stay,' Ohri added. The Mumbai project follows similar swift sales in Gurugram – DLF Privana West and Privana South, which collectively raked in ₹ 12,800 crore last year, and its super-luxury project The Dahlias, which clocked about ₹ 13,744 crore of sales bookings in FY25. The next big project from the DLF stable will be in Goa, in the current July-September quarter. The second phase of The Dahlias in Gurugram will be launched in the January-March quarter, Ohri said. DLF was the second highest-selling developer in FY25, after Godrej Properties Ltd. The company reported record sales bookings of ₹ 21,223 crore in FY25, up 44% from ₹ 14,778 crore the previous year. It has projected sales of ₹ 20,000-22,000 crore in FY26, banking on a pipeline that includes the next phase of The Dahlias, and the Mumbai and Goa launches. DLF has already achieved about half of its targeted sales for FY26 in the June-ended quarter. The company clocked ₹ 11,000 crore from bookings in Privana North, having sold the entire project inventory within a week of launch, it said in June.
