We set out to challenge the convention in South Mumbai by offering luxury residences at suburban rates, this offer is marking the entry of a large group of first-time buyers into the South Mumbai market, said R Karthik, CMO, Lodha Group
Mumbai, India (PRWEB UK) 18 January 2013
Lodha Group’s luxury residential development, Codename Blue Moon at Worli saw an unprecedented response with more than 1000 applications representing almost Rs. 4000 Crores of sales from customers within the first 3 hours of opening the application window this morning. This is almost 2x (2 times) the no. of units which are on offer. This level of unprecedented success is making the company consider the release of fresh inventory to take care of more demand expected over the next 9 days.
Codename Blue Moon is planned for development on the 18 acre land parcel that Lodha recently acquired from DLF at 2727 Crores, making it the largest real estate transaction last year. The site is located opposite the Hard Rock Café on Pandurang Budhkar Marg, next to Shree Simandhar Swani Jain Temple. It is understood that the development will have a 6 acre park, making it the largest private garden landscape in South Mumbai. The design is being done by a Singapore based architecture firm.
The project has used a distinctive sales model where applications were invited from prospective customers stating their preference of configuration, floor band and ticket sizes. The allocations will be made using an automated allotment process, ensuring a very objective mechanism which is fair to all. Such a model is being used for the first time in luxury real estate, and is sure to change the way in which real estate is sold.
The current pre-launch consists of two projects, codenamed Alpha and Gamma and house 2, 3 & 4 bedroom residences starting at 3.2 Cr. Having acquired the land for a very attractive price by market standards, Lodha is passing on the benefit to the consumers through this pre-launch opportunity. According to Colliers International, “There has been a tremendous interest across India and overseas. The strong interest in this project is due to the excellent location, proposed premium amenities, Lodha’s brand and the competitive pricing – clients have been able to get 2 or 3 bedroom flats for the prices that would be comparable in suburbs like Goregaon or Andheri”.
“We had set out to challenge the convention in South Mumbai by offering luxury residences in an ultra-premium location at suburban rates. The unique advantage created for customers due to the sizing and pricing of the apartments is marking the entry of a large group of first-time buyers into the South Mumbai market, enabling a whole new generation of people who have so far not been able to participate in this market to live and work in South Mumbai”, said Mr R Karthik, CMO, Lodha Group.
The success of this project sets a completely new benchmark in terms of the way luxury real estate is developed and purchased in India. It shows that there exists abundant demand for high quality developments from credible developers at the right prices points.
The Lodha Group-
Established in 1980, the Lodha Group ranks as Mumbai’s No. 1 real estate developer, and one of the top 3 in the country. The Group is currently developing in excess of 35 million sq. ft. of prime real estate, with over 40 projects in and around Mumbai. The Group has further extended its promise of luxury living with successful projects in Hyderabad, Lonavala and Pune.
The Lodha Group has several landmark developments to its credit, including World One - the world's tallest residential tower with interior design by Armani Casa, New Cuffe Parade – Mumbai’s new city centre being developed post the biggest land deal (Rs. 4053 crores) in Indian real estate history and includes Lodha Evoq, the designer tower with interior design by yoo inspired by Starck, Lodha Fiorenza – India’s first signature residences by Jade Jagger for yoo, Lodha Bellissimo - the only Indian residential development to feature amongst the top 1000 landscapes in the world, and Palava - India’s most livable city, spread over 3,600 acres and located close to the upcoming Navi Mumbai international airport.
Pioneering new trends in the market, the Group introduced CASA by Lodha, offering the mid-income consumer luxury homes within easy reach. The Group also introduced the concept of branded office spaces, with offerings at every level, from world-class corporate offices to large-scale office campuses to signature boutique offices for growing businesses.
Attracting the best talent, the Group’s size and growth has broadened its competitive landscape and stature. The Top 500 list published by Economic Times in 2011 ranks India’s largest companies by turnover. With a turnover of more than INR 5,000 Cr in 2011, this makes Lodha one of India’s largest private companies which can be compared with the top 150 public companies.
Competing beyond the real estate industry and Mumbai market alone, Lodha has also made a significant commitment to giving back to society. The Lodha Foundation is a CSR initiative by the Lodha Group which is currently operational across Mumbai. The core focus of the Foundation is to make families self-reliant by making at least one member of the family employable by means of education (school and vocational). More than 5000 students are benefitted by the Foundation’s subsidy program which ensures that school fees can be afforded by the economically poor sections of society. Additionally, almost 4000 deserving students are awarded scholarships. Besides education, it also carries out extensive work in the areas of healthcare and women’s empowerment, and conducts the ‘Joy of Living Program for Senior Citizens’.