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.