MUMBAI: Lodha Group’s luxury residential development, Codename Blue Moon at Worli saw an unprecedented response with more than 1000 applications within the first three hours of opening the Application Window.
This is almost twice the number of units which are on offer. The management is now considering the release of fresh inventory to take care of demand in coming days.
Codename Blue Moon is planned for development on the 75,000 sq. mtrs parcel that Lodha recently acquired from DLF at USD 500 million, making it the largest real estate transaction last year. The project is learnt to have a 25,000 sq. mtrs 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 2, 3 & 4 bedroom residences starting at USD 0.6 million. “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 R Karthik, CMO, Lodha Group.
Established in 1980, the Lodha Group ranks as Mumbai’s No. 1 real estate developer and one of the top three 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.
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.
Lodha has also made a significant commitment to giving back to society thru the Lodha Foundation 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 benefited 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’.
India Post News Service
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