Lodha Developers realty with green touch pays off

The project is called The Park and its USP as the name would suggest is a private park. Seven acres for the residents and that is a first for Mumbai. Blue Moon, with two towers, at The Park is completely sold out.
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Aug 30, 2013, 09.48 AM | Source: CNBC-TV18

Lodha Developers' realty with green touch pays off

The project is called The Park and its USP as the name would suggest is a private park. Seven acres for the residents and that is a first for Mumbai. Blue Moon, with two towers, at The Park is completely sold out.

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Lodha Developers realty with green touch pays off

The project is called The Park and its USP as the name would suggest is a private park. Seven acres for the residents and that is a first for Mumbai. Blue Moon, with two towers, at The Park is completely sold out.

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In late 2012, Mumbai-based Lodha Developers shocked the street by buying a 17.5 acre land parcel in Worli from DLF for a jaw dropping Rs 2,700 crore. And in January this year, the company decided to monetize that land parcel by launching towers code name Blue Moon. The pre-launch of that project saw 1,000 buyers rushing in with their applications just over three hours.

Also Read: Mumbai mkt in much better shape than perceived: DB Realty

The rush can be explained on account of competitively priced, smaller apartments at approximately Rs 28,000/sqft, Blue Moon’s pricing was 40 percent lower than other projects in and around the Worli area.

Lodha has now unveiled its plans for the entire 17.5 acres and also roped in Aishwarya Rai Bachchan as brand ambassador. The project is called The Park and its USP as the name would suggest is a private park. Seven acres for the residents and that is a first for Mumbai. Entailing a total investment of over Rs 5000 crore, The Park will have an undisclosed number of towers around the green belt, it will also have a cricket ground, golf, tennis, a pet walk and an organic farm.

Abhisheck Lodha, MD, Lodha Group, says: "Inspired by places like Central Park in New York or Hyde or Regents Park in London where the best real estate is always located around these vast green spaces, the Lodha Group brings to Mumbai The Park which is a vast seven acre public green space, which can be enjoyed by the residents of various developments which will come around it."

It will be an unique experience for Mumbaikars because the city really lacks public spaces. The development will be done in a number of different buildings by various designers and brands over time. The first two buildings were launched under the code name Blue Moon in January 2013, which received superb response with over 5,500 crore of applications and those two towers were sold out. Now we have launched the overall concept of having this large green public space as the center point of the development and we will be launching different buildings, bungalows, town houses, retail over time.

Below is the verbatim transcript of Abhisheck Lodha's interview on CNBC-TV18

Q: You had priced Blue Moon at The Park so aggressively at a 40 percent discount to the market rate. Will the new towers coming up around this 7 acre park also be priced that competitively?

A: We were pleasantly surprised with the response to Blue Moon which was two of the towers around the park and they were completely sold out at the pre-launch when we received over 5,500 crore of applications. The average pricing there was a little over Rs 28,000/sq ft. As we launch the different towers as I said there will be different designers, different brands involved with each one of them and hence the pricing will differ. But we do expect that the pricing will be substantially higher than what was available at the Blue Moon pre-launch.

Q: Brokers have been in touch with me and are talking of a new launch at The Park, they call it the Gold Moon and claim it is an ultra luxury project and that the starting price is Rs 6.5 crore for a 3BHK. Can you confirm that pricing for us?

A: At this point I would not want to comment on Gold Moon except for the fact that it is a very up-market luxury product which is also going to come up around The Park.

Q: But since you are not denying the pricing I am going to assume that the brokers are right. I have also heard of the concept of by invitation only but I understand you are taking it to another level altogether. Brokers say to even receive a brochure of the Gold Moon forget seeing the sample flat one actually has to fill out approval forms first, is that correct?

A: Yes, the process is on, we were very selective in our invitations for Gold Moon. Obviously it follows on a very successful response to Blue Moon that we have now launched to a very select audience the invitations to preview Gold Moon and then we will take it from there.

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