Realty major DLF has received approval from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for the launch of the first phase of its much-awaited premium residential project in Andheri, marking the Gurugram-based firm's formal entry into the Mumbai market.
DLF will launch 416 apartments across four towers in the first phase of the project, according to MahaRERA data.
The launch timeline of the project, however, remains to be seen, as the onset of rains in Mumbai may push back DLF's original plan to bring the project to the market by the end of the current month or the beginning of July.
Market sources said that the company is talking to stakeholders such as sales channel partners and may determine its ideal launch period after those talks. Monsoon is generally considered a weak period for residential real estate sales.
The project
The project has been named The Westpark, according to documents submitted by Pegeen Builders and Developers, a wholly owned subsidiary of DLF. This project, located in Andheri's Oshiwara neighbourhood, is being executed under a slum rehabilitation scheme. DLF is executing the free sale component, while the land clearance and rehabilitation duties will be undertaken by the Trident Group, DLF's partner in the project.
DLF has received approval to build up to 44 floors in each tower, of which 37 will be residential while the rest will be dedicated to various services. When reached, a spokesperson for DLF declined to comment.
Second innings
While DLF had owned land parcels in Mumbai, mainly in the island city, it was forced to sell those and retreat from the market around a decade back, owing to a debt crisis. After consolidating its position in Gurugram, Delhi NCR, and Chandigarh markets, DLF has once again looked at India's largest housing market for business development.
Unlike the luxury-led model in its core Gurugram market, DLF is entering the Mumbai market with a premium ticket size, with the units on offer expected to be priced between Rs 5.50 crore and Rs 7.50 crore.
Aakash Ohri, DLF's chief business officer, told reporters in March that the company chose Andheri over the island city for its Mumbai debut due to the suburb’s cosmopolitan character, which includes business people, professionals, and figures from the entertainment industry.
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