Lodha Group, the leading Real estate developer

Lodha Group, the leading real estate developer, seels Rs 500 crore worth flats in just 9days for an ultra luxurious residential project in the metropolis, as the projects was reopened for booking after three years on November 29.

Project: World One Tower

World One Tower is the iconic project of company, which is 117 storeys and located in south-central Mumbai. In Mumbai 3BHk and 4BHk apartments are in trend, which is likely to fetch in the upwards of Rs 70,000-80,000 per sq ft. Lodha Group is also developing the two towers known as World Crest and World View, spread on over an area of 17.5 acres.

Current Status of the Project:

As of now nearly 75 per cent of the civil construction has been completed and it is expected that till 2016 project will be completed as the project was announced in 2010. Nearly 75 per cent of the civil construction has been completed.

Initially, DGCA (Directorate General of Civil Aviation) had opposed the project because of security concerns. According to Managing Director Abhishek Lodha, “After three years first time booking have reopened for a limited window which was from November 29 2014 to December 14, 2014. Despite challenging environment, we have received record bookings of around Rs 500 crore in limited window”. The more he added that “Now we have all the necessary approvals in place and expect this project, once completed, to generate revenues to the tune of over Rs 5,000 crore,”

Have you ever imagined that a house will ever cost you an astounding Rs 100 crore? But this is the case with the concept of sky bungalow gaining a momentum across the metropolis.

For example, an 18,000-sq.ft, sky bungalow at Worli here is yours for just Rs. 100 crore. Advertised by the builders as castles in the air, 10 such bungalows in an ultra high-end apartment complex come complete with a dog park and crèche, an elevated jogging track and more such premium amenities.

Many luxury flats started coming up with the freeing up of land parcels of the erstwhile textile mills in areas like Lower Parel, Worli and Mahalaxmi in south central Mumbai. These areas have now started competing with tony locations such as Malabar Hill and Cuffe Parade.

But how many can go for such a super-expensive apartment? That only a small clientele is available is no deterrent to sales of uber-luxury apartments in south central Mumbai. Duplex apartments, with swimming pools, sundecks, multi-level automated car parking and five-star clubs, come at prices of over Rs. 1 lakh a sq.ft.

The reason there is no price drop is that prime properties do not have the margin of large supply, says Bharat Dhuppar, chief marketing officer of Omkar Realtors, which is building the “sky bungalows” in Worli.

Does this uber-luxury segment not get affected by economic slowdown? Such super luxury apartments have got their own clientele.

Jignesh Shah, an agent who showcases these high-end properties to high net worth individuals, seems surprised when asked about the slowdown. “What slowdown? These flats do not sell in a hurry, and clients take their time, but this market has its own dynamics,” he remarks.

Agreeing with this opinion, Venkatesh Gopalakrishnan, executive vice-president, Shapoorji Pallonji Real Estate, told a newspaper that sales were not high, but buying power in Mumbai is higher than in the rest of the country and that sustains this niche housing segment, he says.

These high end apartments are not only situated in the premium spaces but boast high quality features, amenities and interiors. For example, the under-construction World One Tower, touted as the world’s tallest residential tower at 442 metres in Worli, boasts interiors by Armani and Casa and a club and a spa by Six Senses among other high-end labels.