Mumbai real estate shows signs of pickup – homes worth more than Rs. 1600 crores sold in pre-launch at Lodha’s new Thane project

~Lodha Group’s new landmark neighbourhood in Prime Central Thane gets a resounding vote of confidence. Over 2000 homes sold ahead of the launch

Lodha Group, India’s largest real estate developer, today announced another milestone for the company with its new development in Thane selling over 2000 homes prior to its mega launch. The Group received exemplary interest from over 3000 homebuyers across India making applications to book flats during the pre-launch phase. The value of the apartments is over INR 1600 crores making it the most successful real estate development in the country.

In less than 2 years of acquiring the 88-acre land parcel from Clariant Chemicals in Thane, one of the largest land deals in the country, Lodha Group has now announced its mega plans for an expansive residential neighbourhood in Prime Central Thane. It will be developed in multiple phases, the current comprising of 3,500 smart sized 1 and 2 bedroom residences, housed in 27-30 storied elegant towers around a master planned development featuring over 80% open spaces. 60% of the total residences have been acquired already by homebuyers under this pre-launch.

The pre-launch sales achievement in the Lodha Group’s new project is not only a testimony of the trust shown by homebuyers in the company but also demonstrates signs of recovery in the real estate sector. Lodha Group has been at the forefront of driving this upswing of the slump in the real estate sector, which has been starving for quality housing and homebuyers trust. Industry experts have attributed the Group’s success to the increasing preference of homebuyers buying real estate in Mumbai from developers who have a proven track record and credibility.

Commenting on the success, Prashant Bindal, Chief Sales Officer (CSO) of Lodha Group said “It is very heartening to see the interest of homebuyers in this grand development. This neighbourhood has not only created super normal demand in a highly competitive market such as Thane but also revived its real estate landscape by reinforcing people’s trust towards appreciation and investment in real estate. We are working with the best mix of experts from Hafeez Contractor to Sitetectonix of Singapore, to ensure unmatchable quality of homes and a better life for all families.”

Lodha’s portfolio includes the World Towers, the world’s tallest residential project; Palava City – India’s first smart city; the Park (including Trump Towers) in Worli, and New Cuffe Parade in Wadala. Lodha’s land bank of 25 million sq. m. is the largest held by Indian developers, with a value of $10 billion.

Quick Facts about the Development:
· Buyers spread across 18 countries around the world
· In India, people from over 60 cities, apart from MMR, bought a residence in Codename Big Bang
· Unique “IPO” style method for applications – the first ever in the affordable luxury category in real estate
· Thane is rated No. 1 hotspot by a CII-JLL report with the highest projected rental appreciation among all the major cities in India
· The area is expected to witness a tremendous spurt in capital values, with 60% appreciation from 2015 to 2020 as cited by Knight Frank

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