Gurugram-based real estate major DLF Ltd. will be making a comeback to the Mumbai Metropolitan Region market after a gap of over a decade.The company will be launching its first project in Mumbai called “The Westpark”, in the city’s Andheri West suburb.
Sources have told CNBC-TV18 that the pricing is likely to be between ₹37,270 to ₹47,875 per square feet and the carpet area of each apartment is likely to be between 1,126 to 1,511 square feet.
Based on the price, the overall cost of an apartment is likely to be between ₹4.2 crore to ₹7.2 crore, according to the sources.Analysts that CNBC-TV18 spoke to are anticipating a strong response to the project, courtesy of its aggressive pricing.
Sources have told CNBC-TV18 that the pricing is likely to be between ₹37,270 to ₹47,875 per square feet and the carpet area of each apartment is likely to be between 1,126 to 1,511 square feet.
Based on the price, the overall cost of an apartment is likely to be between ₹4.2 crore to ₹7.2 crore, according to the sources.Analysts that CNBC-TV18 spoke to are anticipating a strong response to the project, courtesy of its aggressive pricing.
DLF had earlier acquired a 17-acre land parcel in Mumbai in 2005 for ₹702 crore. However, the need to reduce debt and the company shifting focus to the NCR market, prompted them to sell that land to Lodha Developers in 2012 for ₹2,700 crore. Since then, the company had not returned to the city.
Mumbai’s real estate market has been heating up in recent times, courtesy of a slew of slum rehabilitation and re-development projects. Companies like Keystone Realtors (Rustomjee), Mahindra Lifespaces and Puravankara have all won projects in this segment recently.
Shares of DLF ended 1.4% higher at ₹844.95. The stock has remained flat in the last one month, and as only gained 2.5% so far this year.
