DLF launching 1st-ever residential project in Mumbai after a decade
What's the story
DLF, one of India's leading real estate developers, is making a comeback in the Mumbai Metropolitan Region after over a decade. The company will be launching its first project, called "The Westpark," on a 5.18-acre site in the city. Located in Andheri West, the development is part of a larger 10-acre slum rehabilitation initiative. DLF's partner, Trident Realty, is managing land clearance and housing construction for this project.
Project details
Project details and pricing
The Westpark project features four residential towers, each with 37 floors. The first phase includes two towers and offers 416 three-bedroom apartments. These units are priced between ₹4.5 crore and ₹8 crore, depending on their configuration and floor level. The apartment sizes range from 1,125 square feet to 1,500 square feet, with an average base price of around ₹42,000 per square foot, according to CNBC-TV18.
Market re-entry
Why it stayed away from Mumbai's real estate market
DLF had previously bought a 17-acre land parcel in Mumbai for ₹702 crore in 2005. However, the company sold the land to Lodha Developers for ₹2,700 crore in 2012 as part of its debt-reduction strategy and shift toward the NCR market. Since then, DLF has stayed away from Mumbai's real estate market until now.
Investor reaction
DLF's share price movement
Following the announcement of The Westpark project, DLF's shares closed 1.4% higher at ₹844.95. The stock has remained mostly unchanged over the past month, with a marginal gain of 2.5% year-to-date (YTD). Analysts expect a positive response to this new venture due to its competitive pricing strategy in Mumbai's booming real estate market.