MUMBAI, July 9, 2015 /PRNewswire/ --
Lodha Developers, the largest real estate developer in the country, has closed applications for the pre-launch of its latest landmark development - a world-class neighbourhood in Prime Central Thane last Sunday, 5th July. Over 2,500 applications were received in the nine-day IPO-style pre-launch, a new innovation in selling real estate pioneered by Lodha Group. With a robust waitlist of nearly 500 applicants already, this is shaping up to be one of the biggest and most unique real estate offerings for the year.
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"Surpassing conventional methods, we sought to bring a whole new generation of people who have until now not been able to take part in the market, the chance for larger participation in finding the right home at a unique price point. We are extremely glad to have brought this sort of value to our customers, which has been so well received," said Abhinandan Lodha, Deputy Managing Director, Lodha Group.
The 'issue' was pre-launched simultaneously across the globe in New York, London, Dubai, Singapore and Hong Kong and all parts of India. Priced at Rs. 55 lakh onwards, these 1 and 2 bed smart-sized premium homes indicates the growing demand for under Rs. 1 crore ticket sizes in the region for quality developments. This was echoed by the feedback received from a few independent channel partners such as Tanuj Shori, CEO of Square Yards, Dubai , who said, "With over 1,500 applications flowing in from all over the world on the first day itself, it was important to get all my clients to apply as soon as possible, as allocation of these world-class residences would be on a first come basis. This kind of frenzy to apply for a home is unprecedented in my 20+ years of experience in this industry."
"The buzz surrounding this pre-launch was extraordinary. The reverberations were felt even in Manhattan, New York. An opportunity this big rarely comes along so naturally, many of my client's here did not even think twice before applying," said Ashish Kukreja, proprietor of Homesfy.in, which also operates in New York and other parts of the globe.
The project has used a distinctive sales model where applications were invited from prospective customers stating their preference of configuration, floor band and ticket sizes. Allocations will be made using an automated allotment process, ensuring a very objective mechanism which is fair to all. Such a model is being used for the first time in the affordable luxury segment, and is sure to change the way in which real estate is sold. The first set of allotments will roll out by second week of July.
"The product on offer was the best value proposition for my customers. Homes in a wooded neighbourhood featuring all the modern amenities at the best location in Thane and that too at these prices made it an easy decision for my customers," said Ashish Narain Agarwal of Property Pistol Realty Pvt Ltd, Mumbai.
The 'issue' was a unique opportunity for investors and end users all over to buy high quality real estate in the Mumbai Metropolitan Region at attractive values. The unprecedented success of the project sets a completely new benchmark in terms of the way real estate is being developed and purchased in India.
About Lodha Developers Pvt. Ltd.
Established in 1980, privately held Lodha Developers is India's largest real estate developer and amongst the world's select multinational real estate brands with presence in India and the United Kingdom. The company is one of the most profitable players in India and the largest by sales for three consecutive years. It achieved net sales of INR 7,790 Cr for FY 14-15 and INR 7,520 Cr for FY 13-14 with INR 8,092 Cr in FY 12-13 and INR 3,911 Cr in FY 11-12.
The group currently has total land holdings of over 6,000 acres with an estimated saleable area of ~490 million sq ft. Of this, 27 ongoing and 21 planned projects, spread over 1,284 acres of land, comprise 100 million sqft of saleable area. In addition our land reserves of 4,750 acres - the largest in the Mumbai Metropolitan Region - have an estimated saleable area of 388 million sq ft. Our ongoing and planned projects and land reserves combined have been valued at USD 11.8 billion by Knight Frank as on October 2014.
Historically, we have executed and delivered projects to the tune of 26 million square feet across Mumbai, Pune and Hyderabad. In FY 14-15 alone the company delivered 5.7 million square feet and 5,500 units across projects. The group plans to deliver more than 11.8 million sqft in FY 15-16.
Lodha's vision of 'Building a Better Life' extends across markets with several landmark developments to its credit including World One - the world's tallest residential tower, and Palava City - the first Greenfield smart city in the country. The group has brought some of the top global names including Armani/Casa, Trump, Philippe Starck, Jade Jagger, Kelly Hoppen, Greg Norman and Pei Cobb Freed to India. In November 2013, the Group extended its international footprint with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in Prime Central London from the Canadian Government for a consideration of over GBP 300 million (INR 3,100 Cr). The Group acquired another premium site in Prime Central London, 'New Court' at 48 Carey Street, taking the combined investment to GBP ~400 million. The group is on target to deliver over 1,000 homes each year from 2017 and is planning a further £3 billion worth of investment in the UK by 2018.
Lodha Developers is one of the largest corporate entities in Mumbai, with over 3,870 direct associates and over 25,000 workmen at its sites. Over 2% of the group's annual profits are dedicated to social programs with a focus on education as the best medium to enrich society. With offices in London, Dubai and Shanghai and planned openings in the USA and Singapore, the group is on the road to a substantial international presence.
www.lodhagroup.com
Media Contact:
Jovita D'souza
+91-9930339238
Corporate Communications, Lodha Developers Pvt. Ltd.
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