DLF to debut in Mumbai with ‘The Westpark’ on July 17

Business Business:Leading real estate company DLF is set to launch its first residential project in Mumbai on July 17, weeks after receiving approval from the Maharashtra Real Estate Regulatory Authority (Maharera). According to registration documents reviewed by Moneycontrol, over 400 apartments will be available for sale in the first phase of the project, ‘The Westpark’.
The Gurugram-based real estate company will launch the project in the Oshiwara area of Mumbai’s Andheri suburb. While DLF is primarily known for its luxury and ultra-luxury residential projects in Gurugram and other markets, Westpark will be branded as a ‘premium’ project with ticket prices between Rs 5.5-7.5 crore, market sources told Moneycontrol.

DLF has partnered with Trident Group for the project in Oshiwara, which is being implemented as a slum rehabilitation project. Trident is expected to take care of the rehabilitation component of the project, which includes clearing land and creating rehabilitation units for slum dwellers, while DLF will handle the free sale component, which is expected to be around 9 lakh sq ft. This land segment has a total development potential of around 35 lakh sq ft.

According to brokerage notes, DLF has already sold a part of its inventory by invitation in its pre-launch phase. In a recent report, Kotak Institutional Equities has estimated that DLF has already sold inventory worth around Rs 1,000 crore to Rs 1,500 crore to its pre-launch customers in the Oshiwara project.