Real estate giant DLF is set to make a significant mark in the Mumbai real estate market with its maiden project in the Andheri area. As the development progresses, DLF officials have hinted at a pricing range for the apartments, indicating that they may fall within the bracket of Rs 5.5 crore to Rs 7.5 crore, according to a company representative.
The residential units in question are expected to be three-bedroom and three-plus-bedroom apartments, although the exact dimensions are yet to be finalized. Aakash Ohri, Chief Business Officer and Joint Managing Director of DLF Home Developers, shared these insights during an earnings call, providing a glimpse into the pricing strategy for the first phase of the venture, encompassing a substantial 1 million square feet of development.
DLF has undertaken this venture in collaboration with the Trident Group as part of a Slum Rehabilitation Authority project. The partnership, announced in July 2023, marks DLF’s re-entry into the Mumbai real estate scene. The company plans to inject Rs 400 crore in equity for the project, with an anticipated saleable area ranging between 3 million to 3.5 million square feet.
As DLF forays into Mumbai’s dynamic real estate landscape, the pricing strategy for its initial project reflects a balance between the upscale nature of the development and market considerations. The company’s strategic approach to its Mumbai debut involves a joint venture and substantial investment, signaling its commitment to making a substantial impact on the city’s real estate sector.
The coming months will be crucial as DLF’s ambitious project takes shape, offering a glimpse into the evolving dynamics of Mumbai’s property market. The pricing range, coupled with the strategic partnership with the Trident Group, positions DLF as a key player to watch in Mumbai’s real estate narrative.