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DLF eyes more projects in Mumbai’s real estate market, but focus remains on Andheri for now
Mumbai real estate update: DLF’s current focus is on its newly launched Andheri project, but it is also exploring more opportunities in the financial capital
Delhi-NCR-based real estate major DLF is eyeing further expansion in Mumbai’s real estate market, signalling interest beyond its ongoing project in Andheri. However, the immediate focus remains on the current development, Aakash Ohri, joint managing director, DLF, told HT.com
“Right now, our focus is on the Andheri project in Mumbai, but we are open to exploring more opportunities across the city, including South Mumbai, where many of our aspirational homebuyers are," Ohri told HT.com.
"We have received RERA approval for four towers in the Andheri project, of which two have already been launched. The remaining two will be introduced in the coming days, followed by an additional four towers in Phase 2 over the next few months," he said.
According to Aakash Ohri, the Andheri project is receiving a strong response, with growing interest from local and international buyers.
"We’re seeing good traction from NRIs as well and are deploying teams to five countries to promote the project to them actively. That said, our first preference is being given to local Mumbai homebuyers. We aim to maintain a 20–30% share for NRI homebuyers," Ohri said.
Also Read: DLF re-enters Mumbai market with over ₹800-crore The Westpark project in Andheri; Launches Phase 1 with 416 flats
All about DLF's re-entry into Mumbai’s real estate market
DLF on July 17 announced its re-entry into the Mumbai market with the launch of its premium residential project in Andheri.
The first phase of The WestPark will comprise 416 apartments across four towers, two of which were launched on July 17. The company plans to invest over ₹800 crore in the project and expects a topline of over ₹2,000 crore from Phase 1.
According to the company, the entire project is spread across 10 acres and will feature a mix of 3 BHK and larger apartments ranging from 1,125 sq ft to 2,500 sq ft. In the first phase, apartments are priced between ₹40,000 and ₹48,000 per sq ft.
Also Read: DLF’s Mumbai project set to launch soon as RERA gives green light to first phase with 416 premium apartments
Last month, DLF received approval from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for this phase, comprising 416 apartments across four towers.
DLF announced its re-entry into the Mumbai real estate market in July 2023. The company's first project in the city will be developed in partnership with the Trident Group under the Slum Rehabilitation Authority scheme.
In 2005, DLF had purchased 17 acres of prime mill land in Lower Parel at a National Textile Corporation auction for ₹704 crore, the highest bid at the time. After the 2008 economic crisis, it changed its plans and sold the land to Lodha, also known as Macrotech Developers, for ₹2,700 crore in 2012.
