Mumbai Residential Project Opens Pre-Bid to Overwhelming Response
- Jan 30, 2013
Lodha Group, India’s premier real estate developers, launched the pre-bidding process for two projects within its massive luxury residential development named Codename Blue Moon in South Mumbai’s Worli area. Response towards the projects was overwhelming to the degree, within the first three hours of the pre-bid, almost twice as many request were submitted by interested buyers, than available units in Codename Blue Moons first development phase. Lodha Group is now considering the release of fresh inventory to satisfy demand that is expected to only increase by Jan. 27, when the pre-bid submission process ends.
The project’s sales model represents a first-time occurrence in India’s luxury real estate market. Interested buyers apply by expressing their preference regarding a unit’s configuration, floor band and ticket size. After the application process closes, allocations are to be made by an automated process, to ensure to most objective process possible.
The pre-launched phase of Codename Blue Moon consists of two luxury residential towers named Alpha and Gamma. Alpha will consist of two- and three-bedroom units, while Gamma will offer three- and four-bedroom flats. Unit prices start at the $0.6 million mark, comparable to prices for suburban locations.
“We had set out to challenge the convention in South Mumbai by offering luxury residences in an ultra-premium location at suburban rates,” said R. Karthik, Lodha Group’s CMO.
Tower Alpha will offer units featuring imported marble flooring throughout, bathrooms finished with luxury European fittings, imported modular kitchens, Wi-Fi, advanced fiber optic connectivity with IPTV and digital gaming, plentiful natural light. Amenities throughout common areas in tower Alpha include five-tier security, CCTV monitoring of key common areas, video door phone, swipe card access to lobby and lifts as well as multiple elevators per wing.
Tower Gamma’s units will feature abundant natural light, imported modular kitchens, imported marble flooring, luxury European bathroom fittings, storage room, separate master bathroom and powder room, Wi-Fi, advanced fiber optic connectivity with IPTV and digital gaming, five-tier security as well as multiple elevators per wing
Codename Blue Moon will feature more than 807,000-square-feet of luxury living with a 269,000-square-foot private central park. Community amenities will include social hotspots such as banquet facilities, gourmet restaurant, picnic/ barbeque area, party lawn, guest rooms, temple, lifestyle amenities such as business center, grand cinema and theater, amphitheater, global concierge services, spa facilities, gym with yoga and aerobics facilities, a health club with Jacuzzi and steam rooms, several pools, including a full length swimming pool, covered heated pool, kids pool and toddlers pool, separate dedicated children’s play area for kids aged 2 to 7 and 8 to 12, indoor sports facilities including indoor tennis court, squash court and multi-purpose courts suitable for basketball, badminton, volley ball, as well as outdoor sports, including mini golf and putting green, garden gym, cricket pitch and a rock climbing wall. Furthermore, multiple themed landscapes will also be featured on the property, as will water bodies, pet walking area and an organic farm.
“The unique advantage created for customers due to the sizing and pricing of the apartments is marking the entry of a large group of first-time buyers into the South Mumbai market, enabling a whole new generation of people who have so far not been able to participate in this market to live and work in South Mumbai” said R. Karthik.
Codename Blue Moon will include future projects as well. Necessary land for the development was acquired from DLF for $500 million and represented 2012’s largest real estate transaction in Mumbai.