Lodha group follows IPO model to sell project in Lower Parel
One of the renowned developers in India, Lodha Group based in Mumbai recently started with a new scheme projects. An ‘initial public offer’ has been used by the developer to sell apartments at their latest premium project located in Lower Parel in Central Mumbai.
The project, which is spread across 17.5 acres called Blue Moon, will be constructed on Mumbai Textile Mills plot which has been recently acquired by Lodha from DLF for Rs 2725 crore. For now, two towers are being released out of six planned.
A new IPO allotment-like automated algorithm system has been planned to sell these apartments in Mumbai. This type of draw was generally used by government agencies like MHADA and DDA to sell projects. This will be the first type that a private builder is using this method.
Lodha group is planning to not charge premium for a specific view unlike their previous projects. After reviewing buyers’ applications, the system will be given inputs like typology, floor preference and most importantly, the ticket price range. Based on the inputs, the algorithm system will allot an apartment to a specific buyer.
As per the managing director of Lodha Group, Abhishek Lodha, the process has been made as transparent as possible with no hidden rates and terns to any buyer. The pricing is almost 45-50 percent lower than the ticket price for any three or four-bedroom apartments available in the vicinity. He also clarified that until and unless an apartment is fully sold and all formalities are over, a buyer won’t be able to sell an apartment.
The IPO offer is valid from January 18- 27, 2013 and buyers will be able to bid for four categories covering 2 BHK apartments spread over around 1,370 sq ft, 3 BHK apartments of 1,670 sq ft and 2,000 sq ft size and 4 BHK of around 2,300 sq ft. Approximately 500 apartments will be launched under this scheme and Lodha is expecting bookings worth Rs 3000 crore in the first phase.
The project is under construction and delivery can be expected by 2017.
Read more real estate news:
Lodha Group goes for smaller and affordable flats
Lodha Group launches new five star residential project near Pune
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