L&T Realty gets strong demand for 500 flats on offer in Navi Mumbai project

Mumbai: Diversified group Larsen & Toubro's real estate arm L&T Realty is eyeing revenues of ₹3,200 crore from an upcoming project in the satellite city of Navi Mumbai, official said on Tuesday.

The 10-acre parcel, the first transit-oriented development in India coming up near the Seawoods Darave railway station, has a development potential of 1.5 million sqft and will be developed in a phased manner.

"Bookings for the phase-I of the project have finished and we are looking at revenues of around ₹3,200 crore, once completed," a company official said.

For the first phase, it has received nearly 1,800 booking applications from home buyers for 500 units offered, which belies the fears of a slowdown in the market.

"The project has received an unprecedented response from the customers, brokers, corporate houses and international markets at a time when the market is muted," company's managing director and chief executive Shrikant Joshi said.

The company had launched a channel partner activation drive which saw 400 brokers working to market the project, he said.

He attributed the buyer interest to unique location, where residential precinct is integrated with a shopping mall and connected with a railway station by a pedestrian concourse.

Joshi said that substantial interest has come from the corporates and employees working in the offices at the commercial towers of Seawoods Grand Central.

The phase I comprises five towers with 500 apartments with a mix of 2 and 3 bhk units, while phase II will house three towers.