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

  • The 10-acre parcel, the first transit-oriented development in India coming up near the Seawoods Darave railway station of Mumbai
  • The company had launched a channel partner activation drive which saw 400 brokers working to market the project

PTI
Updated15 May 2019, 01:10 PM IST
For the first phase, the company has received nearly 1,800 booking applications from home buyers.
For the first phase, the company has received nearly 1,800 booking applications from home buyers.(Photo: Bloomberg)

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.

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First Published:15 May 2019, 01:10 PM IST
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