DLF CONVERTS MUMBAI MALL PROJECT INTO RESIDENTIAL ONE

Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} DLF, the country’s largest realtor by market value, is planning tobuild a premium residentialapartment complex at Worli in Mumbai insteadof a high-end mall project, as demand for retail spaces has come down sharply,according to a company executive. “We felt residential will do well here, and we will fix the pricedepending on market conditions,” he said. According to DLF website, the projectis under “planning and development” under the high-end mall brand Emporio. Rents of retail spaces are down by 25-30 per cent from their peakin 2007-08 as demand slowed. Though demand for officespaces have picked up slowly,property consultants expect lukewarm demand to continue for retaildevelopments. Worli, which was a former hub of textile mills, is witnessingmodern office developments by realtors such as Indiabulls, Bombay Dyeing andCentury Textiles, and residentialapartments command a price of Rs22,000 per sq ft and above. DLF made news in 2005 when it bought a 17-acre Mumbai Textile Millland from National Textile Corporation (NTC) for Rs 702 crore. The company atthat time announced it would build a futuristic retail-cum-entertainmentcomplex on the land. The new project is expected to be launched in the next four-fivemonths after taking all the necessary approvals, the executive said. According to propertyconsultants , the company changed theplan several times as real estate market went through a prolonged slowdown. However, DLF is not alone which converted its mall project into aresidential one. Host of others such as DB Realty in Dahisar area of Mumbai,West Pioneer in Kalyan near Mumbai and TTK group in Bangalore also changedtheir plans to build mall to apartment projects. Apartment prices have raised 15-20 per cent since mid-2009 as homebuyers returned to the market. Earlier, prices had declined by around 40 percent as home buyers stayed away. Buoyed by response for its apartment projects, DLF is expected tolaunch 8-10 new residential projects in the next one year, according tosources. DLF, which stalled some of its office projects during the slowdown, isplanning to launch two-three commercialprojects in Gurgaon and Hyderabad. DLF today sold 1,200 units of independent floors in its PanchkulaValley housing project in Chandigarh within a week of its launch. The units were priced between Rs 30 lakh to Rs 60 lakh. Thecompany is aid to have made around Rs 500 crore from the sale of units. Thecompany originally planned to launch 500 units, but later increased it to 1200due to good response, a release from the company said. The project was launchedon Feb 18, 2010. The company, which had plans to book these units in 45 days tillMarch 31, 2010, closed bookings within seven days of launch as the bookingscrossed 1200 units within 15 days. Courtesy:- BS dt:- 26-feb-2010 For more information regarding apartment in mumbai, bedroomapartments, buy property in india, commercial complex in india, commercial realestate, commercial space in mumbai, dealers, flats for sale, indian real estateinvestment, investment options in real estate, luxurious flats, malls, officespace, office space in mumbai, online real estate, penthouses mumbai, plots,property consultants, property in mumbai, property india, property investment,real estate company, real estate developer, real estate mumbai, real estate inindia, real estate investment strategies, real estate market, real estate news,real estate portals, realtors, realty, residence, residential real estate, sellproperty, shop, villas, Residential Apartment   Visit    www.zameen-zaidad.com             www.propertycafeteria.com

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