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Lodha Blue Moon, Lodha Group, Worli, Mumbai

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Lodha Blue Moon, Lodha Group, Worli, Mumbai

Last updated: February 19 2016
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  • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

    The actual fate of lodha will be known when the allotment happens which is 21 days from now. Lots of people who would have given lower floor may back out and then only the real picture will emerge.

    on record, i got a call as late as yesterday afternoon form lodha representative

    so 3 cheers to the biggest real estate opportunity.......once in a blue moon.

    Originally posted by sh-saxena View Post
    If it sells well, then it means there are enough rich end-users at this price since investors should be less as apparently there is a clause which says that it should be held till possession.

    Will Lodha’s IPO strategy for premium Mumbai project work? | Firstpost

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    • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

      The only person who benefits from Lodha's projects is Lodha itself.

      No investor, broker, end-user has anything good to say so far.. in any of the recent projects in the last 5-6 years.

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      • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

        All builders are the same. You won't hear good things about any builder. Every builder will delay construction, demand money faster etc etc...

        A 3BHK is selling for 2+ cr in bhandup/powai area. Runwal greens with base + floor rise for a 3BHK is more than 2.2 - 2.5cr.

        With the above prices, I think Lodha prices are good. South mumbai, close to worli prices for a 3BHK around 4.5cr is not bad.

        I was interested in the project, but 4.5cr was beyond what I could arrange for in a short time. I had to come up with around 40% in the first year, which could be around 1.5 cr..

        I personally feel the price offered and location of the project is really good. With 6-7 towers 70+ floors, that area is going to be a hell of an area with good amenties and a nice area..

        The negative I see about the project is that you cannot sell the project before possession and the 5+ years time it would take to build it. I do think that this would get completed in 5 - 6 years based on the other towers that were built by Lodha in the same area. I see that world towers are coming up really fast on skyscrapercity forums.

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        • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

          Lodha gets overwhelming response for posh project

          MUMBAI: At a time when property prices in Mumbai are not showing any signs of decline despite low sales, Lodha Group today said it has received 1,300 applications from prospective buyers for an upcoming realty project, which is more than double the number of units up for sale.

          "We sold over 1,300 applications for the Blue Moon residential project at Worli in central part of the city, representing a sale value of nearly Rs 6,000 crore," the company said in a statement here.

          Apartments at the project having over 600 units cost Rs 3.2 crore onwards. Lodha had recently acquired the land parcel from DLFBSE 2.75 % at Rs 2,727 crore.

          Nearly 30 per cent of the applications came from NRIs /PIOs, while an equal proportion came in from other cities like Delhi, Ahmedabad, Kolkata, Hyderabad and Bangalore, it said.

          "Such a response to a real estate launch is unheard of, and goes to reinforce Mumbai as one of the most robust and attractive real estate markets globally," the company claimed.

          "The allocations will be made using an automated allotment process, ensuring an objective mechanism which is fair. Such a model is being used for the first time in luxury real estate, and is sure to change the way in which real estate is sold," Lodha Group Chief Marketing Officer R Karthik said.

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          • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

            Originally posted by chiragn View Post
            MUMBAI: At a time when property prices in Mumbai are not showing any signs of decline despite low sales, Lodha Group today said it has received 1,300 applications from prospective buyers for an upcoming realty project, which is more than double the number of units up for sale.

            "We sold over 1,300 applications for the Blue Moon residential project at Worli in central part of the city, representing a sale value of nearly Rs 6,000 crore," the company said in a statement here.

            Apartments at the project having over 600 units cost Rs 3.2 crore onwards. Lodha had recently acquired the land parcel from DLFBSE 2.75 % at Rs 2,727 crore.

            Nearly 30 per cent of the applications came from NRIs /PIOs, while an equal proportion came in from other cities like Delhi, Ahmedabad, Kolkata, Hyderabad and Bangalore, it said.

            "Such a response to a real estate launch is unheard of, and goes to reinforce Mumbai as one of the most robust and attractive real estate markets globally," the company claimed.

            "The allocations will be made using an automated allotment process, ensuring an objective mechanism which is fair. Such a model is being used for the first time in luxury real estate, and is sure to change the way in which real estate is sold," Lodha Group Chief Marketing Officer R Karthik said.
            NRI's/ PIO's have such lucrative opportunities in other cities in asia that they would be stupid to look at mumbai of all as an investment choice ... even within India, am sure they are smart enough to figure out that a million dollars for something 5 yrs out is a lot of money ... you could get 3 properties of similar size elsewhere in asia with much better infra and at far lower int rates (if need be) ... builders are fooling us all and some people think this will keep continuing !!

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            • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

              NRI will always want to buy a nice property in a premium location for themselves in India. I have seen people in UK and US that want to buy a flat in a certain location because they have been brought up in that area. Like people from borivili would want in borivali, chembur in chembur and so on...And people who have enough money also want to have a place in a premium location. Also remember that this project is the first luxury premium project in the worli, lower parel area starting at around 3.2 cr. All luxury projects earlier would start at 8.0 cr.

              So, NRI that have around 600 - 800K might be looking to buy in this project. Trust me its almost impossible for NRI to buy flats 8- 10cr. It equates to around 2 million dollars. An NRI earns around 100K - 140K a year at best and after taxes and all expenses saves around $40 - $50K a year. It would take about 40 years to save 2million dollars...Now with proper investment, one could save 2 million in 15- 20 years. But that again is a long time and for someone to put the entire savings from 15 - 20 years to get a 3BHK in worli is unimaginable...

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              • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

                It's like people from mumbai keep looking in mumbai for investment, when there are better opportunities in pune, banglore etc. So being in the same country if people don't invest outside their state, imagine investing in a totally different country....

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                • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

                  I was hoping it will be more than 1300, since they had more than 1000 applications on the first day. So they had only 300 applications for the remaining 9 days??

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                  • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

                    Originally posted by wildfire View Post
                    I was hoping it will be more than 1300, since they had more than 1000 applications on the first day. So they had only 300 applications for the remaining 9 days??
                    Given that the project was declared sold-out within no time and that Lodha has declared that prices are going to move up at launch by 5000, these are the following points that I can't make sense:

                    1. Why are they claiming to have released more inventory when they are so sure that they can sell more at a higher price later? Why let an opportunity to squeeze more out of buyers slip?

                    2. Despite such strong demand, why did they have to relax the criterion of levying 9 lakh cancellation charge to get people to invest? Wouldn't it attract more frivolous buyer?

                    3. Why were they calling up people till the last day to make them invest? Wasn't the project already sold-out?

                    Any guesses?

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                    • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

                      Originally posted by piy12b View Post

                      1. Why are they claiming to have released more inventory when they are so sure that they can sell more at a higher price later? Why let an opportunity to squeeze more out of buyers slip?

                      Any guesses?
                      Hi, In today's front page advertisement of Times of India, Lodha does claim that they got 1300 applications and over half of the applications will be rejected...i.e. they have not released more inventory.

                      For the record, I am not a broker or a lodha employee and am just another mumbaikar looking for prices to correct to make some value-for-money purchse. I have also not invested in this property.

                      I was concerned that Lodha is excessively leveraged (heresay and large no. of projects under way simultaneously) and this project might get delayed too, and chose not to invest. It remains to be seen whether those who stayed on the sidelines were smart..or the 1300 that jumped in.

                      Historically, I have been on the losing side (say the past 3-4 years) when it comes to my betting against RE price correction.

                      -RD99

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