Adding to its residential project portfolio, the Mumbai-based Lodha Group has recently announced the launch of private landscape "The Park" a luxury housing project on an area of 17.5-acre on the Mumbai Textile mill plot at Worli in the heart of city involving an investment of Rs. 5000cr. The plot of land on which the project is being built was purchased by the group from DLF for Rs. 2,725cr last year. Apart from this, the group has also decided to launch more projects around The Park and these would include high-rise, town houses, luxury retail and even select bungalows, said Managing Director, Abhishek Lodha, adding that about 85% of new project would comprise open spaces and also include retail plaza and concierge services. The builder has already generated about Rs. 3,500cr via pre launch sale of the project, which is being developed over 40 lakh square feet space in the next 5-7 years with average ticket size of the sale is about Rs 5cr and the first two towers have already been sold in January. Cine star Aishwara Rai Bachchan, who is also the brand ambassador for the group, unveiled the project launch recently and also made a commitment to invest in the new project, which commands total revenue potential worth Rs 18,000cr, he added.
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