Realty giant DLF is planning to build a 90-storey tall super luxury housing project, which it estimates will fetch Rs 15,000 crore, in this space-starved city.
Each apartment here is expected to cost Rs 5-10 crore and would make it one of the country's tallest and most expensive housing projects, sources said.
DLF is looking to launch next month this project at Lower Parel, where over 2,000 super-luxury homes would be spread vertically over 90 floors. Of this, the first 17 floors would be reserved for parking and there would be a king-size garden on the 18th.
The project would be developed on an 18-acre land at Lower Parel that DLF bought from National Textile Corporation (NTC) in 2006 for Rs 702 crore. It would have a total saleable area of about five million sq ft, comprising of multiple towers, each 90-storey tall.
DLF has yet not fixed the selling price of the units and the same would be determined after the market survey, sources said, adding that the company expects a sales realisation of Rs 12,000-15,000 crore from this high-end project.
When contacted, DLF spokesperson declined to divulge the details of the project.
"We are not in a hurry to launch this project. As we see market improving, we are waiting for the right time to launch this project to have a better realisation," he added.
However, in the analyst presentation earlier this month, the company had mentioned that Mumbai-NTC mills project will be launched this year.
The launch of this project follows robust response from customers for its prestigious project 'Capital green' in the national capital.
In March this year, DLF launched the third phase of its prestigious project 'Capital Green' in central Delhi. It had offered 150 luxury flats with a price tag of Rs 4 crore per unit. The selling price was fixed at Rs 11,000 per sq ft.
The company had last year launched the first and second phases with 1,400 and 1,250 units, respectively.
DLF had also launched a housing project at Panchkula and booked more than 1,200 flats within a week.
Overall, in 2009-10 fiscal, DLF sold 12.5 million sq ft of area in housing segment with a sales realisation of 7,150 crore. This fiscal, it is targeting to sale 15-18 million sq ft of area.
