Realty major DLF is all set to launch its 90-storey super luxury residential tower project in Lower Parel. It will come up on an 17.5-acre plot that DLF bought from National Textile Corporation in 2006, for Rs 702 crore.

The company is planning to build around 2,000 super luxury apartments in the tower, each sold at Rs 27,000-Rs 30,000 per sq ft — that would take the price of each apartment to Rs 5 crore-Rs 10 crore

This project has been designed by Hafeez Contractor and is going to be a commercial+residential. The first 17 floors will be parking space, the 18th floor will be an extensive garden.

Renders:
http://img406.imageshack.us/img406/4242/dlfmumbai1.jpg

http://img96.imageshack.us/img96/4236/dlfm1.jpg

http://img220.imageshack.us/img220/1037/dlfm2.jpg

http://img257.imageshack.us/img257/6853/dlfm3.jpg


Location:
http://img7.imageshack.us/img7/4561/dlfsitepic.jpg

How does site (http://arzepakistan.com/forumdisplay.php?324-General-Images-amp-Multimedia&) have the exact same posting as you. I came across this while googling for some more info.

But anyways, Savz, are you gujigal on that site?

Isnt there some sort of fight going on between bmc mhada and ntc over this plot regarding open space to be given for public use???

erm, why don't we wait till it has a name, render, official floor count/number of towers. btw, these are still waiting on a few approvals before construction can start.

erm, why don't we wait till it has a name, render, official floor count/number of towers. btw, these are still waiting on a few approvals before construction can start.

Buddy, even i feel the same, the only reason i thought of starting up a thread was coz the last time i passed down the site, i saw 2 cranes down there. I really dunno if they have started the work but if u look at the satellite image seems like 2 cranes have started work there....Yups but i totally agree at this point of time we dont have the renders/actual floor count, but i guess from what i have heard these are 2 x 90 Floor Residential towers and a commercial one to be constructed.

:ohno:How does site (http://arzepakistan.com/forumdisplay.php?324-General-Images-amp-Multimedia&) have the exact same posting as you. I came across this while googling for some more info.

But anyways, Savz, are you gujigal on that site?

Certainly not, i just created this thread today morning, i really dunno how it got replicated there...

Buddy, even i feel the same, the only reason i thought of starting up a thread was coz the last time i passed down the site, i saw 2 cranes down there. I really dunno if they have started the work but if u look at the satellite image seems like 2 cranes have started work there....Yups but i totally agree at this point of time we dont have the renders/actual floor count, but i guess from what i have heard these are 2 x 90 Floor Residential towers and a commercial one to be constructed.

If you pass through the site next time, I mean if you are walking around and not in any vehicle, please spare some moment if you can to ask the people the name of the building and the height.

:ohno:

Certainly not, i just created this thread today morning, i really dunno how it got replicated there...

Possibly some spyware, I guess or some chor.

If you pass through the site next time, I mean if you are walking around and not in any vehicle, please spare some moment if you can to ask the people the name of the building and the height.



Possibly some spyware, I guess or some chor.

Yeah i guesso...im def gonna do that and update you guys soon...

Buddy, even i feel the same, the only reason i thought of starting up a thread was coz the last time i passed down the site, i saw 2 cranes down there. I really dunno if they have started the work but if u look at the satellite image seems like 2 cranes have started work there....Yups but i totally agree at this point of time we dont have the renders/actual floor count, but i guess from what i have heard these are 2 x 90 Floor Residential towers and a commercial one to be constructed.

Those cranes have been there for years.

Those cranes have been there for years.

I c....gimme sometime, il try to get some more concrete info on the status of project kickoff...:-)

Well here are some I took back in November but didn't upload -

Nov 26
Copyright India101
http://i53.tinypic.com/2lkfsc1.jpg

http://i55.tinypic.com/somkg6.jpg

http://i55.tinypic.com/2ai253l.jpg

damn

how many supertalls are there in mumbai

i lost count

10-15 atleast?


90 floors if true is easily more than 300.

btw

this is the DLF number for their mumbai office.

9999961949

Another luxury residential supertall? :ohno:

For some reason, I find it hard to get very hyped up about these.

^ well yeah, whos gonna buy so many ultra high end flats? and also, builders tend to use more concrete for residential buildings.

Hmm nice one .

Well here are some I took back in November but didn't upload -

Nov 26
Copyright India101

So by looking at those trucks and some digging work, it means that something's coming up.

btw

this is the DLF number for their mumbai office.

9999961949

Call them and find out then if possible please.

And please no International thread on this before more info !

Have these folks never heard of a rendering?

I couldnt get time this time, though i crossed the place at 12.30am last night and could see some activity there. Def wen i comedown next time i.e in aweek or so will try n gather more details.

Special thnks 101...awesome pics!

Does any1 hav any update of the DLF Towers?Any Rendering/Pics/Updates?

DLF are renowned for changing their projects.

I dont think a 90 floor tower will the built, will get capped or some excuse found although I hope im wrong.

Something that is mixed use would benefit the location.

removed to avoid confusion

This probably already is capped. The towers neighbour World One (442m) has already been capped to 280m

Geez that sucks!!! I had high hopes for India. India is becoming a comedy of errors:bash:

Geez that sucks!!! I had high hopes for India. India is becoming a comedy of errors:bash:

We're ALL sad. But in India no one can really tell - and the phrase "It ain't over till the fat lady sings" is of paramount significance. Like Sunny Gavaskar, we may end up with a high score and draw, after days of 1 and 2 runs!!!

This has not been capped officially. I mean DLF haven't even announced waht they are building. These will turn out what ever DLF plan to build.

I see. I wish someone can update India tower thread. Not even a picture is nessary. Just report what you saw. I'm doing that for projects in Korea.

The design is out on Contractor's site:

http://img406.imageshack.us/img406/4242/dlfmumbai1.jpg

http://img96.imageshack.us/img96/4236/dlfm1.jpg

http://img220.imageshack.us/img220/1037/dlfm2.jpg

http://img257.imageshack.us/img257/6853/dlfm3.jpg

Nice.. This is awesome.

awesome :cheers:

is that 90F x 3?

Holy crap. That is huge and it's right in the middle of the skyline.

sixsigma - that appears to be 90fl x 3

HOLY FUCK!!!!!! AMAZING!! INSHAH ALLAH THIS WILL SOON BE BUILT!!! 90fl x 3!! DAMN! WILL REDEFINE WHOLE SKYLINE!!

wow!!! :cheers:

http://img257.imageshack.us/img257/6853/dlfm3.jpg

Are those Imperials in the background?

And for once Hafeez has designed something awe inspiring.

^^

Yes. For once. Great addition to the skyline. One of the better looking towers and of the best designs by HC.

Thats better!

I am fan of Hafeez and this is more like it.

The renders does not give the impression of 3 x 90 floor towers, more like 65 floors each.

The renders does not give the impression of 3 x 90 floor towers, more like 65 floors each.

It's having 73 visible floors in those renders (counted) plus parking/podium/etc. can count to 90.

is this really gonna get built with the airport issues?

They should to what Lodha is doing -

Abhisheck Lodha , managing director at Lodha Developers , though , said the ministry's decision would not slow down the project . "The ministry's decision is in tune with the existing rules on building height . I am not worried as it will take three years for the construction to reach 85 floors . By this time , I am sure , rapid development in Central Mumbai — with plans for many 80-floor-plus buildings — will make other developers request the ministry to take a relook at the height rules ,'' said Lodha .





He has a point about the rapid development, the height restriction will eventually have to changed.

They should to what Lodha is doing -



He has a point about the rapid development, the height restriction will eventually have to changed.

they either do that with the burgeoning population - or we will have to start building cities on the sea it self - a la Waterworld :D

they either do that with the burgeoning population - or we will have to start building cities on the sea it self - a la Waterworld :D

not joking but there was a proposal to reclaim the land in thane creek.

that would change the dynamics of the city and mumbai mmr forever.

That's the the only way out in the city of mumbai! Reclaiming from the mother nature!

n mother nature will reclaim it back in future be prepare for that

err, most of bombay is reclaimed land. this city would not have existed without reclamation

DLF site is perhaps the only site beside World one site where it gives a feeling of grandness, it really has does has a lot of space

http://img864.imageshack.us/img864/7692/img0985qx.jpg (http://img864.imageshack.us/i/img0985qx.jpg/)

I think there is no work going on.........is it on hold????........as no workers are seen.......

Lunch break? :D

Work is going on, it was early morning so there were less workers but yea compare to other sites in the vicinity DLF workers are a bit slow

Great updates:cheers:

BTW Coolguyz, any information on how this building is going to look like? Any billboard by the site?

Has the foundation been done ? But we still have no good renders expect some thumbnails.

Has the foundation been done ? But we still have no good renders expect some thumbnails.

What you see is the foundation. The hole was dug out a long time ago before recession hit DLF. It was gonna be a commercial tower earlier but later converted to residential which now is underway.

What you see is the foundation. The hole was dug out a long time ago before recession hit DLF. It was gonna be a commercial tower earlier but later converted to residential which now is underway.

Thanks for the info mate. really appreciate it :)

This is my favorite tower(s). I love the design. Thanks Coolguyz for the awesome updates. Appreciate it.

Can somebody post some renderings for this project?

well realy tired of hearing so many high rise projects in mum

Can somebody post some renderings for this project?

No.

We won't post it.

DLF site is perhaps the only site beside World one site where it gives a feeling of grandness, it really has does has a lot of space

http://img864.imageshack.us/img864/7692/img0985qx.jpg (http://img864.imageshack.us/i/img0985qx.jpg/)

Looks like piling is started so this is now U/C.

Also since we have renders (page 2 haha) shouldn't we make an international thread as well ?

90 fl + spire is definitely a supertall.

why hasn't this been added to international forums?

why hasn't this been added to international forums?

dunno - whats the confirmed height of the tower?

dunno - whats the confirmed height of the tower?

The official height has not been disclosed as yet. The unofficial height seems to be 350m-400m range.

http://www.apreal.com/projects/project/Mumbai-Residential-Project-in---Mumbai---Builder-Apartment--DLF-Upcoming-Project-Parel---Mumbai.-Pl/285471827215045832/r.html

coz dis project hs bin scrapped y DLF :(

^^ what're u talking about?

coz dis project hs bin scrapped y DLF :(

Proof Please....

u think m lieing?huhu...

u think m lieing?huhu...

This is the internet. You must always provide proof when you make such statements. Especially if you are a lurker.

i dont bother to give d proof of everythin wht i say coz dis s nt possible every time.there is no word on scrappin in writing which r so call proof.i told dat frm my own sources.

Please don't type like that.

i dont bother to give d proof of everythin wht i say coz dis s nt possible every time.there is no word on scrappin in writing which r so call proof.i told dat frm my own sources.

You're an idiot! I don't have proof but my sources say its true.:bash:

k...wht u people wnt,make video of dat guy saying abt d project nd for which he is not authorised nd endanger his job.i think his job is way important dan your silly demand of PROOF.

^^ Trolling won't get you any marks mate. try to respect what others are saying - especially the veterans. And youre writing style is extremely juvenile. You might want to rein in your comments since neither in quality or quantity are you contributing anything worthwhile.

k...cn u pls not typ lik dis, it rlly annoying

And yes we do think you are lying. DLF would have said something if they are canceling a massive project like this one.

surya.......what a jerk you are!!!

k..m takin my words back,happy.

k...cn u pls not typ lik dis, it rlly annoying

And yes we do think you are lying. DLF would have said something if they are canceling a massive project like this one.

LMAO India101....That was funny:lol:

No offench surya...But please provide proof, even if it is "own sources", explain how you figured it out atleast....Explain what you heard from the building officials clearly...

Now [to the tower], Rise baby or RIP if Surya was right, no one really knows....

article 19 of constitution of india gives me right to express my feeling.i wont give a damn if u people believe or not..:/

:nuts:

article 19 of constitution of india gives me right to express my feeling.i wont give a damn if u people believe or not..:/

HAHAHHAHA:cheers:

article 19 of constitution of india gives me right to express my feeling.i wont give a damn if u people believe or not..:/

SSC is a global fraternity - its not governed by our Indian laws- it IS governed by the laws of common sense and something wonderful known as a "moderator"- and a BAN is something you'll likely face if you keep flaming the board like this.

article 19 of constitution of india gives me right to express my feeling.i wont give a damn if u people believe or not..:/

Yeah, but it doesn't give you the right to post a source, right?

surya=douche-bag

http://i200.photobucket.com/albums/aa44/Woden87/obvious-troll.jpg

Looks like the renders are going to be launched soon. Saw this billboard on WEH near Bandra. The building shown is I guess in gurgaon???

http://img842.imageshack.us/img842/8205/20110508121124.jpg (http://imageshack.us/photo/my-images/842/20110508121124.jpg/)

^^Yeah. That's the Gateway Tower

Now that confirms this project is still going on. Good find CG!

So the 3 Block towers are not the final designs??, it was simplistic but majestic like the empire state building..

Looks like the renders are going to be launched soon. Saw this billboard on WEH near Bandra. The building shown is I guess in gurgaon???

http://img842.imageshack.us/img842/8205/20110508121124.jpg (http://imageshack.us/photo/my-images/842/20110508121124.jpg/)

That's the GATEWAY TOWER in Gurgaon, Delhi NCR

Sad what lenght said 'Surya' will go 4 a 'lil attention;(

Otherwise I assure everyone that this dlf project is very much on.
dlf has talked about it publicly, even quoted some figures and prices I believe. I will post 'evidence' when available as I wasn't out on a evidence collecting tour when I read-up on said dlf project.

Importantly, I wish to renew the enthu of this thread and hopefully help cancel the sh*t induced by said 'Surya'.

So the 3 Block towers are not the final designs??, it was simplistic but majestic like the empire state building..

Who said they're not? But they most likely wont be. Half the projects in Mumbai have one or more redesigns before it is completed.

Who said they're not? But they most likely wont be. Half the projects in Mumbai have one or more redesigns before it is completed.

But, does any body have any idea of the latest renderings? I am really eager to see something that is iconic & uplifts the Mumbai skyline.

But, does any body have any idea of the latest renderings? I am really eager to see something that is iconic & uplifts the Mumbai skyline.

+1
I am right there with ya

"Crane @ the DLF Site"

http://img715.imageshack.us/img715/1544/30052011010.jpg

http://img220.imageshack.us/img220/2760/30052011011.jpg

^^ Excellent - now if Only we could photoshop delete the Ashok Leyland junkyard-on-wheels from the pic before posting this on International Forums :D

I thought that there where already two cranes on the DLF site...so is this another plot??...or they have just added third crane....

Thank you so much Savs for all the updates

Mdhar yes there is a few cranes at the site (3 or 2) I can't remember. I think they are on the other side of the site.

Are these towers going to be 90flrs or is it capped?

I am pretty sure that they have added a new white crane at the center of the site. Pl confirm

http://img233.imageshack.us/img233/70/img0457qa.jpg

http://img801.imageshack.us/img801/2438/img0456cz.jpg

^^ Outstanding! I counted Three cranes in total...

Why the construction is very slow in this project?

There is no construction going on.The site has been like this since months. They are yet to finalise the deaigns. Coming soon billboards about the.new tower are still scattered across the city

Yep, this project hasn't even been laucnhed yet.

I dont understand, how could they start the construction without finalizing the design ?

They haven't started construction.

I dont understand, how could they start the construction without finalizing the design ?

Dude didn't you read in post 101? (ahem...101)

Sorry, I thought they have finished upto ground level and waiting for the design to finalize to go upwards. Looks like that in the site picture so confused.

They are still in the basement, where the have been for years.

(ahem...101)

:laugh: Thats better

Well as per my knowledge- No work on these "3 towers" has actually begun. DLF had originally planned and even started work on a commercial project, I think a Mall/office building on this site. So the little construction on the site is for that- But they altered their plans as the commercial sector lost steam.. So now sure what the future of this site is.

:laugh: Thats better

I meant mer101. :D, just a Friday, so let you off this time.

:colbert:

we can expect only 2 supertalls in DLF's lower parel site
3 towers will come up there

Wing A: stilt+85floors
Wing B: stilt+85floors
Wing C: stilt+45floors

http://envis.maharashtra.gov.in/envis_data/files/jawala29_new.pdf

hmm... that implies HC's rendering isn't the final design

http://img257.imageshack.us/img257/6853/dlfm3.jpg

DLF might be looking into selling the site because of their massive existing debt. It's not confirmed but I won't be surprised if true.


DLF plans to net 1.5K cr from mill sale (http://timesofindia.indiatimes.com/city/mumbai/DLF-plans-to-net-15K-cr-from-mill-sale/articleshow/9929217.cms)

MUMBAI: DLF, the country's largest real estate company, is believed to be on the lookout for a buyer for its 17-acre Mumbai textile mill at Lower Parel. The company had purchased it for Rs 702 crore in 2005.

DLF is looking for potential buyers for either the entire land parcel or a portion of it. DLF, which is one of the ten developers who benefited from the state government's coveted parking incentive scheme, has a sanctioned floor space index of 2.10 lakh sq mt on the plot. With a development potential of approximately 45 lakh sq ft, the company is learnt to be looking to garner over Rs 1,500 crore from the sale.

Saurabh Chawla, executive director (finance) of DLF, said that the company has no plans to sell the mill land. However, sources close to the company said that the sale was mooted with leading industry people. The company wants to raise up to Rs 7,000 crore in the next 2-3 years from the sale of assets to cut its net debt, which currently stands at a whopping Rs 21,424 crore. Early this year, DLF said it had raised the divestment target for non-core assets (including land parcels) to Rs 10,000 crore from Rs 4,500 crore earlier. The company has already raised Rs 3,070 crore so far from divestment of non-core assets such as hotel plots and out of that, Rs 1,270 crore was garnered last fiscal

"No developer however, has this kind of money. So, it would not be an easy task for DLF. Private equity is the only option, provided DLF is ready to partake huge returns and face the challenge of over 5,000 luxury apartments in the Rs 5 crore to Rs 10 crore being constructed by its competitors like Indiabulls, Lodha and D B Realty in the Worli-Lower Parel-Prabhadevi stretch," said a real estate expert. Sources say DLF, despite having requisite permission, has indefinitely delayed plans to start construction of the three 90-storey residential towers as apparently it was not getting their asking price of over Rs 20,000 a sq ft.

^
yup

this project might be dead. DLF are selling other assets as well.


with a rate rise looming they want to reduce debt



http://economictimes.indiatimes.com/markets/real-estate/news-/dlf-sells-28-acre-plot-to-developer-m3m-india-in-gurgaon-for-rs-440-crore-to-cut-debt/articleshow/9928603.cms

This sucks...Why is that more and more projects now are seemingly dead....wtf.

Another one bites the dust!

Better to bow out now before the debts get too large and then go bust like Dubai did.

21424 crore = almost $430B, that's like 10 Mukesh Ambanis together. Is that really possible? Doesn't the number seem far stretched?

But anyways, back to topic, it would suck if this project is dead.

21424 crore = almost $430B, that's like 10 Mukesh Ambanis together. Is that really possible? Doesn't the number seem far stretched?

But anyways, back to topic, it would suck if this project is dead.

Your math is wrong. More like $4.3B.

Haha yes. 1 billion $ = 4653 crore rupees

It's better that they sell of this land parcel.....so that other developers like Lodha,Obeari can construct huge towers on this land parcel....as they already have permissions....

It's better that they sell of this land parcel.....so that other developers like Lodha,Obeari can construct huge towers on this land parcel....as they already have permissions....

depends on construction climate.

builders are facing liquidity issues.


Plus DLF has more than enough assets to sell to make this debt burden lower.


Its just that the interest rates are biting hard. Added to the fact that volume from which they can pay back the debt is collapsing at such a high premium luxury level.




Best that can happen is somebody with enough cash buys the plot. Sits on it till there are better times in Mumbai in terms of sentiment and climate.


My hope is that somebody corporate wants to make a big statement. Come on Tata, build a big signature tower :cheers:

Your math is wrong. More like $4.3B.

Oh yes. Actually I added two extra zeros. This figure sounds reasonable.

DLF looks to sell NTC Mill land in central Mumbai for Rs 4,000 crore

NEW DELHI: DLF, India's largest real estate developer, has decided to sell its prized asset, the 17.5 acres NTC Mill land in central Mumbai, which bankers estimate would fetch between Rs 3,000 crore and Rs 4,000 crore that will make it one of the biggest land deals in the country.

The company that bought the land for Rs 702.2 crore in 2005, has started the process of appointing investment bankers for the proposed transaction that is likely to complete in the current fiscal, said two persons familiar with the development.
More than four foreign investment bankers including UBS, Morgan Stanley and Deutsche Bank have already given presentations to the company. The appointment process is likely to complete by month end. Rajiv Talwar, group executive director, refused to comment. "We do not comment on market speculation."

The proposed fund raising exercise through sale of assets is in-line with annual target to raise Rs 7,000 crore through this route, a company executive told ET on the condition of not to be named. The fund will be used to reduce its debt, which is slightly over Rs 21,000 crore.

"The consultants are giving a guidance between Rs 2,500 crore and Rs 3,000 crore for the land, while the company is aiming to fetch a much higher price of Rs 4,000 crore," the person said.

Though, DLF has stated that it would sell only non-core assets and lands, where it has no immediate development plan, the Mumbai land is considered to be of great importance for the country's largest builder, as it would have helped it to venture into the Mumbai market.

The company has a bigger project in Mumbai near Mahalaxmi Race Course, which it would develop in consortium with Shapoorji Pallonji and Ackruti, the official said.

http://articles.economictimes.indiatimes.com/2011-09-13/news/30149623_1_mumbai-land-ntc-mill-land-m3m

^^ what bigger project are they talking about?

^^
Joyous housing, 125 floors

This one in IU's post?
http://www.skyscrapercity.com/showpost.php?p=83219245&postcount=6270

:yes:

Another related article

DLF to exit Mumbai by selling Rs 2,500 cr plot

Huge debt and rising interest costs have forced DLF, India's largest property developer, to sell 17.5 acres of land in Lower Parel in Mumbai, which investment ban*kers say could fetch over Rs 2,500 crore.

Two officials close to the development told Financial Chronicle that DLF had appointed a leading property consultant in Mumbai to sell the land and was in talks with leading developers.

One official said the land had been excavated and was ready for construction.

When contacted, Rajeev Talwar, group executive director of DLF, denied any plan to sell the land. “This is market speculation and we are not looking at selling the land. It is one of our biggest projects.”

DLF had plans to build a 90-storey super luxury residential tower project on the land, which it had bought from defunct National Textile Corporation in 2005-06 for Rs 702 crore. The plan was to build around 2,000 apartments to be sold at Rs 8-10 crore each.

Initially, DLF’s plan was to build a big mall, which was then changed in favour of a commercial-cum-residential complex. Last year, the plan was again changed to build a pure residential complex. The towers would have added five million sq ft to Mumbai's high-end residential market.

With the sale, DLF would completely exit from Mumbai’s real estate market. It exited from a joint project with Akruti City by selling its share to Shiva group almost two years ago.

DLF has been liquidating land parcels to lower debt. An analyst at Kotak Securities said DLF had gross debt of about Rs 23,900 crore. “The interest cost varies from 13 per cent to 15 per cent and DLF is trying hard to bring down interest costs by offloading assets.”

Jai Mawani, ED and PWC’s head of infrastructure and real estate, said interest costs were hitting hard on companies that were highly leveraged. “For these companies, it is logical to sell assets that are not immediately developable and reduce debt to bring down interest costs.” He, however, refused to comment on DLF. While releasing the company’s April-June results, Talwar had said that the company was planning to reduce debt by around Rs 2,500-3,000 crore in 2011-12 by offloading non-core assets.

http://www.mydigitalfc.com/news/dlf-exit-mumbai-selling-rs-2500-cr-plot-986

^^ Clear as Mud!! The two bolded entries are opposite to each other in meaning!!
Perhaps Mr Rajeev Talwar didn't get the question right and is assuming some other project?

Why did we have to go and create a thread in the world forum? :cripes:

We already decided we wouldn't start a thread there until a project a few floors above the ground. This one didn't even an official render or website and it has a thread. Let's just hope all goes well for this project so we can spare the embarrassment.

From DNA (http://www.dnaindia.com/money/report_dlfs-debt-plan-may-trip-on-slow-economy_1589252)

DLF Ltd, India’s largest real estate developer, plans to cut Rs6,000-7,000 crore from its total debt of close to Rs24,000 crore in the next two years through improved cash flows and non-core asset sales, but analysts are doubtful that the target will be achieved.

Rajeev Talwar, group executive director, DLF, said the target is to offload debt of Rs6,000-7,000 crore in the next two years.
“This reduction would be achieved through a mix of cash flows and sale of non-core assets,” he said.

Stake sales in DLF’s IT park projects in Noida and Pune are under consideration.

“The sale is under consideration, such processes take time,” Talwar said, denying any plans of selling the company’s only land parcel in Mumbai.

“We do not plan to sale that land parcel, the company would develop it,” he said.

DLF has a land bank of close to 370 million square feet, of which, Talwar said, 10% could be non-core.
However, analysts are not optimistic about the company’s debt reduction plan.

“The question is will it happen? The economy is not in a good shape. There needs to be a buyer as well for such a huge sale. Certain special purpose vehicles of the company have ready buyers and might be sold, but to sell all planned assets looks difficult. The size of these SPVs is very small compared to the larger picture that we are discussing,” said an analyst from a foreign brokerage.

So guys what's the status of DLF Towers and Joyous Housing, (I honestly don't know the difference either). I was trying to read the above articles, I just don't get anything about real estate business. Thanks.

BMC it seems has cancelled the LOI for the 2500 cars public parking project earlier approved on this DLF site. This would mean that a substantial part of teh additional FSI granted to the project gets reduced...

..Wonder what bad news is in store next for this project, which refuses to take off for one reason or the other..

DLF gears up to sell Bombay Mills property

DLF will hire an investment banker and an international property consultant (IPC) by mid-January to sell off its Bombay Mills parcel in the country’s western metropolis. The 18-acre premises at Central Mumbai’s Lower Parel is likely to fetch Rs 2,500-3,500 crore for the country’s largest realtor going by market capitalisation, according to sources close to the development.

One of them said three international property consultants have already pitched in. Jones Lang LaSalle India, Knight Frank India and CB Richard Ellis are expecting the announcement by the middle of January next year, he revealed. “DLF has clearly told them that they want to close the Aman transaction by this end-December and then announce the mandate for the Lower Parel parcel,” the source told Business Standard.
A message this newspaper sent to a DLF official went unanswered.
A senior official, who was part of the pitches for the property, said JLL India has pegged the price between Rs 3,000-3,500 crore, whereas Knight Frank India is looking for somewhere between Rs 2,500-3,000 crore. CBRE had also pitched “aggresively” for the asset.

“Now that the pitches are over, the consultancies are waiting for the announcement of the mandate,” he added. DLF is seeking a compensation upwards of Rs 4,000 crore for the monetisation of this parcel, even as all the consultancies have “clearly indicated that it is not possible to strike a deal at DLF’s expectations”.

The source informed that most of the Mumbai-based developers had gone and met officials at DLF for joint developments, too, but the real-estate major “is clearly not interested”. As real estate market in Mumbai is currently going through one of its worst phases, the deal will be an outright sale. “Though none of the developers have enough balance sheet strength to go ahead and buy a land asset at the asking rate, it will mostly be on the format of 50 per cent cash and the rest as deferred payment,” he added.

Besides the three IPCs who have made their pitches, the proposed deal has spurred interest also from the investment banking side. UBS and Deutsche bank are a couple of examples, a source said.

On his part, Vikas Oberoi, managing director of Mumbai-based Oberoi Realty, had made an offer of close to Rs 2,500 crore. This was way below what DLF is seeking. Sources indicate that it was investor pressure that forced Oberoi to look at the land parcel as it has not launched any marquee project this year. Its five-star hotel and branded residency project at Worli, which was due for launch earlier this year in February, has not yet seen the light of day. Thus investors are keen that Oberoi should use the opportunity to buy the land tract.

DLF’s first footsteps into the Mumbai realty market was with this land parcel called Bombay Mill, which it had bought with an aggressive bid of Rs 702 crore from an auction by National Textile Mill. It was quoted to be the largest realty deal in the country in 2005.

DLF had then announced that it would launch a “promising and futuristic retail-cum-entertainment centre” on that site. In the last 6 years the realty major has changed many a drawing-sheet for the “perfect launch”. In fact, in June last year, it was planning to launch a 90-storeyed luxury residential tower on the site— with an expected revenue of Rs 15,000 crore.

source (http://www.businessstandard.com/india/news/dlf-gearsto-sell-bombay-mills-property/458830/)

So this is the demise of this project?

Hope whoever buys it will do something with this land that will be iconic.

So this is the demise of this project?

Hope whoever buys it will do something with this land that will be iconic.

i am sure they will

makes no sense with fsi rules in place not to build something special there.

17.5 acres is a lot of land. You can potentially build 1.5-2 million square feet on that land as things stand.



Plus if Dlf do accept the offer (and i hope they do, though i dont think they will) Oberoi will make a profit regardless of market conditions as they are acquiring the land for 12-15k per square foot. So this project would go ahead regardless of a slump.

wait !!! DLF tower project is scrapped??? or on hold??

These towers never actually took off so I don't see how they are on hold.

Yeah.....lol....although I swear I thought I saw a site picture with the cranes on a huge piece of rectangular land already excavated. I don't know what site is that as I refuse to believe it is DLF's.

Actually there is a huge excavated rectangular piece of land at the site which had cranes on it, with loads of construction material there. Looks like it got scrapped in the early stages, but work was definitely very much alive at one point. You can plainly see the site from the Elphinstone Flyover on Tulsi Pipe Road. All the DLF signage and the huge "Green Luxury" banner are gone.

The foundation had been built a year ago but further construction stopped because of DLF's financial health and FSI approval issues. So that puts the project on hold in my books.

The mall-entertainment center was proposed a couple of years ago so whatever work took place last year was definitely related to the current tower plan.

As far as the development on that land goes, the project hasn't been entirely scrapped since DLF still owns the land. They're just weighing their options at the moment. They could have made a distress sale and greatly helped their balance books but that has not happened as of yet. When the sale goes through then the project will stand cancelled.

Is this the same land?
Source (http://www.moneycontrol.com/news/cnbc-tv18-comments/no-takers-for-dlf-mumbai-land-parcel-stock-slips-45_675327.html)

No takers for DLF Mumbai land parcel; stock slips 4.5%
March 1 2012

Realty major DLF has found no takers for its Mumbai land parcel, reports CNBC-TV18' Priyanka Ghosh.

The company had put the land parcel on sale six months back.

DLF initially wanted to sell 17 acres for Rs 4,000 crore. Offers made to DLF are below Rs 2,000 crore.

The share touched an intraday high of Rs 224.95 and an intraday low of Rs 215.70. At 13:21 hrs the share was quoting at Rs 216.15, down Rs 10.20, or 4.51%.

It was trading with volumes of 896,632 shares. In the previous trading session, the share closed up 0.22% or Rs 0.50 at Rs 226.35.

If it is, then this project is obviously cancelled.

DLF in talks to sell Mumbai land, Piramal Realty, Oberoi Realty in race: Sources

DLF is back in the market to sell it's prime land in Mumbai's Lower Parel area. The company is in close talks with a consortium of developers who have offered to pay Rs 2500 crores for the land parcel, sources said.

Consortium includes Mumbai-based developer Vallabh Sheth and Pune-based builder Avinash Bhonsale. A well diversified group with realty business may also join the group for funding purposes.

The consortium of developers has offered to pay Rs 2000 crores over a period of two years and have offered to pay Rs 500 cr in case the FSI (floor to space Index) is enhanced with necessary approvals. The Lower Parel land is a huge parcel of 17 acres with around 3 million square feet of developable area.

Also in the race are Piramal Realty, Oberoi Realty and many other developers who have eyed DLF's property but the deal has not fructified as none of the offers have matched up to the valuation expectations of the company, sources said.

All the parties involved have declined to comment of the developments. The land parcel was bought by DLF from NTC for Rs 700 cr in 2005
source (http://economictimes.indiatimes.com/markets/real-estate/news-/dlf-in-talks-to-sell-mumbai-land-piramal-realty-oberoi-realty-in-race-sources/articleshow/12379822.cms)

Larger render.
Source: cbmengineers (http://www.cbmengineers.com/Site/Downloads_files/Mumbai.pdf)

http://img9.imageshack.us/img9/7227/19356628.jpg (http://imageshack.us/photo/my-images/9/19356628.jpg/)

Larger render.
Source: cbmengineers (http://www.cbmengineers.com/Site/Downloads_files/Mumbai.pdf)

http://img9.imageshack.us/img9/7227/19356628.jpg (http://imageshack.us/photo/my-images/9/19356628.jpg/)

Cool! Is this happening then?

Please say this is back...

This is not being revived. DLF has a massive debt and just doesn't have any interest to invest in this.

I actually saw that PDF with this render last month. It's got other old projects such as the Hafeez Contractor House and Oberoi Skyz listed as well, so that indicates which time period it is from.

It is a pity that its cancelled as I was hoping DLF would make its mark in Mumbai after the success they have in NCR.

If not DLF some other builder will take over the project. I don't like the design of the buiding. I hope Oberoi take over this plot. Looking at their project in Goregaon one can only imagine how good a supertall they can make in cash rich SoBo.

Yes, thank god it was cancelled. One less ugly triplet for Mumbai.

Yep, a location like that deserves a much better design. I never realized how monstrous the podium/parking garage is.

Instead of three 90fl building we should have one 150+fl building. That would be something....

DLF in talks to sell Mumbai land, Piramal Realty, Oberoi Realty in race: Sources

DLF is back in the market to sell it's prime land in Mumbai's Lower Parel area. The company is in close talks with a consortium of developers who have offered to pay Rs 2500 crores for the land parcel, sources said.

Consortium includes Mumbai-based developer Vallabh Sheth and Pune-based builder Avinash Bhonsale. A well diversified group with realty business may also join the group for funding purposes.

The consortium of developers has offered to pay Rs 2000 crores over a period of two years and have offered to pay Rs 500 cr in case the FSI (floor to space Index) is enhanced with necessary approvals. The Lower Parel land is a huge parcel of 17 acres with around 3 million square feet of developable area.

Also in the race are Piramal Realty, Oberoi Realty and many other developers who have eyed DLF's property but the deal has not fructified as none of the offers have matched up to the valuation expectations of the company, sources said.

All the parties involved have declined to comment of the developments. The land parcel was bought by DLF from NTC for Rs 700 cr in 2005
source (http://economictimes.indiatimes.com/markets/real-estate/news-/dlf-in-talks-to-sell-mumbai-land-piramal-realty-oberoi-realty-in-race-sources/articleshow/12379822.cms)

Only Rs. 2000cr for 15 acres in lower parel? Lodha paid Rs. 4500cr for 20 acres in wadala. The plot is worth more than Rs.6000 crores if you ask me.

Instead of three 90fl building we should have one 150+fl building. That would be something....

There is so much land, why would they build only one tower?

There is so much land, why would they build only one tower?

Alright two 150+ buildings....Happy now

Only Rs. 2000cr for 15 acres in lower parel? Lodha paid Rs. 4500cr for 20 acres in wadala. The plot is worth more than Rs.6000 crores if you ask me.

it all depends on the FSI, Lodha is getting some insane amount for the wadala plot, which DLF ain't

You see that parking podium? That's exactly how DLF wouldn't have gotten extra FSI.

Their plot is easily worth more than 4k crore. It's just that in this RE environment, no developer has that kind of money to pay DLF in one go. Lodha is paying the MMRDA over a period of 5 years for the Wadala plot.

hmm maybe builders need to go for an IPO to raise capital....I am looking at Rustomjee and hiranandani.

but then again not the right time.

If PEs are not interested (they do only mezzanine/ debt investments in real estate), I dont see how capital market will give right valuation for real estate comapnies. An IPO without the backing of institutional investors is suicidal. Retail investors are highly irrational and grossly undervalue the company in trying times, without knowing the basic fundamentals of the company. Some SMEs trade lower than the book value!

hence not the right time for an ipo.....

real estate is not a good sector as of now. Even without an IPO many banks are not ready to play ball.


What we need maybe is for some foreign firm to be allowed to invest. The weak rupee might make 4k crore look like a relative bargain. Its about time they open up a city like mumbai to foreign developers.

fwiw, this was the first ever design of the project - Mall + IT tower

http://img703.imageshack.us/img703/4746/305208emuuk52ngu51oy9p9.jpg
- Source (http://www.coroflot.com/jeffwalker99/Architecture-Projects/1)

This just surfaced on the internet. Prior to this, we had seen these in 2008:

http://img295.imageshack.us/img295/5058/bdlfaa9.jpghttp://img55.imageshack.us/img55/7518/ntcmalltz4.gif

Larger render.
Source: cbmengineers (http://www.cbmengineers.com/Site/Downloads_files/Mumbai.pdf)

http://img9.imageshack.us/img9/7227/19356628.jpg (http://imageshack.us/photo/my-images/9/19356628.jpg/)

Good riddance.

Lodha Group in talks to buy DLF's Mumbai land: Sources

MUMBAI: Lodha Group is in advanced talks to buy a plot of land in Mumbai from DLF, the country's largest listed real estate developer, for about $500 million, two sources with direct knowledge of the situation said.

Sale of the 17-acre plot is seen as part of DLF's plan to sell some of its assets to pare its debt of about $4 billion. DLF bought the land for about 7 billion rupees ($129 million) in 2005.

Mumbai-based developer Lodha has emerged as the front-runner for the land parcel in central Mumbai, said the sources, declining to be named as the matter is not public yet.

DLF declined to comment, while a spokesman for Lodha said the company was not in talks with DLF

Source : http://economictimes.indiatimes.com/markets/real-estate/news/lodha-group-in-talks-to-buy-dlfs-mumbai-land-sources/articleshow/13221206.cms

Dont know how much total interest DLF paid for this purchase, otherwise from 700 Crs to 2,500 Crs, that is fantastic ROI.

Lodha Group, US PE offer Rs 2,900 cr for DLF plot


NEW DELHI|MUMBAI: India's biggest real estate firm DLF, which is looking to offload non-core assets to pare debt, has received offers of Rs 2,900 crore for its 17-acre plot in Mumbai's Lower Parel area.

A senior executive, who did not wish to be named, told ET that the Mumbai-based builder Lodha Group and American private equity fund Vornado Realty Trust had together made an offer to DLF. A builder from the Middle-East had separately offered a similar price for the plot, the executive said, without sharing further details.

"A deal is expected to be closed by June-end," another person familiar with the developments said, adding that the Lodha Group had started the due diligence process.

A spokesperson for DLF, responding to an email query, said the company did not comment on market speculation. Abhisheck Lodha, managing director of Lodha group, also said he did not wish to comment on market speculation. An email sent to Vornado Realty Trust did not elicit any response.

DLF had bought the land from the National Textiles Corporation for Rs 702 crore in 2005. It has since considered the feasibility of building a mall, office buildings and even a residential complex on the plot, before putting it up for sale. The company had a debt of Rs 22,758 crore at the end of 2011.

The cash-rich Lodha Group is building the world's tallest, 117-storey residential tower in Mumbai. Vornado Realty Trust, which owns and manages a portfolio of over 100 million square feet in New York and Washington DC, was involved in the biggest office deal in India. India Property Fund, its joint venture with The Chatterjee Group, sold a commercial asset in the Bandra Kurla Complex to Citigroup for 985 crore last month.

The latest offers are about a fifth higher than that received earlier by DLF, which had been demanding Rs 3,000 crore for the property, according to industry insiders. Real estate experts said the higher offers could be credited to the new development control rules recently notified in Mumbai. The rules have clarified the regulations regarding the percentage of a land parcel that can be brought under construction and the extra floor space index, or FSI, that a builder can buy.

Other Mumbai-based real estate firms, including Sheth Developers, Avinash Bhosale group, Oberoi Realty, Piramal Realty and Wadhwa Developers, had earlier evinced interest in the property. Runwal group had offered Rs 2,400 crore, with backing from HDFC, a person familiar with the matter said.
A top executive in HDFC confirmed this, but added that DLF was negotiating for a higher price. Sandeep Runwal, director of Runwal Group, however, said he was no longer interested in the plot. DLF had raised Rs 1,200 crore during October-December 2011, by selling an IT park in Noida to IDFC and an IT special economic zone in Pune to Blackstone.

It also sold two land parcels in Gurgaon during the quarter. The Delhi-based group is also in the process of selling its luxury hotel chain Aman Resorts and its wind power business.

source (http://economictimes.indiatimes.com/markets/real-estate/news/lodha-group-us-pe-offer-rs-2900-cr-for-dlf-plot/articleshow/13237046.cms)

Lodha doesn't have funds to pay MMRDA but has funds to purchase a new property? MMRDA should step in and ask for their money first.

DLF, Lodha near agreement to jointly develop Mumbai Textile mill plot (http://timesofindia.indiatimes.com/city/mumbai/DLF-Lodha-near-agreement-on-Mumbai-Textile-mill-plot/articleshow/15023606.cms)

MUMBAI: DLF, India's biggest real estate firm, which is looking to offload its non-core assets to pare debt, has reached an understanding with the Lodha Group to jointly develop its 17-acre Mumbai Textile mill plot. The exact terms of the profit-sharing agreement will be finalized in a fortnight, say sources close to the deal.

The plot has a developable space of 4 million sq ft and Lodha has plans to develop a premium housing project on the lines of Lodha Bellissimo, a 48-storey tower on N M Joshi Marg at Lower Parel. Flats in the area are now quoting over Rs40,000 a sq ft.

Abhishek Lodha, managing director, Lodha Group, refused to comment, while Rajiv Talwar, DLF's group executive director, denied a joint venture with Lodha. Talwar said, "We are in talks with two-three developers.''

Once the deal is inked, I'll change the title to:

LOWER PAREL | DLF-Lodha Project | Erst. DLF Towers | PRO

and this article from yesterday hints at a complete sale to Lodha:

DLF to sell its land in Mumbai to Lodha Group (http://timesofindia.indiatimes.com/business/india-business/DLF-to-sell-its-land-in-Mumbai-to-Lodha-Group/articleshow/15271160.cms)

NEW DELHI: DLF, the country's largest developer, will sell its 17.5-acre land in Mumbai's Lower Parel to Lodha Group and a private equity player for about Rs 2,800 crore, ending its long-drawn bid to break ground in India's financial capital.

The deal will help the Delhi-based builder pare part of its burgeoning debt that had reached Rs 22,725 crore by March 31, a top company official said. "The legal documentation will be completed in the next one week," he said.

The buyers have paid an advance, and the final terms of the deal are currently being worked out, the person said. DLF will get the entire Rs 2,700-2,800 crore in one go within two months.

The cash-rich Lodha Group, which is building the world's tallest residential tower in Mumbai, will bring in Rs 1,000 crore, while the balance will be paid by the PE fund, the person said without naming the private equity fund.

Lodha Group MD Abhisheck Lodha confirmed he is part of the transaction, but refused to share details of the deal. "We aren't in a position to give any comments on the transaction," he said through a mobile text message. A spokesperson for DLF said the company does not comment on speculation.

That just makes things as clear as mud right now. Let's see how this pans out.

Will this mean that Lodha will build something new here?

Yessir

But given that Lodha is already involved in a plethora of other projects (including some BIG-ticket ones), I have a feeling they'll sit on this land for a while before making a call on whether to develop or sell it. I'd love to be proven wrong but that's how I see it turning out.

If DLF and Lodha form a JV, then there's a higher chance of it being developed sooner as DLF would like to lower their debt at the earliest.

Looks like the Joint Venture is a failure. Lodha buys it all.
Lodha to acquire DLF plot for 2.7kcr
(http://timesofindia.indiatimes.com/city/mumbai/Lodha-to-acquire-DLF-plot-for-2-7kcr/articleshow/15467718.cms)
MUMBAI: Real estate giant DLF, which is looking to offload its non-core assets to pare debt, has reached an understanding to sell its 17.5 acre Mumbai Textile Mill plot to Lodha Group for Rs 2,700 crore. The two companies took this decision a month after their plans to jointly develop the plot failed over revenue sharing agreement.

The Rs 2,700 crore deal includes the land cost of Rs 1,200 crore and liabilities worth Rs 1,500 crore incurred by DLF since it purchased the plot in 2005. Liabilities means the interests payable to banks, architect design, construction work already carried and various government approval costs, including purchase of incentive parking FSI, from the BMC. The plot has a developable FSI of 5 million sq ft. The deal is expected to be announced this week.

Rajiv Talwar, DLF's group executive director, and Abhishek Lodha, managing director of Lodha Group, confirmed that the two companies were part of the transaction but refused to share details.

Since the full amount is expected to be paid at the earliest, Lodha Group, which is building the world's tallest residential tower of 117 floors, is in talks with HDFC and other banks to raise about Rs 1,000 crore while the balance will be paid from internal accruals. Lodha is also in talks with private players, including HDFC, Singapore's GIC, to raise equity in the project.

Lodha will revise DLF's plans to construct three 90-floor luxury towers and a 17-storey public parking building on the plot. "As DLF had started some construction on the site when the parking FSI scheme was cancelled by the civic body, the company could get a favourable order from the Bombay high court. Since he has to provide public parking, Lodha believes the plot is apt for a mixed use development of commercial, retail and residences for high-end and middle income category,'' said an official close to the development.

DLF had been trying to sell the Lower Parel land for about a year, but was finding it difficult to get the right value. Potential buyers renewed interest in the asset after new development control rules in Mumbai were notified in January, which cleared the air about how much space can be built on the land parcel and the amount of extra FSI that can be bought. DLF bought the land for Rs 702 crore in an auction in 2005 from state-owned National Textile Corporation. It had changed its developmental plans for the plot thrice-from building a retail mall to commercial office buildings to finally a residential project-before it decided to sell it a year ago. DLF and several other builders piled up huge debt when property demand fell during 2008-09.

Lodha and DLF have been in talks for three months. Runwal Group was Lodha's closest competitor with his bid of of Rs 2,400 crore. Oberoi Realty along with Morgan Stanley private equity had also shown interest with a bid of over Rs 1,800 crore.

DLF sells plot at Lower Parel in Mumbai for 2,750 crore

DLF, the country's largest real-estate developers, has sold its 17.5-acre plot at Lower Parel in Mumbai to Lodha developers for Rs 2,750 crore, making a profit of over Rs 2,000 crore over seven years.

Both the companies signed a binding agreement on Saturday, two persons directly involved in the transaction told ET. "The deal involved payment of the first instalment of Rs 500 crore on August 13 and final payment of Rs 2,250 crore in October," said one of the persons quoted above.

DLF's executive director Sriram Khattar declined to comment. Lodha Group MD Abhisheck Lodha could not be contacted.

In June 2005, DLF had bought the land in Mumbai in an auction from National Textile Corporation for Rs 702.2 crore. The buy was then touted as one of the costliest deals. The company, which is saddled with a debt of about Rs 23,000 crore, decided to exit non -core business in 2011. It also decided to divest the Mumbai land in August 2011.

The deal would help the company in bringing down its consolidated debt significantly by the end of current fiscal. This would the second deal in the last three months. In June, the company had sold its hotel subsidiary-DLF Hotels & Hospitality that owns land parcels in four cities-to a Kolkata-based consortium of Avani Projects and Square Four Housing & Infrastructure Private Ltd for Rs 567 crore.

DLF is also working on two more big-ticket divestments that include the sale of the luxury hotel chain Aman Resorts (barring the Delhi Aman) and its wind power business, to raise over Rs 3,000 crore. These two deal are expected in the next couple of months. After divestment of Aman Hotel and wind-power business, DLF's income from the sale of assets would be upward of Rs 6,000 crore.

The Mumbai deal is the largest upfront payment land deal in the country. BPTP had bought land at Noida Expressway for Rs 5,000 crore a couple of years ago.

The Lodha Group, which is building the world's tallest residential tower in Mumbai, has reportedly tied up with private equity firm Vornado fund. However, it was confirmed independently.

Real estate players had expanded aggressively prior to 2008 slump. Since the demand for residential and commercial property has subsequently declined sharply, many developers, including DLF, ended up with huge debt obligations. Making matters worse for real estate players is their inability to raise fund through equity route.

source (http://www.mumbaipropertyexchange.com/News/NewsDetail.aspx?id=2714)