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Mumbai: Lodha to allot high end apartments automatically by IPO

With an initial public offer for buying premium apartments in its 17.5 acres project Blue Moon at Worli in Mumbai, the Lodha Group will be recognized as the first private developer to initiate this kind of a draw for a high end residential project using an automated algorithm system. Furthermore, as per media reports, the group does not plan to charge any premium for a specific view. And as such one is not promised by the developer. As per the buyer’s application, this new age system will be given inputs such as typology, floor preference etc. This will assist in automatic allotment of apartments. As this system is transparent and will be applicable for all alike, it is anticipated that by adopting such a system, sales might increase. Another favourable fact towards this end is that the pricing for any 3BHK or 4 BHK flat is as low as 45% to 50% in comparison to the ticket price. Under this scheme buyers won’t be permitted to sell an apartment until the formalities regarding possession are complete.

 

This offer will be open from Jan 18 to Jan 27 for prospective customers. Nearly 500 apartments will be launched under this scheme. Lodha expects a total booking of approximately 3,000 Cr. Through this project in its first phase in which it plans to launch two out of six towers. Blue Moon is proposed on the plot of the Mumbai Textile mill which the Lodha Group acquired from DLF. Details of this project are available here.


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