Lodha's Thane project receives 2,500 pre-launch applications

City-based realty player Lodha Developers today said its IPO style pre-launch of the affordable luxury residential project in Thane has received over 2,500 applications from prospective buyers.
"Lodha has closed applications for the pre-launch of its world-class neighbourhood in Thane. Over 2,500 applications were received during the nine-day IPO-style pre-launch which closed on July 5," the company said in a statement.
With a robust wait-list of nearly 500 applicants already, this is shaping up to be one of the biggest and most unique real estate offerings for the year, company's Deputy Managing Director Abhinandan Lodha said.
"Surpassing conventional methods, we sought to bring a whole new generation of people who have until now not been able to take part in the market, the chance for larger participation in finding the right home at a unique price point. This sort of value to our customers, which has been so well received," he said.

The IPO-style pre-launch of luxury housing was simultaneously done across the globe in New York, London, Dubai, Singapore and Hong Kong and all parts of India.
"Priced at Rs 55 lakh onwards, these 1 and 2 bed smart-sized premium homes indicates the growing demand for under Rs one crore ticket sizes in the region for quality developments," Lodha said.

Under this format, allocations will be made using an automated allotment process, ensuring a very objective mechanism which is fair to all.
"Such a model is being used for the first time in the affordable luxury segment, and is sure to change the way in which real estate is sold. The first set of allotments will roll out by second week of July," he added.

In January 2013, the company had first introduced the IPO-styled pre-launch for its premium residential project -- Blue Moon-- at Worli, which witnessed more than 1,300 applications from prospective buyers.