Lotus Developers Plans 11 Sea-Facing Mumbai Projects, Eyes ₹9,000 Crore Revenue Potential
Mumbai, April 9: The 11 projects are located facing the sea in Nepean Sea Road, Carter Road, Bandra Bandstand, Juhu, Versova, and Prabhadevi. The portfolio is slated for completion within the next four years.
Project Breakdown
| Location | Number of Projects |
|---|---|
| Versova | 3 |
| Juhu | 2 |
| Carter Road | 2 |
| Bandra Bandstand | 2 |
| Prabhadevi | 1 |
| Nepean Sea Road (South Mumbai) | 1 |
Project Status
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Under construction: 6 projects
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Approval stage: 5 projects
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Type: 10 redevelopment projects (old housing societies), 1 joint development project
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Land area per project: 1,500 sq m to 5,000 sq m
Shah Rukh Khan's Building Redevelopment
One of the two projects on Carter Road includes Shree Amrit Society, Bandra, where Shah Rukh Khan owns a sea-facing apartment. This project is expected to generate a topline of ₹1,500–2,000 crore.
Management Statement
Anand Pandit, Chairman and Managing Director, said: "Currently, apartments in the ₹3 crore to ₹8 crore range are dead and moving slowly. However, we are in ultra-luxury, limited-inventory, and homebuyers' choice. So, I will say that we are insulated from the market forces due to the ocean view product mix."
"The cumulative topline of all the 11 projects is over ₹9,000 crore," Pandit added.
Market Outlook
According to Pandit, given the geopolitical conditions in the Middle East and Dubai, it will be positive for the luxury and ultra-luxury segments of the Mumbai real estate market.