Lodha Group eyes Rs 9,000 crore revenue on rising demand of luxury houses
We have been offering international standard designs to our customers in most of our projects, Managing Director Abhishek Lodha said
Sep 24, 2014
Source : The Economic Times
Lodha Group

 

MUMBAI: Riding high on growing demand for its high-end luxury residential offerings, city-based Lodha Group is expecting nearly Rs 9,000 crore revenues this fiscal.

The company today launched 'Lodha Estrella', a 55-storey tower designed by Kelly Hoppen for Yoo at New Cuffe Parade in Wadala area of northeastern fringe of the megapolis, which will have 2 and 3 BHK apartments, priced between Rs 1.5 crore and Rs 2.9 crore.

"We have been offering international standard designs to our customers in most of our projects as they are expecting nothing less than a truly world class product. Considering the growing demand for our products, we expect to clock at least Rs 9,000 crore in sales this fiscal," managing director Abhishek Lodha told PTI.

The company had reported revenues of over Rs 8,000 crore last fiscal.

In August, Lodha along with US billionaire Donald Trump launched the ultra luxury 75-storey Trump Tower, at the Lodha Park in the central part of the city at Worli. The price of the apartment ranges between Rs 9 and 18 crore.

"We have already launched two super luxury projects - Lodha Estrella and the Trump Tower. We will be launching another 7-8 million sq ft and construct around 6,000 units this fiscal," he said, adding the development will be funded by internal accruals.

Last November, the group made foray into the overseas market by buying the iconic Macdonald House of the High Commission of Canada in central London for Rs 3,000 crore.

It later bought a second property, the New Court, located on the Carey Street next to the London School of Economics and the Royal Courts of Justice, for Rs 930 crore.

"We will continue to look at properties in London to expand our presence. The construction work on the Macdonald site will commence in January next year," he said.

Lodha further said the company will also continue to scout for properties in Mumbai and Pune.

"We foresee growth in Pune as it is emerging as an IT and manufacturing hub. Apart from this, many infrastructure projects are also coming up in the city making it an attractive destination for real estate development," Lodha added.

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