To launch second project in the UK, exploring other global destinations, too
Backed by healthy sales of its residential inventory, Lodha Developers said it expects to cross a gross residential sales revenue of ₹8,500 crore in the year ending 2016.
The privately held company said it is also expanding its presence in the international market by launching its second project in the UK even as it is exploring other destinations such as Dubai.
The company had clocked sales of ₹7,920 crore in FY14-15, coming close to its other real estate competitors DLF Ltd and Prestige Estate Projects.
“We are present across all segments and categories from value to uber luxury. This has given us a strong foothold in the residential category,” said Prashant Bindal, Chief Sales Officer (CSO), Lodha Group.
Lodha’s portfolio includes the World Towers, the world’s tallest residential project; Palava City — India’s first smart city; the Park (including Trump Towers) in Worli, and New Cuffe Parade in Wadala. Giving a break-up of its residential sales, Bindal said it had achieved a residential sales of ₹4,300 crore in the mass market project (Thane and Palava), ₹2,500 crore from mid-market project New Cuffe Parade and ₹1,100 crore from its World Tower project, the uber luxury project. The company also expects revenues from its commercial ventures.
Lodha covers all property segments from ₹40 lakh to over ₹5 crore.
Bindal said the company expects to sell 4,000 units of residential inventory across projects. Asked about its land bank, Bindal said Lodha has a land bank of 25 million sq. m.
Lodha has nearly 27 ongoing and 21 planned projects, spread over 1,284 acres, comprise 100 million sq ft of saleable area.
In FY 14-15 alone, the company delivered 5.7 million square feet and 5,500 units across projects. The group plans to deliver more than 11.8 million sq ft in FY 15-16.
Asked about its international real estate development, Bindal said last week the company has unveiled the first phase of its development project in Lincoln’s Inn Fields – Lincoln Square.
It expects to complete the first phase by 2018.
Bindal said the company is also constantly looking at development of new projects in the international market.
Lodha has sales offices in London, Dubai and Shanghai. It also plans opening offices in the US and Singapore. Lodha has a total debt of ₹12,000 crore as on March 31, 2016.
A recent Liases Foras report said buyers exhibited a cautious approach and the overall sentiment was subdued with sales across the eight tier I cities in India remaining muted for Q4 FY15-16.
(This article was published on May 6, 2016)