~ Two successful launches – one in luxury and one in affordable
Mumbai, March 2, 2017: Lodha Group, India’s largest real estate company, today announced its best ever month in FY16-17 in February 2017, clocking new sales of over Rs. 800 crores. This achievement is a testimony of the company’s capabilities and expertise to outperform market expectations despite ambiguity about India’s economy and the impact of demonetization on the real estate sector.
Lodha Group witnessed strong customer response to its new launches at World Towers (Codename Trinity) and Palava (Central Park) being the largest contributors to overall sales. The company sold over 850 units in the month of February alone across price points ranging from Rs. 40 lakhs to Rs. 10 crores and across projects from mass to luxury housing. Over 6000 customers visited various project sites – highest ever footfalls as compared to other months of the current financial year.
Commenting on this remarkable success, Mr. Prashant Bindal, Chief Sales Officer (CSO), Lodha Group, said, “We are overwhelmed with the kind of customer response we have seen in February, especially when there have been contradictory theories about the economy and real estate sector’s performance. Our belief is that the real estate demand is India is very strong and sustainable for high quality product from credible developers and this strong performance shows that the adverse effects of demonetization have now passed and market is returning to normal operating conditions. We will be watching March and April performance closely and if they also perform well, we can safely conclude that real estate will have a strong year in FY 17-18 on the back of good economic growth and positive government policies and implementation.”
Acknowledging the important facets of recent policy changes and budget announcements, he further added, “Our government’s efforts in the infrastructure and real estate sectors have been proven to be beneficial for homebuyers. Confidence of homebuyers in the real estate sector has increased tremendously post demonetisation; lower interest rates is improving affordability and the subsidy under Pradhan Mantri Awas Yojana (PMAY) is giving boost to the sub-Rs. 1 crore segment. In addition to this, the various announcements on affordable housing in the Union Budget have helped to strengthen the overall market sentiment. We expect that real estate will contribute in a strong way to economic growth in the next 12-18 months.”
About Lodha Group:
Established in 1980, privately held Lodha Group is India’s leading real estate developer and amongst the world’s select multinational real estate developers with presence in India and the United Kingdom. The company is the largest in India by sales for four consecutive years, having clocked over INR 6,400 Cr of net news sales for FY 15-16. The company is currently developing around 4.1 crore sq. ft. of prime residential real estate globally with the largest land reserves in the Mumbai Metropolitan Region and has 31 ongoing projects across London, Mumbai Metropolitan Region, Pune and Hyderabad. In FY 2015-16, Lodha Group delivered 6,800 units across projects.
Lodha Group has several landmark developments to its credit including World One, Mumbai, the world’s tallest residential tower, and has brought some of the top global names including Armani/Casa, Trump, Philippe Starck, Jade Jagger, Greg Norman and Pei Cobb Freed to India. In 2013, the Group has extended its international footprint with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in Prime Central London from the Canadian Government for a consideration of over GBP 300 million (INR 3,100 Cr). Lodha Developers is one of the largest corporate entities in Mumbai and one of the largest employers in the MMR, with over 3,800 direct associates and over 25,000 workmen at its sites. The group is committed to investing two per cent of its profits towards corporate social responsibility, focused primarily on education as a transformative tool. With offices in London, Dubai and Shanghai and planned openings in the USA and Singapore, Lodha Group is on the road to substantial international presence.