Lodha Group to develop $185-mn township in Mumbai

March 19, 2009 By Lodha Web

Indian developer Lodha Group plans to invest about Rs 950 crore ($185 million) to develop a
township in a Mumbai suburb targeted at middle-income buyers, as the slowing economy
reduces demand for luxury apartments.
The Mumbai-based real estate developer aims to build 6,300 homes priced between Rs 12 lakh
and Rs 24 lakh over 125 acres in Dom-bivali in north Mumbai over three years, said Abhisheck
Lodha, a director at Lodha Group.
“There is a huge shortage of good quality middle-class housing in Mumbai,” Lodha said today,
adding: “We are targeting households earning up to Rs 10 lakh a year, who form 40 per cent of
Mumbai`s population.”
Developers, including DLF Ltd and Mumbai-based Housing Development and Infrastructure
Ltd, are cutting prices and increasing focus on cheaper homes to lure buyers. Property prices in
some localities in Mumbai and New Delhi doubled in three years from 2005 as the economy and
stocks posted record gains.