Lodha Group Sells Rs. 3000 crores of Residential Properties in 5 Months

By Lodha

Market share in Central Mumbai increases to 35% from 20% last year.

Mumbai, 10th Sep, 2019: Lodha, India's largest residential real estate developer, announced that it has sold almost Rs. 3000 crores in the first 5 month of this fiscal year (April to August). At a time when auto sales have slowed more than 30% and housing is also under stress, Lodha's performance is expected to bring confidence to the market in the run up to the festive season.

Prashant Bindal, Chief Sales Officer (CSO) of Lodha said "We are extremely pleased with our performance across price points. We have had very good sales in our affordable housing projects which now make up over 50% of our residential sales. In addition, our ready projects in Central Mumbai - Lodha Park and The World Towers, which are both ready to move in, are doing extremely well, contributing Rs. 600 crores to our sales in the first 5 months"

He elaborates, "Our market share in Central Mumbai has now reached 35%, up from 20% last year, due to the high quality of product that has been delivered by us. We are eagerly looking forward to the start of the festive season and expect to deliver additional Rs. 3000 crores of sales in the next 4 months till December and strengthen our leadership position as India's No. 1 real estate developer."

Jayesh Shah, one of the leading brokers in South Mumbai said "While the overall market is slow, sales are happening with large players who have a track record of delivery. With Lodha, there are no delivery concerns and hence, they seem to be selling well. Also their two large projects in Central Mumbai - Park and World Towers - have gotten OC, and due to the GST savings and readiness, sales seem to be strong in these projects."

Another leading broker who requested confidentiality said "Lodha's performance is very heartening because they are ensuring that the industry doesn't collapse completely. They are building, selling, delivering, creating business for us and employment for people. While there are concerns about their debt, the fact is that the debt doesn't affect their business performance."

This reporter visited various projects including Palava and Lodha Park. Sitaram Marathe, a prospective home buyer at Palava said "I have been visiting various projects for last 3 months since my children are getting older and we need to move from a 1 bedroom to 2 bedroom. This is my third visit to Palava and I am buying today since my wife and children love the development and there is so many facilities, mall and schools. While other projects are promising they will deliver these, I can see it ready here. I am concerned about the traffic but the new metro line will help me get to work faster."

Lodha currently has over 30 projects in the Mumbai Metropolitan Region and Pune, including Lodha Park at Worli, Lodha World Towers at Lower Parel, Lodha Amara in Thane and Palava near Navi Mumbai.