Lodha Group sets record - INR 2000 crore sales in 2 months

April 3, 2017

Mumbai, April 3, 2017: Lodha Group, India's largest real estate developer, today reported that the company achieved sales of over Rs. 1,200 crores in March 2017, its strongest monthly sales performance ever. The company has surpassed its earlier benchmark of Rs. 800 crore recorded last month, in February 2017. Lodha Group has achieved combined sales of Rs. 2,000 crores for the months of February and March, reflecting market leadership and growth of real estate sector. In the corresponding period of FY 2015-16, Lodha Group had achieved combined sales of Rs. 1300 crore.
Recent national reforms like GST, RERA and measures for affordable housing as well as availability of quality homes, has increased confidence of homebuyers in the real estate sector like never-before. The company's achievement of record sales also symbolizes three important major trends - the importance of home ownership across price points, increasing participation by end users as well as the sector's ability to sustain sales in non-festive months.
Commenting on this development, Prashant Bindal, Chief Sales Officer (CSO) of Lodha Group, said "Our sales performance in the last 2 months has shown the strength of demand in Mumbai, India's economic capital. We have had strong success in sales across price points - from World Towers to Palava - and across different stages of construction - from new launches to ready to move in homes. We attribute this success to 3 key factors - the positive policy intent of the government, our strong brand and delivery track record and the specific measures to improve affordability for housing taken in the last 3 months by the government and banks."
He further added "This FY, we have handed over more than 7100 homes to customers. We spent almost Rs. 4000 crores on construction, which is the equivalent of completing construction of 2 crore sq. ft. in 1 year. These two figures indicate customer's preference to buy Lodha homes across price points - for good quality product delivered with an assurance of quality. In addition, we have modelled our sales and marketing setup like a good FMCG company and have been able to attract world-class talent to ensure that we can understand and service customer needs in a manner that has never been done in the Indian real estate sector before. Most importantly, with the recent policy changes introduced by our Hon'ble Prime Minister, we are confident that in the next 5-7 years, the Indian economy will emerge much stronger and housing will play a pivotal role in this growth. We are looking forward to FY 17-18 and delivering a strong performance for the next year."
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.