LODHA GROUP
Madison Media elevates Vinay Hegde to CEO—Investments
Madison Media, part of Madison World, appointed Vinay Hegde as CEO, Investments, recognising his 25-year industry experience and successful track record at Madison Media and Mindshare Fulcrum. Vikram Sakhuja praised Hegde’s expertise in media buying and analytics, expecting superior results. With Hegde at the helm, Madison aims to enhance client media investments. Madison Media, ranked 4th globally, excels in media planning for prestigious clients like Godrej and Asian Paints.
UK Consulate buys nearly 15,000 sq ft office in Mumbai’s Lower Parel
The UK Consulate has acquired the office space spread across a total 12 units on the 19th floor of the tower from Lodha Group’s listed entity Macrotech Developers.
Properties worth Rs 1.17 lk cr sold by 18 listed realty firms in FY24; Godrej properties at top
Major real estate developers in India, including Godrej Properties, Prestige Estates Projects, and DLF, achieved significant sales bookings in the last fiscal year driven by strong demand for residential properties, especially luxury homes.
NCLT OKs Macrotech Developers' acquisition of Centaur Hotel owner’s V Hotels
Lodha Group-owned Macrotech Developers is paying around Rs 890 crore to acquire the hotel property in Juhu, an affluent suburb in western Mumbai. The bankrupt hotel company had admitted liabilities of over Rs 2,500 crore. Financial lenders of V Hotels had in June 2023 approved Macrotech’s resolution plan with all voting in its favour.
Rising heat makes water a key selling point for Indian builders
Large property developers in India are incorporating water conservation measures into their projects to mitigate environmental impact and address the challenges of water stress and the looming summer heatwave. This proactive approach promotes city resilience and sustainability amid climate change, safeguarding citizen well-being and equity.
Wellknown Polyester’s CMD buys two luxury apartments in Malabar Hill for Rs 270 cr
The transaction values the apartment at Rs 1.41 lakh per sq ft. The buyers have paid over Rs 16.20 crore as stamp duty alone for the registration of the deals that took place on Friday, showed the documents accessed through IndexTap.com.
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Lodha raises $400 million QIP from investors including Invesco Oppenheimer, Blackrock, APG
Realty developer Lodha, listed as Macrotech Developers, has raised $400 million or over Rs 3,300 crore from global and domestic institutional investors including Invesco Oppenheimer, Blackrock, Carmignac, APG, and HDFC Life with an issue of equity share sale through qualified institutional placement (QIP).
Indians not hesitant to buy homes in newly-launched projects, under construction projects back in demand: Report
With the implementation of RERA, homebuyers are now more confident in buying newly-launched projects. Strong sales have been reported by developers like DLF, Godrej, Sobha, Brigade, Lodha, TARC, Signature Global, and Max Estates. The NCR real estate market is undergoing a transformation.
Amitabh Bachchan buys land parcel in HoABL's Ayodhya project
Bollywood icon Amitabh Bachchan has purchased a land parcel in Ayodhya's 7-star mixed-use development, The Sarayu, near the soon-to-be-inaugurated Shri Ram Janmabhoomi Temple. The project spans 51 acres and includes residential plots, villas, and luxury apartments. While details of the plot's size and value remain undisclosed, it is estimated to exceed 10,000 sq ft, valued at nearly Rs 15 crore.
Temple boom: Mega opportunities that Ayodhya real estate is throwing up
The real estate boom in Ayodhya has seen a rise in demand and inquiries. The temple town's economic viability, sentiment, and infrastructure have led to a 10-20% increase in land prices. Close to 15 hotel permits have been given, and Rs 30,000 crore has been invested in infrastructure upgrades. The entire region, including Kashi Vishwanath Corridor, Banaras, and Ayodhya, is expected to see a massive interest from developers and buyers. Ayodhya's real estate prices have soared, with a 6x to 10x increase in the last three to five years.
Abhinandan Lodha Group plans Rs 2,000-cr luxury hotels in Ayodhya, Benares, Vrindavan
While several hospitality chains have signed pacts for properties here, there is no operational hotel in the luxury segment in Ayodhya yet. The new temple complex in Ayodhya has led to heightened infrastructure development and economic activities in and around the city. This is expected to boost not only tourism but also help the city emerge as a regional business and economic activity hub with improved connectivity.
Birla-Lodha Dispute: Calcutta HC clarifies power and scope of APL Committee
The Calcutta High Court, in the prolonged legal battle over Priyamvada Devi Birla's estate, ruled against granting full powers to the administrator pendente lite (APL) committee. The court clarified that the APL committee can only exercise powers held by Priyamvada Birla during her lifetime, focusing solely on her shares.
Lodha concludes sales of London projects, exits UK investments completely
The company, based on the sales trajectory, had earlier guided the projects will be fully sold out ahead of the business plan target of the fourth quarter of the financial year 2023-24.
Blow to Birlas: Harsh Vardhan Lodha to continue as Chairman of MP Birla Group, rules Calcutta HC
A single judge of the Calcutta High Court had earlier given full authority to a panel of three administrators — one each nominated by the Birla and Lodha families and a retired judge — to take control of the entire estate of the late Priyamvada Devi Birla, former chairperson of the MP Birla Group, who died on July 3, 2004. The judge in September 2020 passed an order directing the removal of Harsh Vardhan Lodha as the chairman of the MP Birla Group on the basis of a contentious concept of “extended estate”.
CEO@Work: We think about ourselves as a consumer goods company and our product is housing: Abhishek Lodha
“Housing causes the creation of the middle class and housing benefits immensely from the creation of the middle class. So this is the sector which will drive our economy for the next 15 years. I feel quite confident this is a very long cycle, unlike the typical cyclicality, which may be five, some people say five to seven years, some say 7-10 years, but whatever that may be.”
Macrotech Developers raises Rs 650-crore to refinance high-cost debt
Both lenders have provided debt in the form of non-convertible debentures (NCDs) with different terms. Bonds raised from Deutsche Bank are unsecured while Standard Chartered bonds are secured. The Rs 245-crore NCDs issued to Standard Chartered Bank have a clause that the bank would charge 50 basis points more for each rating downgraded of Lodha.
Macrotech Developers' sales bookings up 12 pc annually to Rs 3,530 cr in Jul-Sep qtr
Real estate firm Macrotech Developers has reported a 12% YoY growth in sales bookings, reaching Rs 3,530 crore in the July-September period. The company achieved its best-ever quarterly pre-sales performance and has achieved 48% of its FY24 pre-sales guidance. Macrotech Developers is confident about delivering its full-year pre-sales target of Rs 14,500 crore, with seven new locations planned to be launched in the second half of the fiscal year.
Macrotech Developers eyes Rs 12k-cr sales revenue from 5 land parcels in MMR, Bengaluru
Realty firm Macrotech Developers Ltd has acquired five land parcels in Mumbai region and Bengaluru during April-June quarter to develop housing projects with a revenue potential of Rs 12,000 crore. Macrotech Developers MD and CEO Abhishek Lodha said the company has added new projects worth Rs 12,000 crore in the first quarter of this fiscal year as against the annual guidance of Rs 17,500 crore.
Macrotech Developers to launch 22 realty projects by March next year with Rs 12,560-cr sales potential
Realty firm Macrotech Developers Ltd will launch 22 new projects by March next year across Mumbai Metropolitan Region (MMR), Pune and Bengaluru with an estimated sales revenue potential of Rs 12,560 crore as it seeks to tap rising housing demand.
Axis AMC leases 2 floors in Lodha’s Mumbai tower
The company will be paying a monthly rent of Rs 1.2 crore for the office space spread over the 22nd and 23rd floors of the 39-storey tower, the sources said, adding that the space has already been handed over to the new tenant for fit-out work.
Lodha records highest ever Q1 pre-sales of Rs 3,353 crores
The company has also added five new projects with potential gross development value of Rs 12,000 crores across different micro-markets during the quarter. “With a strong start for the year, the performance achieved is in line with our guidance of 20% pre-sales growth for FY24. Demand conditions remain robust with a very strong consumer desire to buy a home,” said Abhishek Lodha, MD & CEO, Lodha Group.
Macrotech Developers emerges top bidder for Mumbai-based V Hotels
The Committee of Creditors (CoC) of bankrupt V Hotels has declared the real estate developer as the successful resolution applicant in relation to the Corporate Insolvency Resolution Process (CIRP) of the hospitality company.
Co-living is shifting towards luxury & premium offerings: Housr CEO
The co-living market in India is set to exceed $1bn by 2025, driven by a growing millennial population, according to Makreo Research. Housr is among the startups benefitting from the trend and has ambitious plans to expand, bolstered by several investors including Adar Poonawalla, CEO of Serum Institute of India. The firm operates on an asset-light model, leasing properties on a long-term basis in multiple cities, where it offers a range of services, such as laundry and housekeeping, for renters. Housr's margins are around 20-22%.
Kandoi Fabrics, director buy 2 luxury apartments in SOBO’s Malabar Hill for Rs 108 cr
These apartments are spread over a total of nearly 9,300 sq ft across the 11th and 12th floor of the super-luxury residential tower Lodha Malabar on Walkeshwar Road.
Corporate realtors see high value in plotted developments, holiday homes
This has resulted in an upsurge in plotted development and holiday home projects in peripheral areas of tier-1 cities and exclusive and scenic locations in close proximity to metro cities. Corporate developers including Mahindra Lifespaces, The House of Abhinandan Lodha (HoABL), Arvind SmartSpaces, TVS Group and Hiranandani Group have recognised the value in this format and have either entered or planning foray into this segment.
Lodha FY23 pre-sales up 34% to Rs 12,064 crore, best-ever annual performance
With 34% rise in annual pre-sales, the listed company has surpassed its full year guidance of Rs 11,500 crores. Collections for the year rose 23% to Rs 10,606 crores, while net debt has further reduced to Rs 7,071 crores showing a decline of Rs 2,229 crores during the year.
Kandoi Fabrics, directors buy 4 luxury apartments in SOBO’s Malabar Hill for Rs 217 crore
These apartments are spread over a total 18,572 sq ft across the 6th, 7th, 8th, and 9th floor of the super-luxury residential tower Lodha Malabar on Walkeshwar Road. The under-construction project last week witnessed the country’s most expensive apartment deal with industrialist JP Taparia’s family picking up a triplex on the 26th, 27th and 28th floor of the tower for Rs 369-crore.
Tufropes Director Madhav Goel buys Rs 121-cr luxury apartment in South Mumbai’s Malabar Hill
The apartment spread over 9,546 sq ft is on the 19th floors of the super-luxury residential tower, Lodha Malabar, located on the plush Walkeshwar Road, opposite the governor’s estate. The under-construction tower is adjacent to the Arabian Sea and the Hanging Gardens.
JP Taparia family buys India’s costliest triplex apartment in SOBO’s Malabar Hill for Rs 369 cr
In India’s most expensive apartment deal ever, family of industrialist JP Taparia, founder of contraceptive maker Famy Care, has purchased a sea-view luxury triplex apartment for over Rs 369 crore in south Mumbai’s Malabar Hill from realty developer Lodha Group, said persons with direct knowledge of the development.
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