Lodha to become first developer to cross Rs 10,000 crore sales
Lodha Group is all set to achieve a new feat which has not been achieved by any other builder. The group is set to get new sales of over 70% this fiscal year to cross the Rs 10,000 crore mark.
The MD of the company has claimed that they have been in the Rs 5,000-6,000 crore range in the past two financial years and this year they are expecting a revenue as high as Rs 10,000 crore in new sales.
As per the group, this is the result of more projects being completed, new launches, expanding into different parts of Mumbai and launching in properties in Pune and Hyderabad.
Till date, they have developed more than 4 million square feet of area and their focus in 2013 will also be on delivering what they have sold and promised before.
Furthermore, Lodha Group recently started with a new scheme. An ‘initial public offer’ has been used by the developer to sell apartments at their latest premium project located in Lower Parel in Central Mumbai.
The project, which is spread across 17.5 acres called Blue Moon, will be constructed on Mumbai Textile Mills plot which has been recently acquired by Lodha from DLF for Rs 2725 crore. For now, two towers are being released out of six planned.
A new IPO allotment-like automated algorithm system has been planned to sell these apartments in Mumbai. This type of draw was generally used by government agencies like MHADA and DDA to sell projects. This will be the first type that a private builder is using this method.
Lodha group is planning to not charge premium for a specific view unlike their previous projects. After reviewing buyers’ applications, the system will be given inputs like typology, floor preference and most importantly, the ticket price range. Based on the inputs, the algorithm system will allot an apartment to a specific buyer.
There are over 600 units in this project which cost around Rs 3.2 crore onwards. The plot on which this project is being developed has been recently acquired the land parcel from DLF at Rs 2,727 crore.
As per the company, such a response has been never heard, which will make Mumbai as one of the most robust and attractive real estate markets globally.
Around 30% of the applications received were from NRIs, while equal amount of applications came from other cities like Delhi, Ahmedabad, Kolkata, Hyderabad and Bangalore.
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