Realty Developer in Mumbai to Invest Rs 10,000 crore for Wadala Project Development
The Lodha Group a realty developer has come forward to invest more than Rs 10,000 crore for project development on a 22 acre land at Wadala in Mumbai. The investment proposed by the Lodha Group will include development and construction cost and also the interest rates in concern to this property will be paid to Mumbai Metropolitan Region Development Authority (MMRDA) with the payment period of five years. Abhisheck Lodha the managing director of Lodha Group reported saying that the project will be funded in concern with the internal accruals and they are hoping to release nearly $4 billion for the future projects.
Lodha will soon have a clearance from Directorate General of Civil Aviation (DGCA) for its project estimated as 117 storied building and will be claimed to be World One project at Lower Parel in Mumbai. However the company has already received permission for construction of 90 floors of World One and is awaiting for additional 27 floors which will be constructed soon. Meanwhile Lodha has started bookings for the first phase of Wadala project in central Mumbai and till date it has managed to book 280 apartments at the rate of Rs. 13,000 per square feet.
Source: The Economic Times
Apartments, Construction, Interest rates, Lodha Group, Multi-storied buildings, Mumbai, Mumbai Metropolitan Region Development Authority, Realty developers, Wadala project
