(MENAFN- Live Mint) Real estate firm the House of Abhinandan Lodha will invest ₹1,800 crore on the residential business expansion, purchase of land and construction of projects in the financial year 2024-25 as a part of the company's expansion plan, reported PTI quoting Chairperson Abhinandan Lodha on Sunday, August 4.
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“The total capital expenditure outlay for 2024-25 fiscal is around ₹1,800 crore of which ₹550 crore will be on construction and the remaining on land buying,” Abhinandan Lodha, Chairperson of the House of Abhinandan Lodha told news agency on the context of investment plan for the current financial year.
The Mumbai-based real estate company was founded in 2021 and has introduced nearly 10 plotted projects over 650 acres of land in Maharashtra, Goa, and Ayodhya in Uttar Pradesh.
The chairperson also said that the demand for residential housing plots has been very strong after the global pandemic COVID-19, as per the report.
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"We have launched more than 6,000 plots in the last three years and we plan to launch more than 2,000 plots by end of this calendar year," Lodha told the news agency. The company is net debt -free and is looking to fulfil its capex needs from internal accruals, as per the report.
House of Abhinandan Lodha has identified 48 cities in India as a part of its expansion plan, cities having great potential for plotted development fueled by upcoming infrastructure projects and the rise of tourists visiting the places, according to the report.
The company has sold plots at prices ranging between ₹10 lakh to ₹15 crore, depending on the property locations. The real estate firm will launch housing plots in Amritsar, Varanasi and Shimla soon, as per the report.
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The company has delivered two projects in this year, and more are to be delivered by the end of this calendar year, according to the report.
The company is a part of Lodha Ventures, established by Abhinandan Lodha after exiting Macrotech Developers. The company Macrotech Developers build properties under the brand name“Lodha."
"We use the word House of Abhinandan Lodha very very clearly. All buyers understand that this is my name. Macrotech Developers works under the brand 'Lodha'. It's a common surname but House of Abhinandan Lodha is completely distinct from Macrotech Developers," said Abhinandan Lodha, as per the report.
(LiveMint couldn't independently verify the report)
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