Mumbai Real Estate Shows Signs of Pickup - Homes Worth More Than Rs.1,600 Crores Sold in Pre-launch at Lodha's New Thane Project

MUMBAI, March 14, 2016 /PRNewswire/ --

- Lodha Group's New Landmark Neighbourhood in Prime Central Thane Gets a Resounding Vote of Confidence; Over 2,000 Homes Sold Ahead of the Launch  

- Half of Thane's Entire Real Estate Business was Achieved During the Pre-launch 

Lodha Group, India's largest real estate developer, today announced another milestone for the company with its new development in Thane selling over 2,000 homes prior to its mega launch. The Group received exemplary interest from over 3,000 homebuyers across India making applications to book flats during the pre-launch phase. The value of the apartments is over INR 1,600 crores, making it the most successful real estate development in the country.

In less than two years of acquiring the 88-acre land parcel from Clariant Chemicals in Thane, one of the largest land deals in the country, Lodha Group has now announced its mega plans for an expansive residential neighbourhood in Prime Central Thane. It will be developed in multiple phases, the current comprising of 3,500 smart sized 1 and 2 bedroom residences, housed in 27-30 storied elegant towers around a master planned development featuring over 80% open spaces. 60% of the total residences have been acquired already by homebuyers under this pre-launch.

The pre-launch sales achievement in the Lodha Group's new project is not only a testimony of the trust shown by homebuyers in the company but also demonstrates signs of recovery in the real estate sector. Lodha Group has been at the forefront of driving this upswing of the slump in the real estate sector, which has been starving for quality housing and homebuyers trust. Industry experts have attributed the Group's success to the increasing preference of homebuyers buying real estate in Mumbai from developers who have a proven track record and credibility.

Commenting on the success, Prashant Bindal, Chief Sales Officer (CSO) of Lodha Group said, "It is very heartening to see the interest of homebuyers in this grand development. This neighbourhood has not only created super-normal demand in a highly competitive market such as Thane but also revived its real estate landscape by reinforcing people's trust towards appreciation and investment in real estate. We are working with the best mix of experts from Hafeez Contractor to Sitetectonix of Singapore, to ensure unmatchable quality of homes and a better life for all families."

Lodha's portfolio includes the World Towers, the world's tallest residential project; Palava City - India's first smart city; the Park (including Trump Towers) in Worli, and New Cuffe Parade in Wadala. Lodha's land bank of 25 million sq. m. is the largest held by Indian developers, with a value of $10 billion.

Quick facts about the development:  

• Buyers spread across 18 countries around the world.
• In India, people from over 60 cities, apart from MMR, bought a residence in Codename Big Bang.
• Unique 'IPO' style method for applications - the first ever in the affordable luxury category in real estate.
• Thane is rated No.1 hotspot by a CII-JLL report with the highest projected rental appreciation among all the major cities in India.
• The area is expected to witness a tremendous spurt in capital values, with 60% appreciation from 2015 to 2020 as cited by Knight Frank.

About Lodha Developers:  

Established in 1980, privately held Lodha Developers is India's largest real estate developer and amongst the world's select multinational real estate brands with presence in India and the United Kingdom. The company is one of the most profitable players in India and the largest by sales for three consecutive years. It achieved net sales of INR 7,790 crore for FY 14-15 and INR 7,520 crore for FY 13-14 with INR 8,092 crore in FY 12-13 and INR 3,911 crore in FY 11-12.

The Group is currently developing an estimated 43 million sq ft of prime real estate with the largest land reserves in MMR, and has 28 ongoing projects across London, Mumbai, Pune and Hyderabad and expanding in Bangalore. The group has the largest land bank of over 6,200 acres with an estimated saleable area of ~553 million sq ft. In FY 14-15 alone, the company delivered 5.7 million square feet and 5,500 units across projects. The group plans to deliver more than 11.8 million sq ft in FY 15-16.

Lodha's vision of 'Building a Better Life' extends across markets with several landmark developments to its credit including World One - the world's tallest residential tower, and Palava City - the first Greenfield smart city in the country. The group has brought some of the top global names including Armani/Casa, Trump, Philippe Starck, Jade Jagger, Kelly Hoppen, Greg Norman and Pei Cobb Freed to India. In November 2013, the Group 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). The Group acquired another premium site in Prime Central London, 'New Court' at 48 Carey Street, taking the combined investment to GBP ~400 million. The group is planning a further £3 billion worth of investment in the UK by 2018.

Lodha Developers is one of the largest corporate entities in Mumbai, with over 4,000 direct associates and over 25,000 workmen at its sites. Over 2% of the group's annual profits are dedicated to social programs with a focus on education as the best medium to enrich society. With offices in London, Dubai and Shanghai and planned openings in the USA and Singapore, the group is on the road to a substantial international presence. For more information, visit http://www.lodhagroup.com .

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Rashi Mehrotra
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