Lodha Group

Lodha Group (formerly known as Lodha Developers) is an Indian real estate company with its headquarters in Mumbai, India.[2] It was founded in 1980 by Mangal Prabhat Lodha.[3] It has developed residential and commercial properties in Mumbai, Thane, Hyderabad, Pune and London. Some of its notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park.[4][3][5] The company is also credited for developing Palava, an integrated smart city near Mumbai.[6][7]

Lodha Group
FormerlyLodha Developers
TypePrivate limited company
IndustryReal estate & construction
Founded1980 (1980)
FounderMangal Lodha
Area served
Worldwide
Key people
Abhishek Lodha[1] (CEO & MD)
ProductsResidential, Commercial
WebsiteOfficial website

History

Lodha Group was established by 1980 by Mangal Lodha, a businessman[8] and politician, who serves as Member of Legislative Assembly.[9]

In September 2007, the Deutsche Bank made an investment of ₹1,640 crore (US$230 million) by subscribing to the compulsorily convertible debentures (CCDs) of Lodha's subsidiary, Cowtown Land Development Limited.[10]

In May 2010, the company emerged the highest bidder to acquire a 22.5-acre plot in Wadala, Mumbai, for ₹4,053 crore (US$568 million) from Mumbai Metropolitan Region Development Authority (MMRDA).[11][12]

In December 2012, Lodha Group acquired Washington House, a residential building owned by the US consulate on Altamont Road, for ₹341.82 crore (US$48 million).[13]

It purchased a 17 acres land in Mumbai's prime location from DLF[14] for about ₹2,700 crore (US$379 million), nearly four times higher than the price at which DLF had bought the land in 2005.[15]

In November 2013, Lodha Group brought Macdonald House, London,[16][17] a seven-storey building in central London from the Government of Canada for ₹3,120 crore (US$437 million).[18] The company acquired 87 acres of land in Thane from Clariant Chemicals India for ₹1,102.5 crore (US$155 million).[19]

It received an investment of ₹425 crore (US$60 million) from Piramal Fund Management for one of the company's project in May 2016.[20]

In September 2019, it was announced that the company was about to sell 7 lakh sq ft office space in Mumbai, India to Singapore-based Varde Partners for about ₹1,100 crore (US$154 million).[21] Earlier, Lodha sold its 29-storey office building in Mumbai's Wadala for ₹1,350 crore (US$189 million) to Tata Group's retail arm Trent.[22]

Partnership

In September 2013, Lodha Group partnered with Donald Trump for the development of Trump Tower Mumbai, an 800-ft-tall, 77-storey residential tower at Lower Parel, Mumbai.[4][23][24] Lodha Group has partnered with a number of celebrities to be brand ambassadors, including Aishwarya Rai,[25] Amitabh Bachchan,[26] Akshay Kumar and Twinkle Khanna.[27]

Awards
  • CNBC Awaaz Real Estate Award for the project, Lodha Altamount by CNBC (2018)[28]
  • Global Leadership in Real Estate Award at NDTV Property Awards by NDTV (2014)[29]
  • CNBC Awaaz Real Estate Award for the project, Lodha Bellezza by CNBC (2013)[30]

See also

References
  1. "chuthiya Lodha: Property pasha". Forbes India. Sep 21, 2018.
  2. Bundhun, Rebecca (April 17, 2015). "Branded Homes Make Waves Among the Elite in India". The New York Times.
  3. Bhua, Rajiv (March 5, 2013). "The high rise of Abhisheck Lodha". Fortune.
  4. "Donald Trump back in Mumbai, this time with Lodha Group". Business Standard. September 18, 2013.
  5. Kenney, Carolyn; Norris, John (June 14, 2017). "Trump's Conflicts of Interest in India". Center for American Progress.
  6. "Palava City, Navi Mumbai, Mohali top emerging cities: JLL". Zee News. September 26, 2017.
  7. "Lodha Group's Palava ranked India's No. 1 City to Live In by Jones Lang LaSalle". The Financial Express (India). September 10, 2017.
  8. "#804 Mangal Prabhat Lodha". Forbes. Retrieved 21 August 2019.
  9. "BJP MLA Mangal Prabhat Lodha from Mumbai in India". The Times of India. November 22, 2018.
  10. "Deutsche Bank exits Lodha investment". Business Standard. February 10, 2012.
  11. "Lodha secures Mumbai land for Rs 4,053 cr". Business Standard. January 20, 2013.
  12. Nair, Shalini (May 26, 2010). "In Mumbai, Rs 4,053 cr for 25,000 sq metres". Indian Express.
  13. Mehta, Rajshri (December 12, 2012). "Prime Altamont Road property of US consulate sells for Rs 342 crore". The Times of India.
  14. "India's Lodha to buy DLF's Mumbai plot for $488 mln". Reuters. August 13, 2012.
  15. "DLF sells 17 acres Mumbai land to Lodha for Rs 2,700 cr". The Hindu Business Line. August 13, 2012.
  16. White, Anna (June 16, 2014). "Indian billionaires are buying up prime central London". The Daily Telegraph.
  17. "Lodha Group buys MacDonald House for Rs. 3,120 crore". The Hindu. November 30, 2013.
  18. "Lodha Developers buys prime diplomatic property in UK". Business Today. November 29, 2013.
  19. "Clariant Chemicals Completes Rs. 1,154-Cr Land Deal With Lodha". NDTV. December 31, 2014.
  20. "Piramal Fund Management invests Rs 425 crore in Lodha Project". Business Standard. May 23, 2016.
  21. "Lodha group to sell 7 lakh sq ft office space in Mumbai to Singapore firm for Rs 1,100 crore". Business Today. September 23, 2019.
  22. "International investor, Tatas buy Wadala building for Rs 1,350 crore". The Times of India. September 20, 2019.
  23. "Trump's India partner Lodha tied to Modi: Is US President profiteering from his foreign policy decisions?". The Financial Express (India). June 20, 2017.
  24. "Trump Tower to be ready next year". The Hindu. February 23, 2018.
  25. "Aishwarya Rai to endorse Lodha's Worli project". The Economic Times. August 20, 2013.
  26. Kamath, Raghavendra (February 27, 2014). "Lodha: Real estate's top marketerl". Business Standard.
  27. "Power couple Akshay Kumar and Twinkle Khanna to endorse Lodha Group project". The Economic Times. March 28, 2016.
  28. "Winners 2018". realestateawards.co.in.
  29. "Property Awards Winners 2014". NDTV.
  30. "CNBC Awaaz gives away Real Estate Awards 2013". BestMediaInfo. December 26, 2013.
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