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Tuesday, March 15, 2016

Lodha Sells Rs 1,600 Crore worth Homes in up-coming Thane Project

Lodha Group, one of India’s leading real estate developers, has reached another milestone with its new development in Thane selling over 2,000 homes worth over Rs 1600 crore prior to its project launch.

The Group received applications from over 3,000 home buyers across India to book flats in the first phase of the upcoming project.

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, with the first phase comprising 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. The company said that about 60 per cent of the total residences planed for the phase one have been sold out under the pre-launch.

The pre-launch sale of Lodha Group's new project is a testimony to recovery sign in the real estate sector. Industry experts have attributed the Group's success to the increasing preference of home buyers buying real estate in Mumbai from developers who have a proven track record and credibility.

Commenting on the development, 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 by Indian developers, with a value of $10 billion.

Quick facts about Thane 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

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