Real estate major Lodha group has opened bookings for its Rs 10,000 crore ($2 billion) proposed 23 acre mini township project at Wadala in Mubai. Named as New Cuffe Parade, this project spread over phases, is estimated to be the single largest investment in the real estate sector in Mumbai.
According to Mr. Abhisheck Lodha, MD, Lodha group, “We plan to invest Rs 10,000 crore over the next 5 to 7 years to develop New Cuffe Parade. The project aims to cater to demand for professionals who have so far found themselves locked out of the island city by high prices. Apartments in this complex will start at a price of Rs 1.75 crore and go up to around Rs 3 crore”
Mr. R Karthik, Chief Marketing Officer, Lodha group said, “This would work out to approximately Rs 14,000 a square foot. We expect revenues of about Rs 20,000 crore from this project. We have already sold around 70% first tower in prelaunch sales.
Lodha group had acquired this 23-acre land last year at a cost of Rs 4,050 crore in a tender called for by the Mumbai Metropolitan Regional Development Authority (MMRDA). Of this sum, it has paid the first instalment of Rs 405 crore while the balance is payable in installments over four years. To fund this project, Mr. Abhisheck Lodha said the group would raise Rs 1,000 crore of construction debt and invest Rs 2,500 crore via internal accruals of the company.
“The balance will come from customer bookings and advances. We are confident of making a 40 per cent EBITDA margin on this project and like in all projects will match the investment cycle with the business cycle,” Mr. Abhisheck Lodha added.
On part of the land area Lodha will construct a new inter-state bus terminal with the balance being used for mixed-use development. Of the total 23-acreland, 70 per cent will be residential while the remaining 30 per cent will be used for commercial developments. “We have a floor space index of 4.95 lakh square metres on this plot,” said Lodha.
Highlights of New Cuffe Parade..!
* New Cuffe Parade will comprise 63-storey towers with 15 acres dedicated to lush green spaces.
* The very first tower is expected to be constructed in three-and-a-half years.
* The booking of the flats will start in the next 20 days and will comprise 2 and 3 bedroom flatss having carpet area of 900 sq. ft to 1,800 sq.fet.
The company at present has debt of around Rs 2,000 crore on its books and claims that banks are ready to fund good projects with good sales.
Keywords: New Cuffe Parade | Rs 10,000 crore | Mini township | Lodha group
According to Mr. Abhisheck Lodha, MD, Lodha group, “We plan to invest Rs 10,000 crore over the next 5 to 7 years to develop New Cuffe Parade. The project aims to cater to demand for professionals who have so far found themselves locked out of the island city by high prices. Apartments in this complex will start at a price of Rs 1.75 crore and go up to around Rs 3 crore”
Mr. R Karthik, Chief Marketing Officer, Lodha group said, “This would work out to approximately Rs 14,000 a square foot. We expect revenues of about Rs 20,000 crore from this project. We have already sold around 70% first tower in prelaunch sales.
Lodha group had acquired this 23-acre land last year at a cost of Rs 4,050 crore in a tender called for by the Mumbai Metropolitan Regional Development Authority (MMRDA). Of this sum, it has paid the first instalment of Rs 405 crore while the balance is payable in installments over four years. To fund this project, Mr. Abhisheck Lodha said the group would raise Rs 1,000 crore of construction debt and invest Rs 2,500 crore via internal accruals of the company.
“The balance will come from customer bookings and advances. We are confident of making a 40 per cent EBITDA margin on this project and like in all projects will match the investment cycle with the business cycle,” Mr. Abhisheck Lodha added.
On part of the land area Lodha will construct a new inter-state bus terminal with the balance being used for mixed-use development. Of the total 23-acreland, 70 per cent will be residential while the remaining 30 per cent will be used for commercial developments. “We have a floor space index of 4.95 lakh square metres on this plot,” said Lodha.
Highlights of New Cuffe Parade..!
* New Cuffe Parade will comprise 63-storey towers with 15 acres dedicated to lush green spaces.
* The very first tower is expected to be constructed in three-and-a-half years.
* The booking of the flats will start in the next 20 days and will comprise 2 and 3 bedroom flatss having carpet area of 900 sq. ft to 1,800 sq.fet.
The company at present has debt of around Rs 2,000 crore on its books and claims that banks are ready to fund good projects with good sales.
Keywords: New Cuffe Parade | Rs 10,000 crore | Mini township | Lodha group
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