Lodha to spend over Rs 5,000 cr to develop property in Worli

Realty firm Lodha has planned an investment of over Rs 5,000 crore (Rs 50 billion) for developing residential and commercial real estate on the 17 acre land in the plush area of Worli in south Mumbai, which it bought from DLF last year.

In last November, Lodha acquired 17-acre land from realty firm DLF for Rs 2,727 crore (Rs 27.27 billion).

"We have planned a total investment of Rs 5,000 crore for the entire project, out of which we have already invested over Rs 2,700 crore (Rs 27 billion) in buying the land. We will be further investing over Rs 2,300 crore (Rs 23 billion) in developing a variety of projects including high rises, town houses, luxury retail and even select bungalows," company's MD Abhisheck Lodha told reporters.

The company has already launched two luxury residential buildings under the brand 'Blue Moon' and construction work on the project is in progress, he said, adding: "We will be launching our third

tower in the next three months."

During the pre-launch of these two towers, the company received applications worth Rs 5,500 crore (Rs 55 billion), out of which Rs 3,500 crore (Rs 35 billion) worth applications were accepted. Lodha has so far sold 700 apartments in the project.

When asked how the company was planning to raise funds for this project, Lodha said, "We have already spent Rs 2,700 crore. For the additional, we already have strong cash flow from the pre-launch sales. In addition to that, we also have tied-up with banks for construction finance."

As a part of this project, the company has also planned to develop a park across 7-acre area.

"The Park is inspired by the great urban parks of the world, like Hyde Park in London and Central Park in New York. We will be offering various different projects around this," Lodha added.

The company has appointed Bollywood actor Aishwarya Rai Bachchan as the brand ambassador for The Park project.

Image: Aishwarya Rai Bachchan at the launch of The Park.