House of Abhinandan Lodha to invest Rs 1,800 cr in plots: Chairman

The company has identified 48 cities across India which have great potential for plotted development for various reasons including influx of tourists

New Delhi: Realty firm The House of Abhinandan Lodha -- which is into development of residential plots -- will invest Rs1,800 crore this fiscal year on purchase of land and construction of projects as part of its expansion plan, a top company official said.

Mumbai-based The House of Abhinandan Lodha, which was formed in 2021, has already launched nearly 10 plotted development projects covering 650 acres in Maharashtra, Goa, and Ayodhya in Uttar Pradesh. The company's Chairman Abhinandan Lodha noted that the demand for housing plots has been very strong post-Covid pandemic. "We have launched more than 6,000 plots in the last three years and we plan to launch more than 2,000 plots by end of this calendar year," he said.

About investment plan for the current fiscal, Lodha said, "The total capital expenditure outlay for 2024-25 fiscal is around Rs 1,800 crore of which Rs 550 crore will be on construction and the remaining on land buying." He said the company is net debt free and would meet this capex from internal accruals. Elaborating on expansion plan, Lodha said the company has identified 48 cities across India which have great potential for plotted development because of existing or upcoming infrastructure projects and inflow of tourists in these towns.

The company will soon launch housing plots in cities like Amritsar, Varanasi and Shimla. Lodha said the company's journey has been "quite tremendous" over the past three years with launch of around 650 acres of housing plots and delivery of 150 acres. "We started this company in April 2021. Our first development was spread over 100 acre at Dapoli in Maharashtra. We are a technology-based company and market our properties online across the world. Hardly any customer visit our sites before buying."

Many celebrities, including Amitabh Bachchan, have bought plots in its projects, he said, adding that the company's projects get completely sold out within weeks of launch. The company has sold plots in a price range of Rs 10 lakh to Rs 15 crore, depending on the locations. "Land in India held properly with clear possession, clear title and clear goals for a long period of time is the best bet," Lodha said, and emphasised that promoting land as an asset class has been an underlying theme of his company.

Lodha said the company has delivered two projects so far.

Its first project at Dapoli and also one 18-acre development in Goa have been handed over to customers. More projects will get delivered by end of this calendar year. The House of Abhinandan Lodha is part of Lodha Ventures, which was established by Abhinandan after quitting Macrotech Developers (erstwhile Lodha Developers). Listed entity Macrotech Developer, which is managed by his big brother Abhishek Lodha, markets its properties under Lodha brand.

"We use the word House of Abhinandan Lodha very very clearly. All buyers understand that this is my name. Macrotech Developers works under the brand 'Lodha'. It's a common surname but House of Abhinandan Lodha is completely distinct from Macrotech Developers," he said.