Lodha Group sells properties worth Rs 3,300 cr in Apr-Sep quarter

Realty major Lodha Group's sales bookings increased by 6 per cent to Rs 3,300 crore in the first half of this fiscal on better demand for affordable housing, a senior company official said.

The Mumbai-based company said the sales momentum continues to be strong even this month with the company already achieving sales of Rs 320 crore in the first week.

"Our sales bookings stood at Rs 3,300 crore during April-September period of this fiscal against Rs 3,100 crore in the corresponding period of the previous year," Lodha Group Chief Sales Officer Prashant Bindal said.

Out of the total sales, around 97 per cent came from residential segment, and rest from commercial segment.

Last month, the company announced an investment of Rs 2,500 crore to develop three affordable housing projects in the Mumbai Metropolitan Region (MMR) in a price range of Rs 25-50 lakh per unit.

These three projects -- located at Thane, Bhiwandi and Taloja -- will be launched this financial year under a separate brand 'Crown'.

"We are launching three high-quality affordable housing projects at well-connected locations with complete social ecosystem. Most of the units will be sold in a price bracket of Rs 25-50 lakh and only some at around Rs 75 lakh," Lodha Group had said.

The first project at Thane, spread over 10 acre comprising 2,800 units, was launched on October 2.

The company will develop 4,000 housing units at project in Taloja and 2,000 units in Bhiwandi.

Lodha Group is India's largest residential real estate developer by sales and construction area. The company clocked net new sales of over Rs 7,000 crore in 2018-19 with collections of over Rs 9,000 crore.