Lodha Group, the real estate developer, is hoping to gather in the sales of whopping INR 9000 Crores in this financial year. When compared to past financial year, it is around 12.5% of jump because it plans to introduce over 7 to 8 million sq. ft. of fresh living spaces in the city of Mumbai by the end of this financial year 2014-15, if Abhishek Lodha, Managing Director, has to be believed.
The unlisted real estate developer, Lodha Group had around Rs. 8000 Cr. of sales last year. With the liking to grab assets, they have owned the assets of around Rs. 8100 Cr. both in property and land to convert them into livable residences over the past couple of years.
Such acquisitions are not just restricted to Mumbai only. They are also looking ahead on real estate market in London as well. They have acquired two porch assets of around 4K Cr. at the heart of city within just 3 months in 2013-14. Instead of stopping there, they will keep on looking for opportunities for acquisition over there.
Over the upcoming 5 years, the developer has expected to invest around $5 billion in London market and they will be available for both construction and acquisition. Along with Mumbai, London is next targeted market for Lodha and they are looking forward to develop the same leadership and presence over there, according to Abhishek Lodha.
Lodha was acquired Macdonald House in November 2013. It is a 7-storey building located in the heart of London for around Rs. 3K Cr. They have acquired another property in the heart of London in February 2014 New Court for 935 Cr. Lodha, for funding such expansion plans and acquisitions, said that these properties will have robust cash flows and they are planning to be financed by their own funding.
One has to arrange the funds and use them in good use. Today, the cash flows of the developer are sufficient to fulfill their growth plans and expansion. They will consider other revenue sources when their plans are insufficient to meet their inner cash flows.
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