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Lodha to invest `4300 crore in construction to boost deliveries

New Delhi : Realty major Lodha Developers will invest about Rs 4,300 crore this fiscal on construction to boost deliveries of housing units and also plans to launch 8-9 new projects in Mumbai, Pune and London. The Mumbai-based Lodha Developers invested Rs 3,700 crore in the last fiscal on construction and has increased outlay for the 2017-18 fiscal to boost deliveries, its Managing Director Abhishek Lodha said. “We will launch 8-9 projects this financial year, of which 6-7 will be in Mumbai Metropolitan Region and one each in Pune and London market,” he said in an interview. Asked about the investment, Lodha said the company will increase its total construction spend this fiscal to Rs 4,100 -4,300 crore on existing and new projects from Rs 3,700 crore in the 2016-17 fiscal.

The investment will be funded largely through internal accruals as the company expects to receive Rs 8,000-9,000 crore from customers during this fiscal. The collections from customers stood at Rs 7,000 crore during 2016-17. “During last fiscal, we delivered 7,200 homes which is a big record for the country in itself. The company is targeting to increase delivery of homes in excess of 8,000 units,” Lodha said.

This post was syndicated from Free Press Journal. Click here to read the full text on the original website.

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