Lodha Dev to invest Rs 6,000 cr

Lodha Dev to invest Rs 6,000 cr
The Financial Express, November 19, 2009, Page 7

Press Trust of India

Mumbai-based realty firm Lodha Developers, which plans to hit the capital market with its IPO early next year, will invest Rs 6,000 crore in the next three years on construction of its existing projects. “We are currently developing about 30 million sqft comprising 38 projects. The average cost of construction to develop the projects is Rs 2,000 a sqft,” managing director Abhisheck Lodha told PTI.

At an average construction cost, the total investment to develop the existing projects works out to be Rs 6,000 crore. The company's current land bank stands at 260 million sqft, which is enough to keep it busy for the next 10-12 years. About 80 per cent of the company's total business is housing and the rest is office space, he said.