Lodha Group
Indian real estate company From Wikipedia, the free encyclopedia
Lodha or Macrotech Developers (formerly known as Lodha Developers) is an Indian multinational real estate company and construction company headquartered in Mumbai, India.[2] It was founded in 1980 by Mangal Prabhat Lodha.[3] It has developed residential and commercial properties in Mumbai, Thane, Hyderabad, Pune and London.
| |
| Formerly | Lodha Developers |
|---|---|
| Company type | Public |
| NSE: LODHA BSE: 543287 | |
| ISIN | INE670K01029 |
| Industry | Real estate & Construction |
| Founded | 1980 |
| Founder | Mangal Lodha |
Area served | Worldwide |
Key people | Abhishek Lodha[1] (CEO & MD) |
| Products | Residential, Commercial |
| Revenue | ₹9,230 crore (US$1.1 billion) (2022) |
| ₹2,049.93 crore (US$240 million) (2022) | |
| ₹1,202.37 crore (US$140 million) (2022) | |
| Total assets | ₹39,308.05 crore (US$4.6 billion) (2021) |
| Total equity | ₹5,125.85 crore (US$600 million) (2021) |
Number of employees | 2700+ (2021) |
| Website | Official website |
Some of its notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park.[4][3][5] The company is also credited for developing Palava, an integrated smart city in Dombivali near Mumbai.[6][7] The company was listed as Macrotech Developers on 19 April 2021.[8][9]
History
Summarize
Perspective
Lodha Group was established by 1980 by Mangal Lodha, a businessman[10] and politician, who serves as Member of Legislative Assembly.[11]
In September 2007, the Deutsche Bank made an investment of ₹1,640 crore (US$191 million) by subscribing to the compulsorily convertible debentures (CCDs) of Lodha's subsidiary, Cowtown Land Development Limited.[12]
In May 2010, the company emerged the highest bidder to acquire a 22.5-acre plot in Wadala, Mumbai, for ₹4,053 crore (US$473 million) from Mumbai Metropolitan Region Development Authority (MMRDA).[13][14]
In December 2012, Lodha Group acquired Washington House, a residential building owned by the US consulate on Altamont Road, for ₹341.82 crore (US$40 million)[15] which was developed into Lodha Altamount.[citation needed]
It purchased 17 acres of land in Mumbai's prime location from DLF[16] for about ₹2,700 crore (US$315 million), nearly four times higher than the price at which DLF had bought the land in 2005.[17]
In November 2013, Lodha Group bought Macdonald House, London,[18][19] a seven-storey building in central London from the Government of Canada for ₹3,120 crore (US$364 million).[20] The company acquired 87 acres of land in Thane from Clariant Chemicals India for ₹1,102.5 crore (US$129 million).[21]
It received an investment of ₹425 crore (US$50 million) from Piramal Fund Management for one of the company's project in May 2016.[22]
In September 2019, it was announced that the company was about to sell 7 lakh sq ft office space in Mumbai, India to Singapore-based Varde Partners for about ₹1,100 crore (US$128 million).[23] Earlier, Lodha sold its 29-storey office building in Mumbai's Wadala for ₹1,350 crore (US$158 million) to Tata Group's retail arm Trent.[24]
In Q3 of 2020, India Ratings and Research (Ind-Ra) and Moody's upgraded the rating for Lodha to stable.[25][26] After getting listed on stock exchange, Moody's Investors Service changed the outlook on the ratings to positive from stable in April 2021.[9]
The company launched its initial public offering on 7 April 2021.[27] It got listed on National Stock Exchange of India and Bombay Stock Exchange on 19 April 2021.[9]
In September 2021, Tata Power entered into a partnership agreement with the group for setting up EV charging stations in housing societies and offices.[28]
Partnership
In September 2013, Lodha Group partnered with Donald Trump for the development of Trump Tower, Mumbai, an 800-ft-tall, 77-storey residential tower at Lower Parel, Mumbai.[4][29][30] Lodha Group has partnered with a number of celebrities to be brand ambassadors, including Aishwarya Rai,[31] Amitabh Bachchan,[32] Akshay Kumar and Twinkle Khanna.[33]
Controversy
A buyer of Lodha Group's Wadala project flat published YouTube videos claiming irregularities by the company.[34][35][36] The company filed suit for defamation but the right to an injunction was struck down.[37]
Awards
- 'Top Developer of the Year' for the project, The World Towers at the Times Real Estate Icons West India by The Times of India (2020)[38]
- The World Towers of Lodha Group received recognition as 'Project of the Year' and 'Top Super Luxury' segment homes and Palava City was recognised as 'Top Township Project' at the Times Real Estate Icons of West India (2020)[38]
- Outstanding Project of the Year (National Category) for Palava at Golden Brick Awards, Dubai (2019)[39]
- Lodha Group's CEO & MD Abhishek Lodha was named 'Real Estate Youth Icon of the Year 2019' award at Grohe Hurun Real Estate Leadership Summit (2019)[40]
- CNBC Awaaz Real Estate Award for the project, Lodha Altamount by CNBC (2018)[41]
- Global Leadership in Real Estate Award at NDTV Property Awards by NDTV (2014)[42]
- CNBC Awaaz Real Estate Award for the project, Lodha Bellezza by CNBC (2013)[43]
See also
Wikimedia Commons has media related to Lodha Group.
References
External links
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