Lodha Group enters Hyderabad market

Hyderabad: The Lodha Group, a Mumbai-based realty company, is entering the Hyderabad market with an estimated Rs 800-crore ‘by invitation’ project.

The focus would be on the ‘luxury’ market segment. Individual towers of 45 floors, with each floor housing one apartment of roughly 5,000 sq ft, would be offered to select people, said Mr R. Karthik, Senior Vice-President (Marketing).

The Lodha Group had acquired 12.9 acres of land for the project in a Government auction in Cyberabad area, about six-seven months ago. This would be the first major initiative for the group outside Maharashtra, he said.

About four towers with the very best facilities and green space would be created in the next few years. Though the present market is tough, there was good scope for a differentiated product, especially in the niche areas, he explained.

The Lodha Group has done a ‘by invitation’ project in Mumbai. The objective is to identify educated, well-travelled, global Indians in the CXO category (CEO, CIO, CFO etc), and offer them the apartment, Mr Karthik said.

The project would be implemented in a joint venture with HDFC. The Lodha Group received about $410 million private equity funding six months ago from a consortium of investors led by Deutsche Bank, he said.