Real estate company 'The House of Abhinandan Lodha' is expanding business in 6 new cities. These cities include Amritsar, Vrindavan, Ayodhya, Shimla, Nagpur and Khapoli adjacent to Mumbai.
The company announced this on November 8 at an event held at DLF City Mall in Gurugram.
Company Chairman Abhinandan Lodha said that 352 acres of land has been acquired in 6 cities. The company has invested Rs 3 thousand crores on this. Half of the investment is on purchase of land. Half the amount will be spent in developing it. The company will offer about 5,500 residential plots for sale in these 6 cities by June next year.
The company has also set up a new national office in Delhi. Abhinandan Lodha is the younger son of Mangal Prabhat Lodha, founder of Mumbai's Lodha Group of Companies. Abhinandan's elder brother Abhishek Lodha is the owner of 'Macrotech Developers', a real estate company listed on the Bombay Stock Exchange. Dainik Frontpage Insights spoke to Abhinandan Lodha on the projects of 'The House of Abhinandan Lodha' (HoABL).
Question: Why did the company think of opening an office in Delhi? answer: In the last 10-12 months, we have seen that many people of Delhi are showing interest in the project of 'The House of Abhinandan Lodha'. They attend our events. We do not understand the Delhi market well yet. We have opened an office here. This is not a consumer office, it is an internal sales office. We have opened this office to better understand the interests of Delhi and its people.
Circle rate of land has increased rapidly in Delhi-NCR. Whoever has bought retail land in the last 10 or 15 years has made manifold money.
Question: You have acquired land in Amritsar, Ayodhya and Vrindavan. Has this decision been taken keeping religious tourism in mind? answer: We have found 48 locations across the country. Infrastructure is being developed rapidly at these places. Economic development is more in local areas as compared to cities. These may include religious tourist places or just popular tourist places.
Question: What is the method of selecting a location and land? answer: We have detailed study to select the land. We have identified 48 places across India where the state and central governments are developing infrastructure. This development is more than the national average. We have identified the right land at these places.
Question: Are there any challenges in this? answer: There are three challenges in this. First, local understanding has to be created. Second, risk has to be taken because land is not available all at once. Is acquired gradually. Third, the farmer from whom the land has been taken has to keep paying money regularly. This money is more than the market rate.
Question: How are you using technology in your company? answer: We are a tech-only company. You will be surprised to know that we have neither met our customer nor has any customer come to us. This is our business model. You don't need to go and see the ground. We have made the entire process tech-based.
Everything will be available on our app. After purchasing the land, if someone wants to give the land purchased in Vrindavan on rent, build a house or sell it, then even a person sitting in Chicago can do all this with the help of the app.
Continuously growing company In the last four years, 'The House of Abhinandan Lodha' has acquired 150 acres of land. It was also delivered to the customer before the stipulated deadline. The company is ready to develop 180 acres i.e. about 5 million square feet of land for more than 2000 customers in Anjarle and Neral, Maharashtra in December 2024.
The company is preparing for large-scale deliveries in Dapoli and Alibaug, Ayodhya and Goa in Maharashtra. Huge investment is also being made in Uttar Pradesh. We are bringing changes in Ayodhya with an investment of Rs 3 thousand crores. Projects worth Rs 1,200 crore are included only for Ayodhya.
One of the flagship projects of the company is The Saryu. It is a 75-acre luxury project, which also includes India's first completely vegetarian 5 star hotel. Its management is being done by the hotel chain 'The Leela'.
Graphics Source: VaskarAssets
