Lodha Developers shifts focus from luxury to affordable housing
A Trump Tower developer in Mumbai, India’s financial hub, is shifting focus to cheaper apartments and office space as a credit squeeze crimps demand for posh properties. Macrotech Developers, earlier known as Lodha Developers, will cut the share of premium housing from its portfolio to about 17% from 30%, said Managing Director Abhishek Lodha. It’s also looking to increase contributions from so-called affordable housing to about 50% of revenue over the next three to four years from 40%. “All our new investment is going in affordable and office,” Lodha said in an interview at the company’s premium World Towers residential project in Mumbai on Thursday. “We are managing our liquidity very, very carefully. It is something which we need to watch more carefully now than we would even 18 months ago.”
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