Lodha Group has bumper Q3
Lodha Group, India’s largest real estate developer today reported industry beating sales growth of 30%+ YoY in Q3, with sales of almost Rs. 2000 crores in 3 months from October to December. The group saw strong success in its newly launched brand, Crown, focussed on affordable housing, as well as continued strength in its premium projects like New Cuffe Parade, which benefited from the opening of the BKC-Sion connector and The Park, where possessions commenced in mid-2019. Abhishek Lodha, Managing Director of Lodha Group said, “We have always been at the forefront in delivering best in class products across our diversified portfolio. As one of the early entrants in the affordable housing space, the group has deep understanding of the consumer needs. Our recently launched affordable housing brand ‘Crown’, which is focussed on providing high quality homes at convenient locations at values of upto Rs .50 L in MMR has started off quite well. We also continue to see strong traction in the premium housing segment in projects like New Cuffe Parade and Lodha Park, where consumers are showing a clear preference for ready flats and good quality, integrated developments. Inspite of the perception of economic slowdown, we also continue to see strong sales in our luxury developments in Walkeshwar and Altamount Road, showcasing the strength of the MMR market our robust sales in Q3 are a clear testament to our deep understanding of consumer needs; credibility and timely delivery.” added Abhishek Lodha. “With Lodha’s performance in last few months, the industry is seeing light at the end of the tunnel. Because they are the market leaders and led the industry out of the 2009 downturn, we are hopeful that their performance will lead to revival of sentiment for housing. With their diversified portfolio across locations and price points and their wide range of assets from affordable housing, premium housing, offices and retail, Lodha is well poised to lead the industry in Mumbai region.” said Gaurav Kapoor, one of Mumbai’s largest real estate agent. According to Anarock 2019 Annual Round Up report, Mumbai Metropolitan Region recorded the highest annual increase in sales at 22% led by focus on affordable housing by leading players like Lodha. The report also cited the rising demand for ready properties or those nearing completion that helped the unsold stock across top seven cities to decline by over 4% in a year. Slowly and surely the industry is seeing consumers shift to the global trend of buying ready flats over under-construction.
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