Lodha Developers sells Rs 42-bn real estate in H1

Realty major Lodha Developers sold properties worth about Rs 42 billion in the first half of this fiscal and its sales may cross Rs 90 billion in 2018-19 on improved demand for affordable and mid-income housing, a top company official said. Lodha Developers has emerged as the biggest player in Mumbai Metropolitan Region (MMR) with 18 per cent market share in sales, its MD Abhishek Lodha said, citing industry data. The Mumbai-based firm plans to hit the capital market with an initial public offer (IPO) of about Rs 55 billion. It got approval from Sebi in July. "Housing demand in affordable and mid-income segment has improved. Our sales bookings and collections were good in the first six months of this financial year," he told media. The company has achieved sales of around Rs 42 billion during April-September period of 2018-19 fiscal year. Sales collections from customers stood at nearly Rs 55 billion during the period. "If sales momentum continues, our sales and collections may cross Rs 90 billion and Rs 100 billion, respectively, from India business," he said."We expect 10-12 per cent growth in sales and 14-15 per cent growth in collection over last year," Lodha said. The company has a major presence in MMR and Pune, besides London where it is developing two prime properties.