House of Abhinandan Lodha to Invest Rs 3,000 cr in Plotted Projects

New Delhi, Nov 8 (PTI) Realty firm The House of Abhinandan Lodha -- which sells residential plots -- on Friday announced Rs 3,000 crore investment to expand its business in six new cities, including Amritsar, Varanasi and Vrindavan.

It has acquired 352 acres of land across six new cities -- Amritsar, Vrindavan, Varanasi, Shimla, Nagpur and Khapoli near Mumbai.

Mumbai-based The House of Abhinandan Lodha, which was formed in 2021, has already launched many plotted development projects covering 850 acres in Maharashtra, Goa and Ayodhya in Uttar Pradesh. It has already delivered 150 acres.

"We are entering into six new locations. We are committing Rs 3,000 crore investment in these new cities," The House of Abhinandan Lodha founder Abhinandan Lodha told reporters.

The company will launch around 5,500 plots in these six new cities by June next year.

Of the total Rs 3,000 crore investment, Lodha said half of the investment has been made to buy 352 acres of land and the remaining will be development cost.

Lodha said the company will fund investments through internal accruals and from its platform with HDFC Capital.

The company expects USD 1 billion in revenue from plotted development projects in these six cities, he added.

Lodha said the demand for housing plots has been very strong post-Covid pandemic.

Many celebrities, including Amitabh Bachchan, have bought plots in its projects, he said, adding that the company's projects get completely sold out within weeks of launch.

Elaborating on the expansion plan, Lodha said the company has identified 48 cities across India that have great potential for plotted development because of existing or upcoming infrastructure projects and inflow of tourists in these towns.

The House of Abhinandan Lodha is part of Lodha Ventures, which was established by Abhinandan after quitting Macrotech Developers (erstwhile Lodha Developers).