 "What Lodha's Rs 1,154-cr land buy means for real estate in Mumbai suburbs")
Mumbai-based real estate firm Lodha Developers’ 87-acres land deal with Clariant Chemicals (India) indicate a new development of higher growth potential in Mumbai suburbs. The land parcel was bought for Rs 1,154 crore.
Real Estate Consultancy Jones Lang LaSalle believes that suburbs between Vikhroli and Mulund have the highest growth potential. The real estate consultancy told CNBC-TV18 that though the prevailing rate in Thane is at Rs 8,500-9,000/sq ft, it will go much higher in the near future.
Pointing out that residential market sales are dropping due to high prices, Jones Lang LaSalle said that this is good deal for the Lodhas as it can make a 25 percent profit margin. “Lodha land buy is a win-win deal,” it said. The real estate consultancy also predicts some big land deals in Thane-Belapur belt.
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According to the PTI report, the Lodha group plans to develop residential projects on the parcel, and expects to have all permissions in place in 12 to 18 months.
Commenting on the deal, Lodha deputy managing director Abhinandan Lodha said: “Thane is a rapidly developing part of the Mumbai Metropolitan Region and we see strong, sustained demand for quality homes in the region.”
“We believe today’s consumer is not simply looking for houses, but for world class quality of life. By acquiring this large-size parcel we will be able to offer our customers not just apartments, but an enhanced lifestyle,” he added.
The property market in and around Mumbai has witnessed several land deals in the last few months. Last month, Tata Steel sold a 25-acre plot in Borivali to Oberoi Realty for Rs 1,155 crore while KEC International sold 7 acre of land in Mumbai for Rs 214 crore to Tata Housing.
With inputs from PTI