• News by Month

  Select Month May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006

• News by City

  • Bangalore
  • Chennai
  • Delhi
  • Faridabad
  • Gurgaon
  • Hyderabad
  • Kolkata
  • Mumbai
  • Noida
  • Pune

• News by Category

  • NRI
  • FDI
  • Home Loans
  • Real Estate India
  • Banking and Finance
  • Real Estate Developers

« Tata Realty and Infrastructure Looking to Acquire Stake in IAL | Home | Realty Firm Supertech to invest Rs 2,000 cr in an Integrated Township Project at Greater Noida »

Lodha Raises 500cr by Selling 10% Stake of its Mumbai Residential Tower

Real estate firm Lodha Developers has raised Rs 500 crore by selling a 10 per cent stake in a project to develop a 117-storey residential tower in Mumbai to HDFC Venture Funds. “The deal shows the investor’s appetite for quality real estate projects in India,” said Abhisheck Lodha, the managing director of Lodha Developers.

HDFC Venture Funds is promoted by mortgage leader HDFC. Other investors include GIC, Temasek and Abu Dhabi Investment Authority.
The deal is the second-largest private equity investment in India’s realty space and puts the valuation of the project at Rs 5,000 crore, two-and-a-half times its estimated cost.
Hindustan Construction Company (HCC) sold a 74% stake in a commercial building in Mumbai’s eastern suburbs to the IL&FS Milestone Fund for Rs 575 crore two months ago, a valuation of Rs 775 crore.

HCC sold stake after the completion of the building, while Lodha managed to bring in a PE investment one month after the project was announced. World One, claimed by its developers to be the world’s tallest residential tower, will be completed in 2014.
The project has received bookings worth Rs 1,200 crore in the first month, said Lodha. In addition, Lodha Developers has invested Rs 500 crore as equity contribution towards the project. “With the PE fund, one may say that we will achieve the financial closure of the project,” he added.

Lodha Developers has deferred its initial share sale, after receiving Sebi approval, as it found the volatile stock market situation would not yield the required valuation of the company. In June, Lodha Developers announced its plan to construct what it described as the world’s tallest residential building in a 17-acre plot located in closed textile unit, known as the Shrinivas Mill, in Lower Parel, central Mumbai, which it had bought nearly five years ago.

Besides an assortment of luxury flats Lodha Developers will also construct a two-acre car park in an adjacent area. Once complete, the tower will be almost 500 metre, dwarfing Queensland Number One in Australia, which has a height of 323 meter.
The tower will be higher than some iconic global landmarks including Sears Tower in Chicago, Jin Mao Building in Shanghai and Empire State Building in New Work.

News Published Under:   Mumbai, Real Estate Developers, Real Estate India | No Comments »

Comments

Name (required)   

Mail (required)      

URL