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Lohia Group to Invest Rs 350 cr in Real Estate Projects
Amidst correction in the country’s real estate scenario, diversified business house Lohia Group is planning to invest up to Rs 350 crore in developing three projects in the National Capital and Uttar Pradesh by 2011.
The group’s subsidiary – Lohia Developers Pvt Ltd plans to develop two townships in Lucknow and Moradabad, and a commercial complex in Delhi.
“We have already bought a 10-acre commercial land in Delhi, which will have about 1.5 million sq ft saleable area. In developing the property, we will invest about Rs 150 crore in the next 2-3 years,” Lohia Group Vice-President Ayush Lohia told reporters.
The company is currently awaiting for various administrative clearances to start the construction, he added. Besides, the company has also acquired 100 acres of land in Lucknow and 50 acres in Moradabad to develop two integrated townships there.
Lohia said the company would invest about Rs 150 crore in the Lucknow Township, while the Moradabad project would cost about Rs 50 crore.
“We have just acquired the land in the two cities. We have not decided much about the construction as it is in the planning stage,” he added. On funding the projects, Lohia said it would be a mix of internal accruals and debt, but refused to give details.
In property market, the growth in rentals for office space has slowed down during the first quarter of the current year on account of adequate supply, leading consultant Cushman & Wakefield had said in its latest report.
News Published Under: Real Estate Developers, Real Estate India | No Comments »