Focus on affordable housing and offices
Lodha Group, India’s largest residential estate player, today announced that it will be launching 6 new projects this festive season leading to the creation of more than 10,000 new jobs. The projects are focussed on affordable housing and office developments.
Abhishek Lodha, Managing Director of Lodha Group said, “As a company, we have focussed on growth in affordable housing and commercial rental assets over the last 3 years. This has helped our business to continue performing well even in the midst of the economic slowdown. Currently, over 50% of our residential sales are being generated from affordable housing projects. In 2019, our office renting business is growing by leaps and bounds with some of the best-known corporates in the country including HDFC Bank, Axis Bank, Tata Chemicals, Tata Trent, GMM Pfaudler having signed up to take space in our office buildings. Lodha is committed to playing a strong role in bringing positivity back to India’s economic narrative.”
He added, “We are pleased to announce the launch of 6 new projects this festive season – 5 of which are affordable housing across areas in Lower Parel, Thane, Bhiwandi & Palava and 1 commercial space near BKC (in Wadala). With this, we will create 9,000 new affordable homes – our mission is to ensure that high quality homes with good infrastructure are available for all Mumbaikars. Anyone making just ₹50,000 per month or more can afford to buy a Lodha home and provide their family with a world-class lifestyle. We believe that the Prime Minister’s vision of ‘Housing for All by 2022’ is best fulfilled if each new home has the right quality, infrastructure and engineering to deliver long-term appreciation for the family which is moving into it.”
Ramesh Nair, CEO & Country Head, JLL India, noted that the focus on affordable housing under then PM’s vision of ‘Housing for All’ is further expected to fuel investments in the housing sector. He said “Increased focus by developers on this segment is also good news to millions of home buyers in their quest for their dream home. Further, fresh investments in this job intensive sector will open up job opportunities for thousand leading to a GDP and consumption boost thereby helping the economy.”
A leading real estate developer from Mumbai commented “This is an interesting move by Lodha. While they used to be focused on luxury housing earlier, it appears that they changed their focus to affordable housing and office space. These two areas are growing quite well and if Lodha’s new launches are successful, it can help revitalize the industry.”
Lodha estimates that the projects will lead to creation of about 250 design jobs, 8000 construction jobs, 2500 manufacturing jobs and 750 facility management jobs. “It is well understood that real estate leads to maximum job creation and GDP multiplication. While we will spend around ₹2500 crores on these projects, it is expected that the GDP multiplier is 2.5x of this amount i.e. a total GDP growth of almost ₹7000 crores (USD 1 billion). In today’s time, focus on affordable housing, offices, logistics & industrial space, combined with infrastructure can lead to huge benefits to the economy,” said Abhishek Lodha.
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