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Lodha Developers to invest ₹1,200 cr to build prime office complex on Gurugram Golf Course Road
Lodha Developers will invest around ₹1,200 crore to build an iconic office complex on Golf Course Road, Gurugram, marking its entry into the Delhi-NCR market
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Real estate firm Lodha Developers will invest around ₹1,200 crore to build an iconic office complex on Golf Course Road, Gurugram, marking its entry into the Delhi-NCR property market, according to a senior company official.
Last year, the Mumbai-based firm entered into a joint development agreement with MRG Group for two projects in Gurugram, one commercial and one residential.
In an interview with PTI, Lodha Developers Ltd's Executive Director-Finance Sushil Modi said the company recently launched a commercial project, 'Lodha Pantheon', spread over 1.2 acres and comprising 4 lakh sq ft of saleable area.
He said the company would sell office spaces in this Grade A commercial project.
"We have launched our first project in Delhi-NCR. We are developing an iconic office complex on prime Golf Course Road. The total saleable area is 4 lakh sq ft across 27 floors," Modi said.
Asked about the total project cost, Modi said it would be around ₹1,100-1,200 crore.
The floor plates are large: 13,000-15,000 sq ft and 20,000-25,000 sq ft.
"We have received a good initial response from customers," Modi said.
There is a huge demand for prime office spaces in Gurugram from business houses, which want to purchase workspaces rather than taking them on a long-term lease, he added.
The Golf Course Road is the most prime location in Gurugram, commanding a huge premium for both residential and commercial properties.
Modi said the company is also targeting to launch the housing project on Sohna Road, Gurugram, in the fourth quarter of this fiscal year.
He said these two upcoming developments would be pilot projects to understand the Delhi-NCR market before expanding the business in a big way.
Lodha Developers currently has a significant presence in Mumbai Metropolitan Region (MMR), Pune and Bengaluru. It sells properties under 'Lodha Brand'.
On Friday, Lodha Developers reported a 10 per cent increase in its sales bookings to ₹5,037 crore in the second quarter of this fiscal year on strong housing demand.
According to an investors' presentation, the company's sales bookings or pre-sales in the first six months of this fiscal year have risen 7 per cent to ₹9,670 crore.
Lodha Developers has set a target to achieve sales bookings of ₹24,000 crore in the current fiscal year against ₹20,530 crore in the preceding 2025-26 financial year.
On Friday, the company reported a 28 per cent increase in its consolidated net profit to ₹1,013.5 crore for the quarter ended September on higher income.
Its net profit stood at ₹789.8 crore in the year-ago period.
Total income rose to ₹4,584.9 crore in the second quarter of this fiscal from ₹3,878.9 crore in the corresponding period of the preceding year.
Since inception, Lodha Developers has completed more than 100 million sq ft of area across various projects.
