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Lodha to invest $426 mn on Mumbai project

Lodha to invest $426 mn on Mumbai project
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First Published: Tue, Jun 08 2010. 02 40 PM IST
Updated: Tue, Jun 08 2010. 02 40 PM IST
Mumbai: Indian real estate firm Lodha Developers plans to invest Rs2,000 crore ($426 million) to build a 117-storey residential tower in central Mumbai, its managing director said on Tuesday.
The company, which plans to launch a $650 million initial public offering later this year, will start bookings by end of this month and expects to complete the project, called World One, by 2014, Abhisheck Lodha told reporters.
He said the firm expected to roll out 300 residential apartments and notch sales of about Rs5,000 crore from the project.
Last month, Lodha paid more than twice the asking price to win a plot of land in central Mumbai for Rs4,050 crore, in what was the single largest land transaction in the city.
Property prices in major Indian cities such as Mumbai and Delhi have nearly doubled in the past year, as home and office buyers return and mortgage rates remain in single-digits.
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First Published: Tue, Jun 08 2010. 02 40 PM IST