Indian real estate company
Lodha or Macrotech Developers (formerly known as Lodha Developers) is an Indian multinational real estate company headquartered in Mumbai, India.[2] It was founded in 1980 by Mangal Prabhat Lodha.[3] It has developed residential and commercial properties in Mumbai, Thane, Hyderabad, Pune and London. Some of its notable projects include Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai and Lodha Park.[4][3][5] The company is also credited for developing Palava, an integrated smart city near Mumbai.[6][7] The company was listed as Macrotech Developers on 19 April 2021.[8][9]
History
Lodha Group was established by 1980 by Mangal Lodha, a businessman[10] and politician, who serves as Member of Legislative Assembly.[11]
In September 2007, the Deutsche Bank made an investment of ₹1,640 crore (US$205 million) by subscribing to the compulsorily convertible debentures (CCDs) of Lodha's subsidiary, Cowtown Land Development Limited.[12]
In May 2010, the company emerged the highest bidder to acquire a 22.5-acre plot in Wadala, Mumbai, for ₹4,053 crore (US$508 million) from Mumbai Metropolitan Region Development Authority (MMRDA).[13][14]
In December 2012, Lodha Group acquired Washington House, a residential building owned by the US consulate on Altamont Road, for ₹341.82 crore (US$43 million).[15] Which was developed into Lodha Altamount.[citation needed]
It purchased 17 acres of land in Mumbai's prime location from DLF[16] for about ₹2,700 crore (US$338 million), nearly four times higher than the price at which DLF had bought the land in 2005.[17]
In November 2013, Lodha Group brought Macdonald House, London,[18][19] a seven-storey building in central London from the Government of Canada for ₹3,120 crore (US$391 million).[20] The company acquired 87 acres of land in Thane from Clariant Chemicals India for ₹1,102.5 crore (US$138 million).[21]
It received an investment of ₹425 crore (US$53 million) from Piramal Fund Management for one of the company's project in May 2016.[22]
In September 2019, it was announced that the company was about to sell 7 lakh sq ft office space in Mumbai, India to Singapore-based Varde Partners for about ₹1,100 crore (US$138 million).[23] Earlier, Lodha sold its 29-storey office building in Mumbai's Wadala for ₹1,350 crore (US$169 million) to Tata Group's retail arm Trent.[24]
In Q3 of 2020, India Ratings and Research (Ind-Ra) and Moody's upgraded the rating for Lodha to stable.[25][26] After getting listed on stock exchange, Moody's Investors Service changed the outlook on the ratings to positive from stable in April 2021.[9]
The company launched its initial public offering on 7 April 2021.[27] It got listed on National Stock Exchange of India and Bombay Stock Exchange on 19 April 2021.[9]
In September 2021, Tata Power entered into a partnership agreement with the group for setting up EV charging stations in housing societies and offices.[28]
Lodha is the family's company, Abhinandan separated in 2015 and setup his own business which has nothing to do with Lodha.
Lodha official websites for accurate information: www.lodhagroup.in
Partnership
In September 2013, Lodha Group partnered with Donald Trump for the development of Trump Tower, Mumbai, an 800-ft-tall, 77-storey residential tower at Lower Parel, Mumbai.[4][29][30] Lodha Group has partnered with a number of celebrities to be brand ambassadors, including Aishwarya Rai,[31] Amitabh Bachchan,[32] Akshay Kumar and Twinkle Khanna.[33]
Controversy
A buyer of Lodha Group's Wadala project flat published YouTube videos claiming irregularities by the company.[34][35][36] The company filed suit for defamation but the right to an injunction.[37]
₹9,230 crore (US$1.2 billion) (2022)
₹39,308.05 crore (US$4.9 billion) (2021)
