Lodha Group, a Mumbai-based developer of luxury apartments and homes, plans to roll out sky villas in Hyderabad with an initial investment of Rs 900 crore. Despite recession in the financial markets, the group is developing sky villas, called Lodha Bellezza, which are themed on Californian style living and where the ownership comes by ‘By invitation only’. The company, according to a senior official, is planning to develop 150 villas in this project.
R Karthik, senior vice-president, Lodha Group said, “For the first phase of this project, which is expected to be completed by 2011, the company will invest Rs 900 crore. Meanwhile, these sky villas will be priced at around Rs 2.5 crore where in the premium living concept is being introduced in the South. There is also the option of furnished apartment which will cost about Rs 95 lakh to Rs 1 crore more.”
Asked if they see themselves revising prices due to current market slowdown, Karthik said that they do not have any plans to do so as the villas are very competitively priced.
Lodha Group has invested Rs 280 crore to acquire 12.9 acres in 2007 located near the Hitec City(Next to Malaysian Township) , where the company is creating upmarket housing facility. The project would have 45 floors or otherwise called as sky villas wherein each villa would occupy an entire floor with a private pool, sun deck, home theatre lounge, office and a concierge on call.
“Lodha Bellezza, which is through a partnership between the Lodha group and HDFC Ventures, (HDFC has 40 per cent stake in the project) is the outcome of revolutionizing the premium realty space and redefining the luxury space in the country,” Karthik said.
Meanwhile, the group is also targeting the mid-tier segment with a project to come up in Mumbai. Besides, it is looking to set up a destination mall, claimed to be the largest mall development in the country, which is scheduled for launch in the first quarter of 2010.
“We are evaluating mid-tier apartments to cater to a different segment in Mumbai and other cities. Also, within six months, we will finalise plans for a mega destination mall in Hyderabad,” Karthik added.
The company is also mulling over an additional 300 million sq ft which is still under planning stage to be delivered in the next five years. Also on the cards in Hyderabad is its Lodha iThink, technopak campuses which is still on the drawing board.
The group has one among the largest land banks in the country with over 27 million sq ft currently under development.
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