Lodha Group

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Template:Infobox company Lodha Group or Macrotech Developers (formerly known as Lodha Developers) is an Indian real estate company with its headquarters in Mumbai, India.[1] It was founded in 1980 by Mangal Prabhat Lodha.[2] 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.[3][2][4] The company is also credited for developing Palava, an integrated smart city near Mumbai.[5][6] The company was listed as Macrotech Developers on April 19, 2021.[7][8]

History

Lodha Group was established by 1980 by Mangal Lodha, a businessman[9] and politician, who serves as Member of Legislative Assembly.[10]

In September 2007, the Deutsche Bank made an investment of Template:INRConvert by subscribing to the compulsorily convertible debentures (CCDs) of Lodha's subsidiary, Cowtown Land Development Limited.[11]

In May 2010, the company emerged the highest bidder to acquire a 22.5-acre plot in Wadala, Mumbai, for Template:INRConvert from Mumbai Metropolitan Region Development Authority (MMRDA).[12][13]

In December 2012, Lodha Group acquired Washington House, a residential building owned by the US consulate on Altamont Road, for Template:INRConvert.[14]

It purchased a 17 acres land in Mumbai's prime location from DLF[15] for about Template:INRConvert, nearly four times higher than the price at which DLF had bought the land in 2005.[16]

In November 2013, Lodha Group brought Macdonald House, London,[17][18] a seven-storey building in central London from the Government of Canada for Template:INRConvert.[19] The company acquired 87 acres of land in Thane from Clariant Chemicals India for Template:INRConvert.[20]

It received an investment of Template:INRConvert from Piramal Fund Management for one of the company's project in May 2016.[21]

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 Template:INRConvert.[22] Earlier, Lodha sold its 29-storey office building in Mumbai's Wadala for Template:INRConvert to Tata Group's retail arm Trent.[23]

In Q3 of 2020, India Ratings and Research (Ind-Ra) and Moody's upgraded the rating for Lodha to stable.[24][25] Afer getting listed on stock exchange, Moody's Investors Service changed the outlook on the ratings to positive from stable in April 2021.[8]

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.[3][26][27] Lodha Group has partnered with a number of celebrities to be brand ambassadors, including Aishwarya Rai,[28] Amitabh Bachchan,[29] Akshay Kumar and Twinkle Khanna.[30]

IPO

The company has launched its IPO on April 7, 2021.[31] It got listed on National Stock Exchange of India and Bombay Stock Exchange in on April 19, 2021.[8]

Awards

  • 'Top Developer of the Year' for the project, The World Towers at the Times Real Estate Icons West India by The Times of India (2020)[32]
  • The World Towers of Lodha Group received recognition as 'Project of the Year' and 'Top Super Luxury' segment homes and Palava City was recognised as 'Top Township Project' at the Times Real Estate Icons of West India (2020)[32]
  • Outstanding Project of the Year (National Category) for Palava at Golden Brick Awards, Dubai (2019)[33]
  • Lodha Group's CEO & MD Abhishek Lodha was named 'Real Estate Youth Icon of the Year 2019' award at Grohe Hurun Real Estate Leadership Summit (2019)[34]
  • CNBC Awaaz Real Estate Award for the project, Lodha Altamount by CNBC (2018)[35]
  • Global Leadership in Real Estate Award at NDTV Property Awards by NDTV (2014)[36]
  • CNBC Awaaz Real Estate Award for the project, Lodha Bellezza by CNBC (2013)[37]

See also

References

  1. ↑ Branded Homes Make Waves Among the Elite in India. The New York Times(April 17, 2015).
  2. ↑ 2.0 2.1 The high rise of Abhisheck Lodha(March 5, 2013).
  3. ↑ 3.0 3.1 Donald Trump back in Mumbai, this time with Lodha Group(September 18, 2013).
  4. ↑ Trump's Conflicts of Interest in India(June 14, 2017).
  5. ↑ Palava City, Navi Mumbai, Mohali top emerging cities: JLL(September 26, 2017).
  6. ↑ Lodha Group's Palava ranked India's No. 1 City to Live In by Jones Lang LaSalle(September 10, 2017).
  7. ↑ Lodha Developers changes name to Macrotech(May 31, 2019).
  8. ↑ 8.0 8.1 8.2 Post IPO, Moody’s changes Macrotech’s rating outlook to positive(April 23, 2021).
  9. ↑ #804 Mangal Prabhat Lodha. Forbes.
  10. ↑ BJP MLA Mangal Prabhat Lodha from Mumbai in India. The Times of India(November 22, 2018).
  11. ↑ Deutsche Bank exits Lodha investment(February 10, 2012).
  12. ↑ Lodha secures Mumbai land for Rs 4,053 cr(January 20, 2013).
  13. ↑ In Mumbai, Rs 4,053 cr for 25,000 sq metres(May 26, 2010).
  14. ↑ Prime Altamont Road property of US consulate sells for Rs 342 crore. The Times of India(December 12, 2012).
  15. ↑ India's Lodha to buy DLF's Mumbai plot for $488 mln(August 13, 2012).
  16. ↑ DLF sells 17 acres Mumbai land to Lodha for Rs 2,700 cr(August 13, 2012).
  17. ↑ Indian billionaires are buying up prime central London(June 16, 2014).
  18. ↑ Lodha Group buys MacDonald House for Rs. 3,120 crore. The Hindu(November 30, 2013).
  19. ↑ Lodha Developers buys prime diplomatic property in UK(November 29, 2013).
  20. ↑ Clariant Chemicals Completes Rs. 1,154-Cr Land Deal With Lodha(December 31, 2014).
  21. ↑ Piramal Fund Management invests Rs 425 crore in Lodha Project(May 23, 2016).
  22. ↑ Lodha group to sell 7 lakh sq ft office space in Mumbai to Singapore firm for Rs 1,100 crore(September 23, 2019).
  23. ↑ International investor, Tatas buy Wadala building for Rs 1,350 crore. The Times of India(September 20, 2019).
  24. ↑ Moody's affirms Macrotech Developers' Caa1 rating; changes outlook to stable(November 13, 2020).
  25. ↑ Ind-Ra upgrades ratings for Lodha Developers group company Macrotech(December 25, 2020).
  26. ↑ Trump's India partner Lodha tied to Modi: Is US President profiteering from his foreign policy decisions?(June 20, 2017).
  27. ↑ Trump Tower to be ready next year. The Hindu(February 23, 2018).
  28. ↑ Aishwarya Rai to endorse Lodha's Worli project(August 20, 2013).
  29. ↑ Lodha: Real estate's top marketerl(February 27, 2014).
  30. ↑ Power couple Akshay Kumar and Twinkle Khanna to endorse Lodha Group project(March 28, 2016).
  31. ↑ Macrotech Developers IPO: All You Need To Know(April 6, 2021).
  32. ↑ 32.0 32.1 Times Real Estate Icons Recognises West India's Best Real Estate Companies(September 30, 2020).
  33. ↑ The Golden Brick Awards 2019 - 4th Edition(2019).
  34. ↑ GROHE Hurun India Real Estate Leadership Summit 2019. Hurunindia.net(2019).
  35. ↑ Winners 2018.
  36. ↑ Property Awards Winners 2014. NDTV.
  37. ↑ CNBC Awaaz gives away Real Estate Awards 2013(December 26, 2013).
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