Lodha Group
{{short description|Indian real estate company}}
{{Use dmy dates|date=June 2022}}
{{Use Indian English|date=June 2022}}
{{Infobox company
| name = Lodha Group
| logo = Lodha---New-LOgo.png
| logo_size = 260px
| logo_alt =
| logo_caption =
| former_name = Lodha Developers
| type = Public
| traded_as = {{NSE|LODHA}}
{{BSE|543287}}
| ISIN = INE670K01029
| industry = Real estate & Construction
| founded = {{Start date and age|1980}}
| founder = Mangal Lodha
| area_served = Worldwide
| key_people = Abhishek Lodha{{cite news |title=Abhishek Lodha: Property pasha|url=http://www.forbesindia.com/article/tycoons-of-tomorrow/abhishek-lodha-property-pasha/51349/1 |work=Forbes India |date=21 September 2018}} (CEO & MD)
| products = Residential, Commercial
| brands =
| services =
| revenue = {{up}} {{INRConvert|9230|c}} (2022)
| operating_income = {{up}} {{INRConvert|2049.93|c}} (2022)
| net_income = {{up}} {{INRConvert|1202.37|c}} (2022)
| assets = {{down}} {{INRConvert|39308.05|c}} (2021)
| equity = {{up}} {{INRConvert|5125.85|c}} (2021)
| num_employees = 2700+ (2021)
| parent =
| divisions =
| subsid =
| website = {{URL|https://www.lodhagroup.com/|Official website}}
}}
Lodha or Macrotech Developers (formerly known as Lodha Developers) is an Indian multinational real estate company and construction company headquartered in Mumbai, India.{{cite news |last1=Bundhun |first1=Rebecca |title=Branded Homes Make Waves Among the Elite in India |url=https://www.nytimes.com/2015/04/17/greathomesanddestinations/branded-homes-make-waves-among-the-elite-in-india.html |work=The New York Times |date=17 April 2015}} It was founded in 1980 by Mangal Prabhat Lodha.{{cite news |last1=Bhua |first1=Rajiv |title=The high rise of Abhisheck Lodha |url=https://www.fortuneindia.com/ideas/the-high-rise-of-abhisheck-lodha/100713 |publisher=Fortune |date=5 March 2013}} 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.{{cite news |title=Donald Trump back in Mumbai, this time with Lodha Group |url=https://www.business-standard.com/article/companies/donald-trump-back-in-mumbai-this-time-with-lodha-group-113091700640_1.html |publisher=Business Standard |date=18 September 2013}}{{cite news |last1=Kenney |first1=Carolyn |last2=Norris |first2=John |title=Trump's Conflicts of Interest in India |url=https://www.americanprogress.org/issues/security/news/2017/06/14/433933/trumps-conflicts-interest-india/ |publisher=Center for American Progress |date=14 June 2017}} The company is also credited for developing Palava, an integrated smart city in Dombivali near Mumbai.{{cite news |title=Palava City, Navi Mumbai, Mohali top emerging cities: JLL |url=https://zeenews.india.com/real-estate/palava-city-navi-mumbai-mohali-top-emerging-cities-jll-2045699.html |publisher=Zee News |date=26 September 2017}}{{cite news |title=Lodha Group's Palava ranked India's No. 1 City to Live In by Jones Lang LaSalle |url=https://www.financialexpress.com/industry/lodha-groups-palava-ranked-indias-no-1-city-to-live-in-by-jones-lang-lasalle/849446/ |publisher=The Financial Express (India) |date=10 September 2017}} The company was listed as Macrotech Developers on 19 April 2021.{{cite news |title=Lodha Developers changes name to Macrotech |url=https://www.pressreader.com/india/business-standard/20190531/281569472212420 |publisher=Business Standard |date=31 May 2019}}
History
Lodha Group was established by 1980 by Mangal Lodha, a businessman{{cite news |title=#804 Mangal Prabhat Lodha |url=https://www.forbes.com/profile/mangal-prabhat-lodha/#5640f8ad54ca |accessdate=21 August 2019 |work=Forbes}} and politician, who serves as Member of Legislative Assembly.{{cite news |title=BJP MLA Mangal Prabhat Lodha from Mumbai in India |url=https://timesofindia.indiatimes.com/city/mumbai/bjp-mla-mangal-prabhat-lodha-in-mumbai-is-richest-builder-in-india/articleshow/66744505.cms |work=The Times of India |date=22 November 2018}}
In September 2007, the Deutsche Bank made an investment of {{INRConvert|1640 |c|0}} by subscribing to the compulsorily convertible debentures (CCDs) of Lodha's subsidiary, Cowtown Land Development Limited.{{cite news |title=Deutsche Bank exits Lodha investment |url=https://www.business-standard.com/article/companies/deutsche-bank-exits-LODHA-investment-112021000056_1.html |publisher=Business Standard |date=10 February 2012}}
In May 2010, the company emerged the highest bidder to acquire a 22.5-acre plot in Wadala, Mumbai, for {{INRConvert|4053|c|0}} from Mumbai Metropolitan Region Development Authority (MMRDA).{{cite news |title=Lodha secures Mumbai land for Rs 4,053 cr |url=https://www.business-standard.com/article/companies/LODHA-secures-mumbai-land-for-rs-4-053-cr-110052600057_1.html |publisher=Business Standard |date=20 January 2013}}{{cite news |last1=Nair |first1=Shalini |title=In Mumbai, Rs 4,053 cr for 25,000 sq metres |url=http://archive.indianexpress.com/news/in-mumbai-rs-4053-cr-for-25000-sq-metres/623856/ |publisher=Indian Express |date=26 May 2010}}
In December 2012, Lodha Group acquired Washington House, a residential building owned by the US consulate on Altamont Road, for {{INRConvert|341.82|c|0}}{{cite news |last1=Mehta |first1=Rajshri |title=Prime Altamont Road property of US consulate sells for Rs 342 crore |url=https://timesofindia.indiatimes.com/city/mumbai/Prime-Altamont-Road-property-of-US-consulate-sells-for-Rs-342-crore/articleshow/17577670.cms |work=The Times of India |date=12 December 2012}} which was developed into Lodha Altamount.{{citation needed|date=June 2022}}
It purchased 17 acres of land in Mumbai's prime location from DLF{{cite news |title=India's Lodha to buy DLF's Mumbai plot for $488 mln |url=https://www.reuters.com/article/india-dlf-lodha/indias-lodha-to-buy-dlfs-mumbai-plot-for-488-mln-idUSWNBS173020120813 |publisher=Reuters |date=13 August 2012}} for about {{INRConvert|2700|c|0}}, nearly four times higher than the price at which DLF had bought the land in 2005.{{cite news |title=DLF sells 17 acres Mumbai land to Lodha for Rs 2,700 cr |url=https://www.thehindubusinessline.com/companies/dlf-sells-17-acres-mumbai-land-to-lodha-for-rs-2700-cr/article23086577.ece |publisher=The Hindu Business Line |date=13 August 2012}}
In November 2013, Lodha Group bought Macdonald House, London,{{cite news |last1=White |first1=Anna |title=Indian billionaires are buying up prime central London |url=https://www.telegraph.co.uk/finance/property/house-prices/10903531/Indian-billionaires-are-buying-up-prime-central-London.html |publisher=The Daily Telegraph |date=16 June 2014}}{{cite news |title=Lodha Group buys MacDonald House for Rs. 3,120 crore |url=https://www.thehindu.com/business/Industry/lodha-group-buys-macdonald-house-for-rs-3120-crore/article5405495.ece |work=The Hindu |date=30 November 2013}} a seven-storey building in central London from the Government of Canada for {{INRConvert|3120 |c|0}}.{{cite news |title=Lodha Developers buys prime diplomatic property in UK |url=https://www.businesstoday.in/money/real-estate/lodha-developers-buys-prime-property-macdonald-house-uk/story/201025.html |publisher=Business Today |date=29 November 2013}} The company acquired 87 acres of land in Thane from Clariant Chemicals India for {{INRConvert|1102.5|c|0}}.{{cite news |title=Clariant Chemicals Completes Rs. 1,154-Cr Land Deal With Lodha |url=https://www.ndtv.com/business/clariant-chemicals-completes-rs-1-154-cr-land-deal-with-lodha-720868 |publisher=NDTV |date=31 December 2014}}
It received an investment of {{INRConvert|425 |c|0}} from Piramal Fund Management for one of the company's project in May 2016.{{cite news |title=Piramal Fund Management invests Rs 425 crore in Lodha Project |url=https://www.business-standard.com/article/companies/piramal-fund-management-invests-rs-425-crore-in-LODHA-project-116052300489_1.html |publisher=Business Standard |date=23 May 2016}}
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 {{INRConvert|1100|c|0}}.{{cite news |title=Lodha group to sell 7 lakh sq ft office space in Mumbai to Singapore firm for Rs 1,100 crore |url=https://www.businesstoday.in/current/corporate/lodha-group-to-sell-7-lakh-sq-ft-office-space-in-mumbai-to-singapore-firm-for-rs-1100-crore/story/380681.html |publisher=Business Today |date=23 September 2019}} Earlier, Lodha sold its 29-storey office building in Mumbai's Wadala for {{INRConvert|1350|c|0}} to Tata Group's retail arm Trent.{{cite news |title=International investor, Tatas buy Wadala building for Rs 1,350 crore |url=https://timesofindia.indiatimes.com/city/mumbai/international-investor-tatas-buy-wadala-building-for-rs-1350-crore/articleshow/71212329.cms |work=The Times of India |date=20 September 2019}}
In Q3 of 2020, India Ratings and Research (Ind-Ra) and Moody's upgraded the rating for Lodha to stable.{{cite news |last1=Babar |first1=Kailash |title=Moody's affirms Macrotech Developers' Caa1 rating; changes outlook to stable |url=https://economictimes.indiatimes.com/markets/stocks/news/moodys-affirms-macrotech-developers-caa1-rating-changes-outlook-to-stable/articleshow/79207489.cms |publisher=The Economic Times |date=13 November 2020}}{{cite news |last1=Lele |first1=Abhijit |title=Ind-Ra upgrades ratings for Lodha Developers group company Macrotech |url=https://www.business-standard.com/article/companies/ind-ra-upgrades-ratings-for-lodha-developers-group-company-macrotech-120122401257_1.html |publisher=Business Standard |date=25 December 2020}} After getting listed on stock exchange, Moody's Investors Service changed the outlook on the ratings to positive from stable in April 2021.{{cite news |last1=Nandy |first1=Madhurima |title=Post IPO, Moody's changes Macrotech's rating outlook to positive |url=https://www.livemint.com/market/ipo/post-ipo-moody-s-changes-macrotech-s-rating-outlook-to-positive-11619182743915.html |publisher=Livemint |date=23 April 2021}}
The company launched its initial public offering on 7 April 2021.{{cite news |last1=Manghat |first1=Sajeet |title=Macrotech Developers IPO: All You Need To Know |url=https://www.bloombergquint.com/ipos/macrotech-developers-ipo-all-you-need-to-know |publisher=BloombergQuint |date=6 April 2021}} It got listed on National Stock Exchange of India and Bombay Stock Exchange on 19 April 2021.
In September 2021, Tata Power entered into a partnership agreement with the group for setting up EV charging stations in housing societies and offices.{{Cite news|last=Sen|first=Somit|title=Tata Power ties up with Lodha Group for EV charging stations in housing societies, offices |url=https://timesofindia.indiatimes.com/city/mumbai/tata-power-ties-up-with-lodha-group-for-ev-charging-stations-in-housing-societies-offices/articleshow/86061777.cms|access-date=2021-09-26|website=The Times of India|date=9 September 2021 |language=en}}
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.{{cite news |title=Trump's India partner Lodha tied to Modi: Is US President profiteering from his foreign policy decisions? |url=https://www.financialexpress.com/industry/trumps-india-partner-lodha-tied-to-modi-is-us-president-profiteering-from-his-foreign-policy-decisions/727267/ |publisher=The Financial Express (India) |date=20 June 2017}}{{cite news |title=Trump Tower to be ready next year |url=https://www.thehindu.com/news/cities/mumbai/trump-tower-to-be-ready-next-year/article22829294.ece |work=The Hindu |date=23 February 2018}} Lodha Group has partnered with a number of celebrities to be brand ambassadors, including Aishwarya Rai,{{cite news |title=Aishwarya Rai to endorse Lodha's Worli project |url=https://economictimes.indiatimes.com/industry/services/advertising/aishwarya-rai-to-endorse-lodhas-worli-project/articleshow/21925698.cms |publisher=The Economic Times |date=20 August 2013}} Amitabh Bachchan,{{cite news |last1=Kamath |first1=Raghavendra |title=Lodha: Real estate's top marketerl |url=https://www.sify.com/finance/lodha-real-estate-s-top-marketer-news-editors-picks-oc1c5Uejdggsi.html |archive-url=https://web.archive.org/web/20191223093612/https://www.sify.com/finance/lodha-real-estate-s-top-marketer-news-editors-picks-oc1c5Uejdggsi.html |url-status=dead |archive-date=23 December 2019 |publisher=Business Standard |date=27 February 2014}} Akshay Kumar and Twinkle Khanna.{{cite news |title=Power couple Akshay Kumar and Twinkle Khanna to endorse Lodha Group project |url=https://brandequity.economictimes.indiatimes.com/news/advertising/power-couple-akshay-kumar-and-twinkle-khanna-to-endorse-lodha-group-project/51583990 |publisher=The Economic Times |date=28 March 2016}}
Controversy
A buyer of Lodha Group's Wadala project flat published YouTube videos claiming irregularities by the company.{{Cite web |last=Mumbai|first=Vidya |date=May 3, 2019 |title=To say the emperor has no clothes is not defamation: Bombay HC boost for free speech |url=https://www.indiatoday.in/india/story/to-say-the-emperor-has-no-clothes-is-not-defamation-bombay-hc-boost-for-free-speech-1516214-2019-05-03 |access-date=2022-06-15 |website=India Today |language=en}}{{Cite web |title=- YouTube |url=https://www.youtube.com/watch?v=dCAkHORkOrc |access-date=2022-06-15 |website=www.youtube.com}}{{Citation |title=Rs 3.5 cr flat wall smashed with a punch -- Lodha NCP in Mumbai | date=19 January 2019 |url=https://www.youtube.com/watch?v=iOt1p_fuIq8 |language=en |access-date=2022-06-15}} The company filed suit for defamation but the right to an injunction was struck down.{{Cite web |last=Naik |first=Akshay |date=30 April 2019 |title=Lodha Defamation Case: Judge Gautam Patel strikes down injunction request |url=https://www.moneylife.in/article/lodha-defamation-case-judge-gautam-patel-strikes-down-injunction-request/57039.html |access-date=2023-08-02 |website=Moneylife NEWS & VIEWS |language=en}}
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){{cite news |last1=Nalwalla |first1=Sanaa |title=Times Real Estate Icons Recognises West India's Best Real Estate Companies |url=https://www.whatshot.in/pune/times-group-celebrates-real-estate-icons-in-west-india-c-25396 |publisher=WhatsHot |date=30 September 2020}}
- 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)
- Outstanding Project of the Year (National Category) for Palava at Golden Brick Awards, Dubai (2019){{cite news |title=The Golden Brick Awards 2019 - 4th Edition |url=https://www.zricks.com/Updates/The-Golden-Brick-Awards-2019-4th-Edition/8923# |publisher=Zricks.com |date=2019}}
- 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){{cite web |title=GROHE Hurun India Real Estate Leadership Summit 2019 |url=https://www.hurunindia.net/grohe-hurun-real-estate-summit-2018-1 |website=Hurunindia.net |date=2019}}
- CNBC Awaaz Real Estate Award for the project, Lodha Altamount by CNBC (2018){{cite news |title=Winners 2018 |url=https://www.realestateawards.co.in/winners-2018/ |publisher=realestateawards.co.in}}
- Global Leadership in Real Estate Award at NDTV Property Awards by NDTV (2014){{cite web |title=Property Awards Winners 2014 |url=https://properties.awards.ndtv.com/winners-2014/ |publisher=NDTV}}
- CNBC Awaaz Real Estate Award for the project, Lodha Bellezza by CNBC (2013){{cite news |title=CNBC Awaaz gives away Real Estate Awards 2013 |url=https://bestmediainfo.com/2013/12/cnbc-awaaz-gives-away-real-estate-awards-2013/ |publisher=BestMediaInfo |date=26 December 2013}}
See also
{{commons category}}
{{Portal|Companies|India}}
References
{{reflist}}
External links
- {{URL|https://www.lodhagroup.com/|Official website}}
- [https://blogs.wsj.com/moneybeat/2015/03/12/indian-property-firm-lodha-cuts-bond-size-despite-12-yield/ Indian Property Firm Lodha Cuts Bond Size Despite 12% Yield] at The Wall Street Journal
Category:Real estate companies of India
Category:Indian companies established in 1980
Category:Companies listed on the National Stock Exchange of India
Category:Companies listed on the Bombay Stock Exchange