Lodha to expand presence in retail sector

Mumbai: Premium residential property developer Lodha plans to expand its presence in the sector by adding more malls to its profile.

"We have plans for expanding our portfolio in the retail sector. We already have a mall in Thane and another is under construction in Dombivali (a Mumbai suburb). Now we are looking at developing one more in central Mumbai," Lodha Group Managing Director Abhisheck Lodha told PTI here on Friday.

The mall in Dombivali, spread over 500,000 sqft, is expected to be completed in the next six months, he said.

"The third mall will come up in central Mumbai, where we already have our land," Lodha said.

Lodha Group currently has a lank bank of around 4,500 acres in and around Mumbai, he said.

Asked whether the company is looking at any more deals for buying land, Lodha said, "We continuously evaluate opportunities, but nothing has been finalised so far."

In August, Lodha bought a 17-acre land parcel in the Worli area of Mumbai from DLF for Rs 2,727 crore.

Meanwhile, the company has tied up with a property design and marketing company, yoo, co-founded by interior design experts John Hitchcox and Philippe Starck, for designing its 63-storey premium residential project Lodha Evoq at New Cuffe Parade here.

Asked about the revenue sharing model in the tie-up, Lodha said, "It will be a mix of fee and sharing of some percentage of the revenues."

PTI