Lodha or Macrotech Developers (formerly known as Lodha Developers) is an Indian multinational real estate company and construction 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.
 | |
| Formerly | Lodha Developers |
|---|---|
| Company type | Public |
| NSE: LODHA BSE: 543287 | |
| ISIN | INE670K01029 |
| Industry | Real estate & Construction |
| Founded | 1980 |
| Founder | Mangal Lodha |
Area served | Worldwide |
Key people | Abhishek Lodha[1] (CEO & MD) |
| Products | Residential, Commercial |
| Revenue |  ₹9,230 crore (US$1.1 billion) (2022) |
| ₹2,049.93 crore (US$250 million) (2022) | |
| ₹1,202.37 crore (US$140 million) (2022) | |
| Total assets |  ₹39,308.05 crore (US$4.7 billion) (2021) |
| Total equity | ₹5,125.85 crore (US$610 million) (2021) |
Number of employees | 2700+ (2021) |
| Website | Official website |
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
editLodha 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$197 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$486 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$41 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$324 million), nearly four times higher than the price at which DLF had bought the land in 2005.[17]
In November 2013, Lodha Group bought Macdonald House, London,[18][19] a seven-storey building in central London from the Government of Canada for ₹3,120 crore (US$374 million).[20] The company acquired 87 acres of land in Thane from Clariant Chemicals India for ₹1,102.5 crore (US$132 million).[21]
It received an investment of ₹425 crore (US$51 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$132 million).[23] Earlier, Lodha sold its 29-storey office building in Mumbai's Wadala for ₹1,350 crore (US$162 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]
Partnership
editIn 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
editA 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 was struck down.[37]
Awards
edit- '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)[38]
- 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)[38]
- Outstanding Project of the Year (National Category) for Palava at Golden Brick Awards, Dubai (2019)[39]
- 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)[40]
- CNBC Awaaz Real Estate Award for the project, Lodha Altamount by CNBC (2018)[41]
- Global Leadership in Real Estate Award at NDTV Property Awards by NDTV (2014)[42]
- CNBC Awaaz Real Estate Award for the project, Lodha Bellezza by CNBC (2013)[43]
See also
edit
References
edit- ^ "Abhishek Lodha: Property pasha". Forbes India. 21 September 2018.
- ^ Bundhun, Rebecca (17 April 2015). "Branded Homes Make Waves Among the Elite in India". The New York Times.
- ^ a b Bhua, Rajiv (5 March 2013). "The high rise of Abhisheck Lodha". Fortune.
- ^ a b "Donald Trump back in Mumbai, this time with Lodha Group". Business Standard. 18 September 2013.
- ^ Kenney, Carolyn; Norris, John (14 June 2017). "Trump's Conflicts of Interest in India". Center for American Progress.
- ^ "Palava City, Navi Mumbai, Mohali top emerging cities: JLL". Zee News. 26 September 2017.
- ^ "Lodha Group's Palava ranked India's No. 1 City to Live In by Jones Lang LaSalle". The Financial Express (India). 10 September 2017.
- ^ "Lodha Developers changes name to Macrotech". Business Standard. 31 May 2019.
- ^ a b c Nandy, Madhurima (23 April 2021). "Post IPO, Moody's changes Macrotech's rating outlook to positive". Livemint.
- ^ "#804 Mangal Prabhat Lodha". Forbes. Retrieved 21 August 2019.
- ^ "BJP MLA Mangal Prabhat Lodha from Mumbai in India". The Times of India. 22 November 2018.
- ^ "Deutsche Bank exits Lodha investment". Business Standard. 10 February 2012.
- ^ "Lodha secures Mumbai land for Rs 4,053 cr". Business Standard. 20 January 2013.
- ^ Nair, Shalini (26 May 2010). "In Mumbai, Rs 4,053 cr for 25,000 sq metres". Indian Express.
- ^ Mehta, Rajshri (12 December 2012). "Prime Altamont Road property of US consulate sells for Rs 342 crore". The Times of India.
- ^ "India's Lodha to buy DLF's Mumbai plot for $488 mln". Reuters. 13 August 2012.
- ^ "DLF sells 17 acres Mumbai land to Lodha for Rs 2,700 cr". The Hindu Business Line. 13 August 2012.
- ^ White, Anna (16 June 2014). "Indian billionaires are buying up prime central London". The Daily Telegraph.
- ^ "Lodha Group buys MacDonald House for Rs. 3,120 crore". The Hindu. 30 November 2013.
- ^ "Lodha Developers buys prime diplomatic property in UK". Business Today. 29 November 2013.
- ^ "Clariant Chemicals Completes Rs. 1,154-Cr Land Deal With Lodha". NDTV. 31 December 2014.
- ^ "Piramal Fund Management invests Rs 425 crore in Lodha Project". Business Standard. 23 May 2016.
- ^ "Lodha group to sell 7 lakh sq ft office space in Mumbai to Singapore firm for Rs 1,100 crore". Business Today. 23 September 2019.
- ^ "International investor, Tatas buy Wadala building for Rs 1,350 crore". The Times of India. 20 September 2019.
- ^ Babar, Kailash (13 November 2020). "Moody's affirms Macrotech Developers' Caa1 rating; changes outlook to stable". The Economic Times.
- ^ Lele, Abhijit (25 December 2020). "Ind-Ra upgrades ratings for Lodha Developers group company Macrotech". Business Standard.
- ^ Manghat, Sajeet (6 April 2021). "Macrotech Developers IPO: All You Need To Know". BloombergQuint.
- ^ Sen, Somit (9 September 2021). "Tata Power ties up with Lodha Group for EV charging stations in housing societies, offices". The Times of India. Retrieved 26 September 2021.
- ^ "Trump's India partner Lodha tied to Modi: Is US President profiteering from his foreign policy decisions?". The Financial Express (India). 20 June 2017.
- ^ "Trump Tower to be ready next year". The Hindu. 23 February 2018.
- ^ "Aishwarya Rai to endorse Lodha's Worli project". The Economic Times. 20 August 2013.
- ^ Kamath, Raghavendra (27 February 2014). "Lodha: Real estate's top marketerl". Business Standard. Archived from the original on 23 December 2019.
- ^ "Power couple Akshay Kumar and Twinkle Khanna to endorse Lodha Group project". The Economic Times. 28 March 2016.
- ^ Mumbai, Vidya (3 May 2019). "To say the emperor has no clothes is not defamation: Bombay HC boost for free speech". India Today. Retrieved 15 June 2022.
- ^ "- YouTube". www.youtube.com. Retrieved 15 June 2022.
- ^ Rs 3.5 cr flat wall smashed with a punch -- Lodha NCP in Mumbai, 19 January 2019, retrieved 15 June 2022
- ^ Naik, Akshay (30 April 2019). "Lodha Defamation Case: Judge Gautam Patel strikes down injunction request". Moneylife NEWS & VIEWS. Retrieved 2 August 2023.
- ^ a b Nalwalla, Sanaa (30 September 2020). "Times Real Estate Icons Recognises West India's Best Real Estate Companies". WhatsHot.
- ^ "The Golden Brick Awards 2019 - 4th Edition". Zricks.com. 2019.
- ^ "GROHE Hurun India Real Estate Leadership Summit 2019". Hurunindia.net. 2019.
- ^ "Winners 2018". realestateawards.co.in.
- ^ "Property Awards Winners 2014". NDTV.
- ^ "CNBC Awaaz gives away Real Estate Awards 2013". BestMediaInfo. 26 December 2013.