The project will be developed in two phases with 400 units being launched in the first phase.
The Lodha Group is expanding into Pune city and will be launching premium residential developments to cater to the city’s demands. The first Lodha project will be in Kondhwa in southeast Pune. The project will be developed in two phases with 400 units being launched in the first phase. The total spending on construction and other aspects of development would be around Rs 650-700 crore. It will be one of the tallest buildings in the area with 25-storey towers.
Abhishek Lodha, managing director & CEO, Lodha Group, said; “With its strong manufacturing and IT industries, combined with its educational fabric, Pune, will be amongst India’s top five cities in this decade. As Pune was moving into the league of the top cities in India, Lodha was looking at playing a key role in the city. The company would be looking at the premium segment of Pune city’s residential realty market.”
Speaking at the investor meeting of Macrotech Developers, which owns the Lodha brand, Lodha said as they had a limited presence in Pune, they were looking at joint development projects. This was part of the company’s plans to build 3.3 million sq ft projects in Mumbai Metropolitan Region (MMR) and Pune with a sales potential of `3,500 crore. Lodha has one ongoing project on the Mumbai-Pune Expressway at Gahunje called Lodha Belmondo which is in the affordable mid-income segment.
“The city has emerged as a new start-up hub, with information technology, engineering, and other companies flourishing as well. With historical tourist attractions, coupled with the implementation of the smart city development plan, the coexistence of the old and new has significantly amplified the city’s liveability quotient,” Lodha said.