New Delhi: Lohia Global, which is primarily into handicrafts exports and automobile business, on Thursday said it has entered real estate business and will invest Rs 1,000 crore over the next five years to develop projects in Delhi-NCR and Uttar Pradesh. Will invest Rs crore.
Delhi-based Lohia Global is a privately held company with annual revenue of about Rs 1,200 crore from four businesses - handicrafts exports, electric vehicles, tiles and solar energy.
It has created a separate entity, Lohia Developers Pvt Ltd, for the real estate business. The company has a land bank of about 200 acres in various cities of North India.
"We are entering the real estate business because we feel this is the right time to monetize our land bank. The market conditions are supportive," Lohia Developers director Piyush Lohia told reporters here.
"We will invest Rs 1,000 crore over the next five years to develop housing projects in Delhi, Moradabad and Lucknow. This will be funded by a mix of debt and equity," he said.
The company plans to develop 3-4 residential projects in Moradabad and one each in Lucknow and Delhi in the next 4-5 years. Overall, it is aiming to develop over 1,500 apartments with a total area of 30-35 lakh sq ft.
"We will launch our first housing project in Moradabad in July this year. The price range will be around Rs 1-1.5 crore," Lohia said.
He said the company is acquiring more land for future development.
“Real estate will contribute significantly to our overall group business,” Lohia said.
He said the demand for housing will remain strong in the coming years as consumers prefer to invest in property for both end-use and investment purposes.
Delhi-based Lohia Global is a privately held company with annual revenue of about Rs 1,200 crore from four businesses - handicrafts exports, electric vehicles, tiles and solar energy.
It has created a separate entity, Lohia Developers Pvt Ltd, for the real estate business. The company has a land bank of about 200 acres in various cities of North India.
"We are entering the real estate business because we feel this is the right time to monetize our land bank. The market conditions are supportive," Lohia Developers director Piyush Lohia told reporters here.
"We will invest Rs 1,000 crore over the next five years to develop housing projects in Delhi, Moradabad and Lucknow. This will be funded by a mix of debt and equity," he said.
The company plans to develop 3-4 residential projects in Moradabad and one each in Lucknow and Delhi in the next 4-5 years. Overall, it is aiming to develop over 1,500 apartments with a total area of 30-35 lakh sq ft.
"We will launch our first housing project in Moradabad in July this year. The price range will be around Rs 1-1.5 crore," Lohia said.
He said the company is acquiring more land for future development.
“Real estate will contribute significantly to our overall group business,” Lohia said.
He said the demand for housing will remain strong in the coming years as consumers prefer to invest in property for both end-use and investment purposes.
