Lodha group sales up 30% at Rs 8,500 crore in FY17
Realty major Lodha group’s sales bookings rose by 30% last fiscal to about Rs 8,500 crore driven by growth in the domestic market and foray into London.
Mumbai-based developer achieved a modest 10% rise in sales bookings from projects in India at about Rs 7,000 crore during the last fiscal with demand getting affected for three months post demonetization.
“Our new sales bookings grew by 30% last fiscal at around Rs 8,300-8,500 crore. Out of this, about Rs 7,000 crore sales were from Indian market and rest from London where we launched our first project,” Lodha group Managing Director Abhishek Lodha told PTI.
The group’s sales bookings stood at about Rs 6,400 crore during the 2015-16 fiscal, all from Indian market, he added.
Lodha said sales were affected during November 2016 to January 2017 period because of poor demand post demonetisation.
“Sales have bounced back in February and March. We will have to see the sales number of April-May to get to know whether this demand is sustainable,” Lodha said.
The group launched its first project ‘Lincoln Square’ in London last year and the sales have been good despite Brexit.
The construction work has started and completion is expected in the next year.
“We plan to launch another …read more
