Lodha to invest Rs 900 cr in Hyderabad sky villas

The Financial Express

Lodha to invest Rs 900 cr in Hyderabad sky villas
The Financial Express
Corporate Bureau
Posted: 2008-11-26 01:04:00+05:30 IST
Updated: Nov 26, 2008 at 0104 hrs IST
Mumbai-based Lodha group is all set to roll out sky villas in Hyderabad with an initial investment of Rs 900 crore. Despite recession in the financial markets, the group is developing sky villas, called Lodha Bellezza, which are themed on Californian style living and where the ownership comes by ‘By invitation only’.
Elaborating on the new venture in the south, R Karthik, senior vice-president, Lodha group, said that the company is investing Rs 900 crore for the first phase project of Lodha Belleza. The first phase is expected to be completed by 2011.
Located across 12.9 acres, the project would have 45 floors or otherwise called as sky villas wherein each villa would occupy an entire floor with a private pool, sun deck, home theatre lounge, office and a concierge on call.
Lodha Bellezza, which is through a partnership between the Lodha group and HDFC Ventures, is the outcome of revolutionizing the premium realty space and redefining the luxury space in the country.
Each sky villa or apartments is about 4,761 sq.ft costing from Rs 2.27 crore and upwards. Since there is a huge appetite for differentiated products, the group is planning for 150 villas in this project.
The group has one among the largest land banks in the country with over 27 million sq.ft currently under development.
Meanwhile, the group is targeting the mid-tier segment with a project to come up in Mumbai. Besides, it is looking to set up a destination mall, claimed to be the largest mall development in the country, which is scheduled for launch in the first quarter of 2010.
The company is also mulling over an additional 300 million sq.ft which is still under planning stage to be delivered in the next five years.
Also on the cards in Hyderabad is its Lodha iThink, technopak campuses which is still on the drawing board.