| Log in

HDFC Property Fund exits Lodha project for $224 mn

By PTI
26 October, 2016

City-based realty player Lodha Group today said private equity player HDFC Property Fund has exited its stake in the developer’s World Towers in south Mumbai project for Rs 1,500 crore.

The offshore fund, sponsored by Housing Development Finance Corporation (HDFC), had invested Rs 500 crore in the project in 2010, which realised a return of 3x or Rs 1,500 crore after 6 years, Lodha Group said in a statement issued here.

The exit was funded through internal accruals and partly through fresh fund raising, the company said.

“HDFC Property Fund’s investment in World Towers has played an instrumental role in making it truly an iconic landmark in Mumbai,” company’s Managing Director Abhishek Lodha said.

The World Towers, spread over 17 acres in south Mumbai comprises of three ultra-luxury highrises.

Possessions at World Crest have already started and the Tier 1 of World One is slated for delivery in mid-2017.

HDFC Property Ventures Managing Director and CEO KG Krishnamurthy said, “This transaction was one of our largest investments in Mumbai and came at a time when the real estate sector was facing sluggish sales and low investor confidence.

However, Lodha business performance continues to outperform market expectations. We look forward to our long-term engagement.” 

In fiscal 2015-16, Lodha Group achieved net sales of Rs 6,400 crore and delivered 6,800 homes.

Like this report? Sign up for our daily newsletter to get our top reports.


Leave Your Comment
Deutsche Bank Exits Lodha Project For $508M

Deutsche Bank Exits Lodha Project For $508M

Pooja Sarkar 6 years ago
Deutsche Bank has exited its investment into one of the projects of Mumbai-based...
Meet the biggest real estate land buyer in India

Meet the biggest real estate land buyer in India

Pooja Sarkar 5 years ago
The slump in the realty sector has compelled most of the Mumbai-based developers...
IIFL exits Mumbai developer Ceear Realty’s project

IIFL exits Mumbai developer Ceear Realty’s project

TEAM VCC 12 months ago
India Infoline Finance Ltd (IIFL) has exited a residential project of Mumbai...
No Comments

HDFC Property Fund exits Lodha project for $224 mn

Powered by WordPress.com VIP