Lohia Group endows Rs. 350 crores in Realty ventures
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Lohia Group is intended to invest Rs. 350 Crores for developing 3 proposed ventures in the National Capital and in Uttar Pradesh by 2011. The group’s supplementary; Lohia Developers Pvt. Ltd. is planning to develop townships in Lucknow and in Moradabad and a commercial complex in Delhi.
Lohia Group Vice-President Ayush Lohia said to www.propertykhazana.com that, “We have already purchased 10 acres commercial property in Delhi, which will has around 1.5 Million Sq.Ft leasable area. In developing the land, we will pour in approx Rs. 150 Crores in coming 2-3 years. At present, the company is waiting for different administration authorization to commence the construction work.” Also, the company has purchased 100 acres of property in Lucknow and 50 acres in Moradabad to develop two integrated townships.
Lohia said to www.propertykhazana.com that, “The company is ready to pour in Rs. 150 Crores in the Lucknow Township, as the Moradabad venture will cost around Rs. 50 Crores. We have just purchased the property in two cities and have not decided much regarding the construction as it is at the initial stage.” On financing the ventures, Lohia said that, “It will be a combine of internal accruals and debt.” In land market, the expansion in rentals for commercial space has reduced during the 1st financial quarter of the current year on account of adequate supply, said the leading consultant Cushman & Wakefield.
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