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Mint
23-04-2025
- Business
- Mint
Brother vs. Brother: Lodha firms face off in Mumbai's hot housing market
Days after an "amicable settlement" hinted at peace in the Lodha family, Abhinandan Lodha's House of Abhinandan Lodha (HoABL) is set to challenge his elder brother Abhishek's Macrotech Developers with a foray into Mumbai's coveted housing market. HoABL, which earlier mainly sold plots outside the Mumbai Metropolitan Region (MMR), is now staking its claim with three initial projects, signaling a fresh battle for market share in India's financial capital. 'The right way to get into this business was horizontal, which was largely unexplored and had a massive room for innovation. We believe now is also the right time to replicate the same on the vertical development side,' said Abhinandan Lodha, chairman of HoABL, during a press briefing in Mumbai on Wednesday. 'Most of our land parcels across India also lend themselves to vertical development in some way or the other.' HoABL will make the foray starting with three projects in the Mumbai region, including an American Culture Center in Marine Lines, a project overlooking Chowpatty beach, and a joint development agreement (JDA) with Mittal Builders in Naigaon. The company plans to invest ₹ 2,500 crore in the three projects, expecting to generate a revenue of about ₹ 3,500 crore. 'We think it will be largely funded through internal accruals and sales. We don't expect to take a debt in excess of ₹ 250 to 300 crore for these projects,' said Lodha. Since its inception, the Abhinandan Lodha firm has focused on plotted development outside the Mumbai Metropolitan Region, a market which is dominated by Macrotech Developers. "MMR is the most lucrative property market among all the top cities, and also the most competitive. Macrotech has scaled up its business solely from a single market like MMR. While the entry of Abhinanda Lodha into Mumbai doesn't threaten Macrotech as of now, it signals direct competition with Macrotech," said a property analyst, who didn't wish to be named. 'While we will be starting vertical development in Mumbai now, which is the hangout of development, we also believe we will be able to carry the same vertical development to a lot of places like Amritsar, Nagpur and, Vrindavan," Lodha said. The announcement comes on the back of the company receiving approvals for two of the three projects including the American Culture Center and the JDA project, construction for both of which will start by December. HoABL also expects to initiate the development of the third project within this fiscal. HoABL also expects the vertical business to make up almost half of their revenues in the next 2-3 years. 'The horizontal business will continue to expand at 30% per annum, that's our stated goal. The vertical business is just starting up but there is an enormous scope to scale it up and in next two or three years both will contribute equal revenue to the business,' he added. HoABL has a land bank of about 3 million square feet in Mumbai and about 1,200 acres in total. Close to 5% of this land is appropriate for vertical construction, Lodha added. Macrotech, which operates under the 'Lodha' brand name, is a dominant real estate player in MMR, followed by Oberoi Realty Ltd and Bengaluru's Prestige Group. In recent years, a number of developers have entered the country's most valuable market, which offers better profit margins compared to any other city. In the coming months, India's largest developer DLF Ltd is set to make its entry into MMR. Bengaluru's Sattva Group is also set to launch its first two projects in the city this year. First Published: 23 Apr 2025, 10:04 PM IST
Arab Times
19-02-2025
- General
- Arab Times
Protecting Kuwaiti antiquities safeguards heritage and identity
KUWAIT CITY, Feb 19: Protecting Kuwait's antiquities and artifacts safeguards national identity and heritage for future generations, said His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al- Sabah's representative Minister of Information Abdulrahman Al-Mutairi, Wednesday. Speaking at the exhibition featuring Arabian arts from the pre-Islamic era, organized by the American Culture Center of the Dar Al-Athar Al-Islamiyyah (DAI), Al-Mutairi, also Minister of State for Youth Affairs, commended the leadership's interest in organizing such cultural events. The event, which coincided with Kuwait being chosen as the 2025 capital of Arab Culture and Media, adds to the importance of the exhibition, he affirmed, noting that documentation of arts from all areas was a huge undertaken and responsibility. He expressed gratitude towards DAI's General Supervisor and Co-owner of the Al-Sabah Artifacts Collection Sheikha Hussah Sabah Al-Salem Al-Sabah for their efforts in organizing the exhibition. On her part, Sheikha Hussa Sabah Al-Salem said that the exhibition came to be due to the relentless efforts of researchers and antiquities collectors. She revealed that the exhibition featured 104 rare pre-Islamic items in the region, which gave the event an important aura. Meanwhile, Secretary General of the National Council for Culture, Arts, and Letters (NCCAL) Dr. Mohammad Al-Jassar lauded the organizing of the exhibition, saying it was an addition to Kuwait's cultural efforts. In regards to cooperation with DAI, he revealed that NCCAL had been collaborating with the center since 1983, saying that such cooperation continued to this day and hopefully more in the future. On her part, NCCAL's Acting Assistant Undersecretary for Islamic Antiquities Sheikha Al-Anoud Al-Ibrahim Al-Sabah indicated that arts in the Arab Peninsula was deeply rooted and ancient, which reflected the cultural value of the region. She revealed that DAI and the NCCAL would be collaborating on an arts initiative focusing on Kuwait's handicrafts talents and arts. (KUNA)
