Latest news with #HouseofAbhinandanLodha
Indian Express
a day ago
- Business
- Indian Express
After nearly 8 years, Ayodhya land circle rates hiked up to 200%
After nearly eight years, the circle rate of land in Ayodhya, where a Ram Temple was inaugurated last year, has been increased up to 200 per cent, depending on the use of land and location. While the order is effective from Saturday, a holiday, the land registry, as per the new circle rates, will begin from Monday. 'We have approved the proposal for a hike in circle rate after considering the objections we had received on our proposal circulated in August last year,' District Magistrate (Ayodhya) Nikhil Funde told The Indian Express on Sunday. On the hike, Funde said: 'The demand from the public was mostly to raise it more than our proposals in several areas. But the decision has been taken based on market rates and a survey conducted by us.' The circle rate is the district administration's assessment of land value in its jurisdiction, based on which stamp duty is fixed on sale or purchase, and based on which the administration acquires property from land owners, including farmers. On July 10 last year, The Indian Express had reported that the circle rates in Ayodhya have not been increased for the past seven years despite a surge in land transactions and the rising market value of land ever since the 2019 ruling of the Supreme Court that paved way for the construction of the Ram Temple in the town. The Uttar Pradesh Stamp (Amendment) Act, 1997, which was amended in 2015, stated that the 'District Collector, as far as possible, in every August month, will determine Rs per square metre minimum value of Agriculture/non-Agriculture land' and other immovable properties considering use of land, irrigation facilities, distance from road, market, bus station, railway station, factories, educational institutions, hospitals and government offices; its location within urban, semi-urban or rural areas; and other possibilities like distance from developed areas. Ayodhya is among 54 districts of Uttar Pradesh where the circle rate was last revised in 2017. In 21 districts, it was revised in 2023. The rates were also revised in districts adjoining Ayodhya such as Barabanki, Ambedkar Nagar, Gonda and Basti and Sultanpur. The steepest hike in the circle rate has been in areas near the Ram Janmabhoomi where the market rate of land has increased manifold since the Supreme Court's Ram Temple verdict. The highest hike of 200 per cent has been in villages like Tihura Manjha where the circle rate for 'agriculture' land since August 2017 ranged from Rs 11 lakh to Rs 23 lakh per hectare. In the latest circle rate, it has gone up to Rs 33 lakh and Rs 69 lakh per hectare. At Tihura Manjha village, the House of Abhinandan Lodha has purchased land and actor Amitabh Bachchan had signed an agreement for two plots last year. For Tihura Uparhar, the circle rate has been increased from Rs 32-71 lakh per hectare to Rs 42-95 lakh per hectare. In Shahnawzpur Majha, the rate has been increased from Rs 75-169 lakh per hectare to Rs 98-221 lakh per hectare. In Barahta Majha, the circle rate has been hiked from Rs 75 lakh- Rs 169 lakh per hectare to Rs 98 lakh- 221 lakh per hectare. At Ganja village, where the airport is located, old rates ranged between Rs 28 lakh to Rs 64 lakh per hectare. The new rates are between Rs 35 and 80 lakh per hectare. The UP Avas Vikas Parishad, which has proposed to build a township spread over nearly 1,800 acres, acquired nearly 600 acres until last March in villages such as Shahnawaz Pur Majha, Barhata Manjha, and Tihura Manjha. However, some of the farmers said the hike is not up to their expectations. 'Rates should have been increased at least 200 per cent in every village surrounding nearly 10 km of Ram Janmabhoomi. Farmers are not benefitting from the developments that are taking place in Ayodhya,' said Durga Yadav, who is fighting a legal case for an increase in circle rates in the Allahabad High Court. In last year's Lok Sabha elections, Samajwadi Party candidate Awadhesh Prasad defeated the sitting BJP MP from Faizabad parliamentary constituency, where Ayodhya is located. The Milkipur (SC) Assembly seat, vacated by Prasad, was won by the BJP later. Shyamlal Yadav is one of the pioneers of the effective use of RTI for investigative reporting. He is a member of the Investigative Team. His reporting on polluted rivers, foreign travel of public servants, MPs appointing relatives as assistants, fake journals, LIC's lapsed policies, Honorary doctorates conferred to politicians and officials, Bank officials putting their own money into Jan Dhan accounts and more has made a huge impact. He is member of the International Consortium of Investigative Journalists (ICIJ). He has been part of global investigations like Paradise Papers, Fincen Files, Pandora Papers, Uber Files and Hidden Treasures. After his investigation in March 2023 the Metropolitan Museum of Art, New York returned 16 antiquities to India. Besides investigative work, he keeps writing on social and political issues. ... Read More
Time of India
24-04-2025
- Business
- Time of India
House of Abhinandan Lodha (HoABL) announces 3 mega projects in Mumbai, eyes Rs 3,500 crore revenue
MUMBAI: The House of Abhinandan Lodha (HoABL) on Wednesday announced its entry into the vertical real estate sector with three marquee projects located across Mumbai—American Culture center in Marine Lines, a project overlooking Chowpatty beach, and a Joint Development Agreement (JDA) with Mittal Builders in Naigaon. With a collective development potential of 3.1 million sq. ft., the company said it expects to generate revenue of Rs 3 ,500 crore, with a total investment of Rs 2,500 crore. All three projects are expected to be launched from Q2 FY 2025–26 and would be completed over the next five years.
Time of India
24-04-2025
- Business
- Time of India
House of Abhinandan Lodha launches three major real estate projects in Mumbai
Representative image The House of Abhinandan Lodha (HoABL) on Wednesday announced its entry into the vertical real estate sector with three marquee projects located across Mumbai—American Culture center in Marine Lines, a project overlooking Chowpatty beach, and a Joint Development Agreement (JDA) with Mittal Builders in Naigaon. With a collective development potential of 3.1 million sq. ft., the company said it expects to generate revenue of Rs 3,500 crore, with a total investment of Rs 2,500 crore. All three projects are expected to be launched from Q2 FY 2025–26 and would be completed over the next five years. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Indian Express
23-04-2025
- Business
- Indian Express
HoABL enters vertical realty business, to invest Rs 2,500 crore
The House of Abhinandan Lodha (HoABL), a leading land developer, has officially announced its strategic entry into the vertical real estate sector with an investment of Rs 2,500 crore. 'Marking this foray are three marquee projects located across the length of Mumbai —American Culture Centre in Marine Lines, a project overlooking Chowpatty beach and a joint development agreement (JDA) with Mittal Builders in Naigaon,' the company said in a statement. 'With a collective development potential of 3.1 million sq ft, the company expects to generate revenue of Rs 3,500 crore, with a total investment of Rs 2,500 crore. All three projects are expected to be launched from Q2 of FY 2025–26 and would be completed over the next five years,' it added. The funding would be through mix of internal accruals and debt for working capital and pre- sales, said Abhinandan Lodha, Chairman of HoABL. 'With our big bang foray into vertical development — from South Mumbai to North MMR — we aim to address gaps in vertical real estate through multiple projects,' he said. Acquired in December 2024, the American culture centre project has a development potential of approximately 60,000 sq ft and is being developed as a commercial property. The Chowpatty (South Mumbai) project, which has a development potential of around 50,000 sq ft, will be a premier residential project.
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
