Latest news with #LodhaGroup
Hindustan Times
27-05-2025
- Business
- Hindustan Times
Lodha Group eyes growth in Bengaluru with five new projects in FY2026
Abhishek Lodha, managing director and CEO of Macrotech Developers, also known as Lodha Group, said the company expects to have five or more real estate projects in Bengaluru during the current financial year. '...we have concluded our pilot phase successfully in Bengaluru and are now at a stage where the growth phase is starting to take off,' Lodha said during the Q4FY25 investors' call. 'We are expecting to have five or more projects operational in Bengaluru in the course of the current fiscal year.' Bengaluru will begin to contribute meaningfully to the company's growth starting this year. With Bengaluru now in the growth phase, 'we expect to start the pilot in one more city in FY26, which, of course, will take two to three years before it moves into the growth phase,' Lodha said. Also Read: Mumbai Rains: How waterlogging and flooding impact the Mumbai real estate market's property market In 2024, Lodha had said that the company aims to have a market share of 15% in Bengaluru real estate by 2030. In this context, Lodha said, 'We expect to move from our present market share of between 2% and 3% of sales in Bengaluru in the last fiscal year, when we made about ₹14 billion of sales, to more to 15% of the Bengaluru market by the end of the decade.' Lodha Group entered the Bengaluru real estate market in 2021 and expects to gain an average of 2% market share in India's IT Capital. Also Read: Bengaluru: Here's how Foxconn's iPhone plant is reshaping Devanahalli's real estate market In April 2024, Lodha had said that its company's market share in the Mumbai real estate market is at around 10%, and the market share of the top five developers in Mumbai is still in the mid-20s. On April 24, Macrotech Developers reported a 38% year-on-year rise in consolidated net profit to ₹921.7 crore for the March quarter, driven by higher income. Also Read: Is buying a home in Bengaluru worth it, or is renting the better option? The company's net profit stood at ₹665.5 crore in the year-ago period. According to a regulatory filing, its total income rose to ₹4,420.3 crore in the fourth quarter of the previous fiscal year from ₹4,083.9 crore in the corresponding period of the preceding year.
Hindustan Times
13-05-2025
- Business
- Hindustan Times
Maharashtra Tribunal backs homebuyers, orders Lodha Group to register portion of New Cuffe Parade Project with MahaRERA
In a major relief for homebuyers, the Maharashtra Real Estate Tribunal has directed the Lodha Group, also known as Macrotech Developers, to register a portion of its New Cuffe Parade project located in Wadala with MahaRERA, despite having obtained a part Occupancy Certificate (OC). The Tribunal noted that the three buildings received the part OC on June 8, 2017—one month after RERA came into effect in Maharashtra. It noted that all projects without completion certificates are required to be registered under RERA. The issue dates back to May 2017, when the Real Estate (Regulation and Development) Act was enacted. Under this, MahaRERA mandated the registration of all new and ongoing projects to market and sell units. The Tribunal said that the three buildings received part OC on June 8, 2017, over one month after the Real Estate Regulatory Act, 2016, came into force in Maharashtra on May 1, 2017. The Tribunal said the project required a completion certificate, without which all projects were mandated to be registered with MahaRERA in 2017. The Tribunal ruled this while hearing a complaint from nine homebuyers. However, Lodha Group contended that the project did not require RERA registration since it had obtained a part OC. According to media reports, over 20,000 buildings in Mumbai have full Occupation Certificates (OCs), and more than 700 buildings have partial OCs. Nine homebuyers booked flats between 2011 and 2014 in the buildings Lodha Dioro, Lodha Elisium, and Lodha Enchante, with possession promised by various dates up to 2016. They alleged that the developer delayed possession, failed to obtain full occupancy certificates (OCS), and secured only partial OCs after the RERA Act came into effect in May 2017. Due to the delay in possession of their flats, the buyers individually filed complaints with the Maharashtra Real Estate Regulatory Authority (MahaRERA). They sought various reliefs, including a directive for the developer to pay interest on the delayed possession amounts, obtain a full occupancy certificate, form a society of flat purchasers, and cover related costs. In February 2020, MahaRERA dismissed the complaints, stating that while the phase of the building that received a part OC does not require RERA registration, the provisions related to conveyance and defect liability under RERA must still be applied to protect the interests of homebuyers who have already taken possession. However, MahaRERA rejected the buyers' request for interest on account of delayed possession, reasoning that such relief is only applicable when the project remains incomplete or the developer is unable to hand over possession. MahaRERA, in its order, advised homebuyers to take possession of their apartments and file complaints, if needed, regarding defect liability under Section 14(3) of the Act. Also Read: Maharashtra Real Estate Appellate Tribunal rules Trade Centre Building in Mumbai's BKC must register under RERA Dissatisfied with MahaRERA's order, the homebuyers approached the Maharashtra Real Estate Appellate Tribunal (MREAT), seeking interest for possession delays, the setting aside of the MahaRERA order, a directive for the developer to register under RERA, and compensation for litigation costs, among other reliefs. The developer argued before the Tribunal that the project phase in question was not covered under RERA and that there was no delay as per law. It argued that the buildings were divided into two phases—lower floors (1–40) and upper floors (41 and above). Since they had obtained a part occupancy certificate (part OC) for the lower floors before the RERA registration deadlines in 2017, they contended that this phase did not require RERA registration. Also Read: MahaRERA update: Maharashtra regulator surpasses 50,000 project registrations in 8 years The Tribunal rejected the developer's argument, stating that a part OC does not equate to a completion certificate. Since the project did not receive full completion or a complete OC before May 1, 2017, the entire project, including the lower floors, was required to be registered under RERA. The Tribunal stated that the RERA Act permits phase-wise issuance of completion certificates and registration, provided each phase is independent and has a separate commencement certificate and registration under the Act. Without the necessary commencement certificate for a phase, it cannot be considered a standalone phase. Also Read: Nearly 50% of Mumbai properties registered in 2024 smaller than 650 sq ft, 60% are 1 BHK and 2 BHK homes: MahaRERA data The Tribunal also clarified that a part OC cannot be equated with a completion certificate and noted that the part registration granted to the project by MahaRERA contradicts the provisions of the RERA. The Tribunal also clarified that a part OC cannot be equated with a completion certificate and noted that the part registration granted to the project by MahaRERA contradicts the provisions of the RERA. "In view thereof, reliefs sought by homebuyers for direction to the developer for payment of interests/ compensation would to be considered appropriately in accordance with the law only after the receipt of the registration of the project before MahaRERA under the provisions of the Act," the MREAT said in its judgment dated May 8, 2025. The Tribunal directed the developer to register the building with MahaRERA within 30 days. After registration, MahaRERA has been directed to handle the complaints of the homebuyers under the RERA. The Tribunal directed the developer to pay ₹25,000 at the tribunal's office. Additionally, the developer was ordered to pay ₹25,000 directly to each appellant for each of the captioned matters within 30 days from the date of the judgment and to bear its own costs. In an email response to the official spokesperson for Macrotech Developers said, "MahaRERA had ruled in our favour, and now the MREAT has given a judgment in favour of the appellants (homebuyers). The MREAT has granted a stay on the execution and operation of the judgment for a period of six weeks. We are studying the judgment and will seek advice on the appropriate next steps."
Time of India
12-05-2025
- Business
- Time of India
XRP price to reach $10 in 2025? Crypto analyst decodes factors that could drive its surge
XRP , one of the largest cryptocurrencies, could reach as high as $10 or more even than that in 2025, as per the latest prediction by a famous crypto analyst. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare Currently trading at around $2.55, XRP price has gained significant momentum in the current bull cycle. It has climbed from $1.75 on April 9, 2025 to more than $2.50 now. Edo Farina, XRP supporter and crypto analyst on X, highlighted several major factors that are soon expected to increase the crypto's demand, besides boosting its adoption in the global market. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Luxury Residences In Bengaluru By Lodha Group Lodha Hosa Road Book Now Undo Will XRP price reach $10? In the current cycle, XRP has emerged as a leading altcoin in the early phase itself. This is quite different from the earlier times when it used to witness a jump only towards the end. Farina recently shared a video on the Elon Musk-owned social media platform predicting XRP's potential price in the months to come. He has even discussed multiple factors that might drive this surge. Live Events Also Read : UK announces measures to tighten immigration policies amid rising voter anger In his close to three-and-a-half minute video, Farina talks about Bitcoin Dominance, looking at it as a major indicator for the price movements of altcoins. At the moment, the price for BTC.D is said to be relatively higher, even though its dominance has declined from 40% to 30%. According to Farina, this marks the onset of the altcoin season. He thinks XRP holds the potential to see a 4X rally from its current price. This means XRP price can reach anywhere around the $10 mark and even more than that, the crypto analyst predicts. A key reason behind its surge in price is the current market cycle. Breaking the mold, the cryptocurrency has performed well early on, contrary to its history of late-stage rallies. With XRP trading above $2 as well as Bitcoin dominance remaining stronger, Farina believes that is a pivotal sign towards "decoupling" from the traditional movements in the market, according to The Crypto Basic. Regulatory clarity One of the major catalysts that could potentially be driving XRP's bullish outlook is the resolution to the long-standing lawsuit between Ripple and the Securities and Exchange Commission (SEC). With XRP no longer being classified as a security in the country, Ripple now is free to offer the token to several financial institutions. This will boost investor confidence and can even lead to its adoption globally, Farina said. Also Read : Who is Edan Alexander? American-Israeli hostage set to be freed by Hamas after more than 500 days in Gaza FAQs 1. How much to pay for 1,000 XRP taking into consideration Edo Farina's projection? Going by Farina's prediction, investors will be required to pay $10,000 for 1,000 XRP if its price reaches $10. 2. What are the largest cryptocurrencies worldwide? These include Bitcoin, Ethereum, XRP, Tether, BNB, Solana, USDC and Dogecoin among others.
Mint
11-05-2025
- Business
- Mint
ACs heating up your electricity bill? Here's how that could change
New Delhi: In October 2023, Palava City, an urban township developed by the Lodha Group near Dombivli in Mumbai, was witness to an unusual study. For nine months, the township, in a hot and humid location, took part in a field test of super-efficient AC prototypes. The results of the study, which was conducted by the Rocky Mountain Institute (RMI), a Colorado-based clean energy non-profit, along with CEPT University, Ahmedabad, and the Lodha Group, are very encouraging: the test units consumed 60% less energy and could potentially slash electricity bills by half over their lifetime. The study was published last month. The super-efficient split AC prototypes were among the winners of the Global Cooling Prize—a $3 million challenge announced in 2018 to develop and demonstrate transformative cooling solutions. The prototypes are made using components similar to those in use today. But what sets them apart is how they sense and adjust to real world conditions, said Ankit Kalanki, principal at RMI. They run on more efficient compressors, improved coil design and advanced sensors to achieve target indoor conditions. The units won't come cheap, but the payback period is estimated to be under four years. An AC that cuts energy consumption by 60% will be a gamechanger for India. The country is already the world's fastest-growing AC market and projected to have over 1 billion room units by 2050. That will propel electricity demand for cooling nine-fold compared to 2022, as per the report released last month by RMI, which cautioned that widespread adoption of current AC technology may jeopardize both the electricity grid and national climate goals. This, in no small way, is because the backbone of cooling technology has not seen a radical reset in more than a century. A few startups, in India and globally, are now working on a mix of technologies to change that. They are trying to marry age-old methods such as evaporative cooling with the latest compressor technology to reduce energy use. Last year, for instance, Ambiator, a Hyderabad-based startup, started selling a machine it claims 'cools like an AC, but costs like a cooler". The technology takes a leaf from traditional desert coolers, which use evaporative cooling technology. In this rather ancient method, hot air drawn in by a powerful fan passes through a wet cooling pad, supplying fresh and cool air indoors. Some, such as the Florida-based Blue Frontier, are using desiccants to soak up excess humidity instead of using energy-intensive compressors (studies show that ACs use up to 25% more energy just to manage humidity). Others, such as the UK-based Barocal, are exploring a brave new world of solid-state cooling, using low-cost organic crystals instead of polluting refrigerant gases. A business on steroids A factory floor can be meditative. At a manufacturing unit run by Haier Appliances in Uttar Pradesh's Greater Noida, hundreds of hands work in silence. Multiple parts of a machine flow in a stream, like fragments of an idea. Copper coils, compressors and blowers pass by on conveyor belts, moulded by human touch. At the end of the assembly line, every two minutes or so, a completed outdoor air conditioning unit pops out, as if by magic. In one corner of the Haier factory floor, heavy-duty units are tested in a lab, which simulates extreme weather conditions, to ensure that air conditioners (ACs) can still cool a space when outside temperatures touch an unthinkable, skin-scorching 60°C. And that they are able to deliver crisp breeze when the air outside is soaked with moisture. For manufacturers, the climate crisis is as much a test as it is an opportunity. They have to deliver machines that can function in extreme conditions, at an affordable price point. Last year, when the summer was the warmest on record, residential AC sales surged nearly 30% on-year to touch a record 14 million units. Room AC makers clocked a revenue of around ₹45,000 crore, the highest ever. Sales are estimated to double in four to five years, as the segment is growing by more than 15% annually, top industry executives told Mint. It's a business on steroids. In the consumer durables business, ACs are the engine that will drive both volumes and value in future, said N.S. Satish, president of Haier Appliances India. Household AC penetration in India is at sub-10%, compared to nearly 40% for refrigerators. So, there is enormous headroom to grow, assuming every family that owns a refrigerator today will eventually own an AC. India's room AC production capacity is estimated to grow by 40% in the next three years, ratings agency Icra said in a report last October. On its part, Haier Appliances, whose parent company is headquartered in Qingdao, China, is expanding its annual production capacity in the country from 1.5 million units currently to 4 million units. The growing demand for cooling solutions and other consumer durables presents a lucrative opportunity, and large corporations that are not already in the business are looking to get in on the action. Late last week, Bloomberg reported that Bharti Airtel founder Sunil Mittal is in advanced talks to acquire a 49% stake in the Indian unit of Haier, citing people familiar with the matter. On the flipside, more ACs will strain electricity grids, and increase both energy consumption and greenhouse gas emissions manifold. Also, an ever-increasing number of ACs running for longer hours will worsen the heat island effect in cities—ACs spew out hot air, often 5-10 degrees warmer than the ambient air temperature. When heat trapped by the dense concrete of cities during daytime is released at night, hot air from ACs is an added load, turning them into pockets of heat, relative to the cooler areas around them. Nights will turn uncomfortably warm. Besides, ACs use chemical refrigerants that are potent greenhouse gases, trapping more heat in the atmosphere than even carbon dioxide. For instance, R-32, a commonly used hydrofluorocarbon refrigerant gas, comes with a global warming potential (GWP) of 675. This means R32 traps 675 times more heat than the same amount of CO2, over a 100-year period. So, even minor gas leaks from ACs have a significant impact. Driven by discomfort The business of cooling is driven by discomfort, joked one senior industry executive. Although it was made in jest, the remark is spot on. Last summer, when temperatures breached 50 degrees celsius in many Indian cities, consumers made a beeline to purchase ACs. The pain was so acute that families that did not own a refrigerator or a washing machine queued up for ACs, upending the standard hierarchy of purchase. Despite an early onset in April, the summer has been more bearable this year, though the Met Office has forecast a higher-than-normal number of heatwave days. 'The cooling challenge will intensify as India gets to 30 million ACs by 2030. Technology gains have been incremental so far…what we need is a breakthrough," said B. Thiagarajan, managing director of Blue Star, a leading brand. While televisions went from being bulky boxes using power-hungry cathode ray tubes to slim LED-variants, air conditioners remain just as bulky as they were decades ago. And the technology driving them hasn't evolved much. The first modern air conditioner was developed in 1902 by Willis Carrier, an engineer, while trying to solve a specific problem: excess humidity damaging magazine pages at a publishing house in Brooklyn, New York. Carrier developed a system that blew air over coils filled with cold water. While excess humidity condensed on the coils, the system also produced cooled air. Within two decades Carrier developed a finer version, a centrifugal compressor, which was widely used to cool air inside movie theatres. Present-day ACs follow the same scientific principle first used a century ago: using a compressor to repeatedly alter the state of a refrigerant gas. The process follows from a law of thermodynamics: when a liquid converts into a gas, it absorbs heat. Inside ACs, chemical refrigerants evaporate and condense in repeated cycles within a closed system of coils, allowing heat to be transferred and ejected outside, while cooling the air within a room. This is vapour compression technology, and it continues to be the backbone of room AC technology more than a century on. The process is energy intensive. Despite improvements driven by energy efficiency standards, both globally and in India, a typical split AC still consumes 15-20 times more electricity than a fan. In short, there is a heavy price to pay for human comfort. District cooling solutions Vapour compression technology has reached the theoretical limits of efficiency, argues Chandra Bhushan, chief executive of the Delhi NCR-based climate think tank iFOREST. 'It's time to switch to hybrid technologies and use green refrigerants with a low global warming potential. We must think beyond individual ownership of ACs and look at centralized solutions like district cooling, which is more energy efficient. But manufacturers will want none of it…that's the politics of cooling," adds Bhushan, who is also a member of the refrigeration and air conditioning sectional committee of the Bureau of Indian Standards. District cooling is a solution where multiple buildings in an area are connected to a centralized system. In this model, large centrifugal chillers produce chilled water, which is piped to buildings for cooling. The process uses water instead of refrigerant gases and can reduce energy use by at least a third. 'Think of it as cooling-as-a-service, like piped gas or electricity supplied to homes. In India, the only notable project is the GIFT city in Gujarat. A regulatory push can hasten adoption in upcoming residential and commercial projects," said Anju Mary K., head of sustainability at Danfoss India, which offers industry-scale energy solutions. Globally, district cooling is gaining in popularity, powering iconic buildings such as the Burj Khalifa in Dubai, schools and hotels in Hong Kong, and the Louvre museum in Paris. Happening now Is it possible to reduce the energy required for cooling by making devices more efficient? Can a radical shift in the way ACs are built slash energy consumption? Also, is it possible to move to a benign refrigerant, one that is more planet-friendly? These are the questions driving the push to find more energy-efficient solutions. Since the advent of modern ACs a century ago, compressor technology has undergone some changes. A notable one was moving from fixed-speed to variable-speed compressors (inverter technology) in the early to mid-2000s. Inverter ACs are more energy efficient, by at least 30% or more, compared to those using older generation compressors. However, as the RMI assessment shows, this is not enough. The good news is that companies around the world are working on alternatives. For instance, Ambiator, the Hyderabad-based company cited earlier, upgraded conventional air cooler technology by adding sensors to regulate water flow and alternate between dry and wet cooling to achieve thermal comfort. Unlike traditional coolers, the Ambiator model exhausts air outdoors. The air circulation prevents the mugginess associated with coolers. And unlike ACs that recirculate air within a space, pushing CO2 levels higher, Ambiator promises a more lung-friendly alternative. The pitfall is that the machine is a bulky five-tonne capacity unit more suited for commercial spaces. Also, it won't work within 100 km of India's coastline, where humidity levels are high. 'It still solves for 70% of India, which faces dry-heat conditions. We are now working on a compact residential system combining evaporative cooling with a compressor. The latter will kick in to manage excess humidity while low-energy evaporative cooling will take care of dry heat," said Jeeten Desai, Ambiator's founder. Godrej Appliances showcased a similar technology at the Global Cooling Prize. The Godrej prototype, which was among eight short-listed finalists announced in 2019, uses a hybrid technology integrating vapour compression with advanced evaporative cooling. The prototype used a green, propane-based refrigerant (R290) with negligible global warming potential (224 times lower than R32, to be precise). Godrej is now working towards a commercial launch of this model in the next 2-3 years. In fact, way back in 2012, Godrej began selling an energy-efficient model with the R290 refrigerant. It sold some 500,000 units before withdrawing it from the market after a few years. Why? 'Back then, it was the most energy-efficient model. The market perception was that R290 is highly flammable (it still is). But so are domestic LPG cylinders, which hold 14 kg of inflammable gas—a much higher quantity compared to the refrigerant used in an AC (less than a kg for a 1.5-tonne unit)," said Kamal Nandi, business head and executive vice president at Godrej. In the near future, when regulations mandate use of green refrigerants, R290 will be the fallback option, Nandi said. Being a signatory to the Kigali amendment to the Montreal Protocol, India will have to phase down polluting HFCs beginning 2032. Meanwhile, unmindful of the rather technical debate around refrigerants and compressors, a quiet change is underway in India's hinterland. Annual air-cooler sales are now estimated to be at 18 million units, with branded ones accounting for a third of the market, said Deba Ghoshal, former vice president at Voltas Ltd. Air coolers use a tenth of the energy consumed by ACs and can comfortably cool in dry-heat, low-humidity regions. 'With new cooling-pad technology like honeycomb pads, humidity control sensors, powerful air throw and energy-efficient motors, air coolers are turning out to be a promising and sustainable solution. Families are no longer embarrassed to own one," said Ghoshal. To some, air coolers may seem like going back in time. But it's a sensible choice, being both pocket and planet friendly.
Time of India
11-05-2025
- Business
- Time of India
Lodha Foundation announces support to families of security personnel killed in Operation Sindoor
India launched Operation Sindoor to avenge the Pahalgam terror attack killings. MUMBAI: The Lodha Foundation on Saturday announced support to the next of kin of armed forces personnel martyred in the Operation Sindoor . The non-profit organisation will fund the education of the children of the martyrs, give preferential employment in the Lodha Group and also take care of health insurance for the families for two decades, according to a statement. It can be noted that at least two army personnel have been killed since the beginning of the operation earlier this week, which had been launched after terrorists killed 26 people at Pahalgam last month. India launched the operation to avenge the killings, and action taken included destroying terror infrastructure in Pakistan and Pakistan-occupied Kashmir. In response, Pakistan resorted to heavy shelling and drone attacks on the western border, leaving at least two armymen dead. Operation Sindoor Amid flare-up hours after thaw, officials say things will settle down with time Ceasefire on, but pressure stays: Key decisions by India against Pak that still stand 'Will work with India & Pakistan to seek solution on Kashmir': Trump India and Pakistan have agreed on a ceasefire earlier in the day. The Lodha Foundation statement said it will fund the education of the martyrs' children till graduation, including costs of fees, books, and hostel expenses. It will also offer advanced educational programmes and mentorship to these children. For the spouses of the martyrs, the foundation will provide skilling and entrepreneurship support, and help them get employed in the Lodha Group. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
