Realty firm Lodha Developers has partnered with Sahana Group companies to build projects on multiple land parcels over 10 acres in Mumbai, according to CRE Matrix.
Lodha Developers Forms JV to Build 10acre Project in Mumbai, Deal Value ₹365 Cr
Lodha Developers has formed a joint venture to develop a 10-acre project in Mumbai, with the deal valued at ₹365 crore, expanding its footprint in the city’s real estate market.
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Real estate data analytic firm CRE Matrix has seen the registration document of Joint Development Agreement (JDA) between Lodha Developers and Sahana entities -- Sahana Properties and Resorts Pvt Ltd and Sahana Builders and Developers Pvt Ltd.
The registration of the JDA was done on February 11. The total land, located at Parel-Sewri in Mumbai, is 41,526 sq metre.
The JDA has been struck at a consideration of Rs 364.80 crore. The stamp duty paid is Rs 37.20 crore, as per the CRE Matrix.
Lodha Developers Ltd acquires land parcels through outright purchases as well as forming partnerships with landowners to create a strong pipeline of future projects.
During the first nine months of this fiscal year, it acquired 11 land parcels in the Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, and Bengaluru to develop projects, with an estimated sales value of Rs 58,800 crore.
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Lodha Developers has completed and delivered more than 100 million sq ft area so far.