Mumbai-based real estate developer House of Abhinandan Lodha (HoABL) will invest about Rs 3,000 crore in plotted development projects at six locations across the country. The investment includes the cost of land plus 50 percent development cost, said the company's Chairman, Abhinandan Lodha.
Lodha added that the company had recently concluded the acquisition of over 352 acres across Vrindavan, Varanasi, Amritsar, Shimla, Nagpur, and Khopoli (near Mumbai). The Vrindavan and Varanasi projects will be developed along the lines of its Ayodhya project.
“The projects at these locations will be launched between January and June 2025. We expect revenues of around $1 billion (Rs 8,500 crore approximately) from these,” Lodha said.
Also Read: Ayodhya Ram Mandir: Amitabh Bachchan has invested in land, should you too?
In Vrindavan, HoABL's 60-acre project will be located 10 km away from the Banke Bihari Temple.
“We are launching plotted projects only at places that are tourist hotspots and where the infrastructure is good. Vrindavan, Varanasi, Amritsar all have good tourist footfall. Infrastructure upgrade due to the upcoming Noida airport in Jewar, along the Yamuna Expressway, will give a boost to the entire region, including Agra and the NCR,” he said on November 8 when launching the company's new office in Gurugram. This will serve as a hub for managing the company’s projects in north India.
In January 2024, prior to the consecration of the Ram Mandir, HoABL had launched a 250-plot project in Ayodhya called `Sarayu' at an investment of Rs 1,200 crore. Lodha said that all the plots in the 1st phase had been sold out.
HoABL has acquired over 50 acres land in Khopoli, over 100 acres in Nagpur, around 75 acres in Varanasi, 45 in Amritsar, and around 11 acres in Shimla for these projects.
He said that with these six locations, HoABL will have a presence in 16 cities of India. “We have identified 48 locations in the country for our projects. Cities like Lucknow, Kanpur, and Noida are also on our radar for plotted development,” Lodha added.
The projects will have amenities like a clubhouse, swimming pools, a kids area, a dedicated place for senior citizens, etc.
The company is set to deliver 180 acres, or nearly five million square feet (sq ft) of development in Anjarle and Neral in Maharashtra in December 2024. HoABL is also preparing for deliveries in Dapoli and Alibaug in Maharashtra, Ayodhya, and Goa in the next 10-12 months.
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