On the occasion of the Uttar Pradesh Global Investors Summit 2023 that was kicked off on February 10, Abhinandan Lodha, MD, House of Abhinandan Lodha (HOABL) , a branded land developer, said the company plans to invest around Rs 1,800 crore in over 600 acres of land parcels in the state for the development of integrated housing townships.
The company has started the acquisition of land in Ayodhya and plans to foray into the markets of Varanasi, Gorakhpur, Mathura, and Vrindavan as well, Lodha told Moneycontrol.
The company plans to invest over Rs 11,000 crore to acquire and develop 3,000-3,500 acres of land across the country over the next four years, and has identified 55 locations for the same. The company has already acquired over 480 acres in the current financial year and is looking to acquire an additional 920 acres in 2023-24, the company said in a statement issued to Moneycontrol.
Also read: The House of Abhinandan Lodha to invest Rs 3,000 crore in Uttar Pradesh Mathura and Vrindavan:
"Ahead of the investor summit, we had pledged an investment of Rs 1,200 crore purely towards the acquisition of about 400 acres of land in Ayodhya, Varanasi, and Gorakhpur for the development of integrated housing townships. Now we are also looking at Mathura and Vrindavan, following which our investment in land can even go upwards of Rs 1,800 crore for over 600 acres, taking our overall commitment for development in UP beyond the Rs 3,000 crore pledged earlier," said Lodha.
Locations in focus
According to the company, it will continue to focus on north India, (including Uttar Pradesh) and western India (Maharashtra, Goa, Gujarat etc.), where it sees tremendous scope for branded land development.
The company has till now launched or is planning to launch branded land projects in areas like Goa, Dapoli, and Neral in Maharashtra, and is looking at entering the markets of Alibaug and Khopoli in the state. The company is also exploring opportunities in Gujarat.
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Why branded land development?
The company claims that retail investors can generate great wealth if they hold on to the land for a reasonable period of time.
"Typically, the problems associated with land buying and owning in India have been around possession, title, or resale. Investment in real estate nowadays is such that while the value of the asset may depreciate, the value of the land always appreciates. We aim to make land a trusted and hassle-free asset class by giving an assurance of wealth generation, liquidity, transparency, and security, and breaking the age-old barriers to land buying in India,’’ Lodha said.
Samujjwal Ghosh, CEO, HOABL, said, "Real estate has always been associated with certain characteristics, the main one being appreciation of investment. However, that legacy has been eroded in the recent past. We look at investing a lot more in places that are not usually on the radar when people are looking to buy land. Like in the Konkan region, we have already launched projects due to the abundance of nature in the area as well as the development being done there by the government. We are not going the typical real estate investment route. Using the power of innovation and technology, we are giving people the opportunity to create intergenerational wealth through land investments."
International projects?
According to Lodha, who started HOABL around two years back, there is a lot of potential in the Indian market. "We are already international, today we have distribution in 62 cities around the world. Does that mean we will launch projects abroad? It’s too early to say. We believe that there should be demand for something like this in other countries as well, but we have just started."
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