Abhishek and Abhinandan Lodha are currently embroiled in a legal dispute regarding the Lodha brand. The matter is currently in mediation, after the elder Lodha filed a brand infringement suit against his younger brother over an "infringement" in the usage of the 'Lodha' brand.
The mediation process is expected to be completed in around five weeks, to be conducted by retired Supreme Court Justice RV Raveendran, with the next hearing of the case scheduled on March 21.
Moneycontrol had accessed the petition by Abhishek Lodha on January 20, where the high court asked to restrain Abhidandan Lodha from selling, advertising or marketing same goods or services offered by Macrotech.
Back in 2015, the Lodha brothers had split the real estate empire of patriarch Mangal Prabhat Lodha, with Abhishek Lodha running the listed company Macrotech Developers, and younger brother Abhidandan Lodha operating a real estate company by the name of House of Abhinandan Lodha (HoABL).
The case likely to be heard by Bombay High Court later this week
'About 100 years ago, the Tata family gave a major part of their shareholding in their enterprise to the Tata Trusts,' Lodha Group CEO Abhishek Lodha recollected.
The real estate firm's MD said that Lodha’s market share in Mumbai is at around 10% and the market share of the top five developers in Mumbai is still in the mid-20s
Mumbai-based Macrotech Developers, which is one of the leading real estate firms in the country, markets its properties under the Lodha brand.
In an interview with PTI, the company’s Managing Director and CEO Abhishek Lodha said the housing market remains in strong position and the company achieved the best-ever first quarter sales during April-June 2022 despite interest rate hikes.
Lodha said the company would continue to focus on Mumbai Metropolitan Region (MMR) and Pune. Macrotech is exploring opportunities in Bengaluru market and a final decision will be taken in the next few months.
Going forward, Lodha will be able to generate 40 percent of sales through the joint development model, says the top boss at Lodha Developers
"We have made a strong and concerted focus towards becoming a net cash positive company by FY24 and we are fortunate to have some of the finest investors investing in our IPO," Abhishek Lodha, MD & CEO said.
Investment banks Axis Capital and JP Morgan have been roped in as advisors for the proposed listing. The Mumbai-based developer made two previous listing attempts in 2009 and 2018.
The Mumbai-based company had filed draft red herring prospectus (DRHP) with Sebi in September 2009 to raise about Rs 2,800 crore. The company got the Sebi nod in January 2010, but later shelved its plan to launch the IPO due to bad market conditions post the global financial crisis.
Mumbai-based developer achieved a modest 10 per cent rise in sales bookings from projects in India at about Rs 7,000 crore during the last fiscal with demand getting affected for three months post demonetisation.
Realty player Lodha Group today said it has launched its maiden investment fund with an initial corpus of Rs 50 crore for startups focused on smart city solutions and overall real estate sector .
Abhishek Lodha, MD of Lodha Developers says that it is unlikely to see overall decline in realty prices.
Piramal Fund Management (PFM) has invested Rs 425 crore in a Central Mumbai project being developed by Lodha Group, Piramal Enterprises said in a statement.
In an interview to CNBC TV-18, Abhishek Lodha of Lodha Developers says, “going public is not an obligation. However, it is definitely one of the options we are thinking about to ensure value creation for our employees and so we can enter the next phase of growthâ€.
Over 150 CXOs from across industries gathered together to hear industry leaders and experts deliberate on design and innovation and its importance for the successful future of the organisation.
Two and a half years ago Lodha Developers announced the world's tallest residential building with over 117 stories in Worli.