Listed Realtor Lodha set to buy 3.4-acre Land Parcel in Mumbai's Jogeshwari West

For more than Rs. 279 crore, real estate developer Lodha, registered as Macrotech Developers, plans to purchase a 3.4-acre plot of property in Mumbai's Jogeshwari West neighborhood from the pharmaceutical company Unichem Laboratories.

Previously, Unichem's registered office was on the Prabhat Estate property off Swami Vivekananda Road, but no business operations were ever carried out there. The office of Unichem has already been moved to Kandivali West.

The land's monetisation has been approved by Unichem's Board of Directors, but the agreement has not yet been finished and formally registered.

The purchase is in line with Lodha's plan to increase its footprint in the western suburbs of Mumbai, where it has previously started projects in Versova, Malad, Juhu, Andheri, Borivali, and Kandivali. The Jogeshwari site is anticipated to be developed into a high-end residential complex by Lodha.

This action is a component of the company's larger expansion plan, which included the addition of eight new projects totaling Rs. 19,500 crore in gross development value in the first nine months of the 2024–25 fiscal year in Bengaluru, Pune, and the Mumbai Metropolitan Region (MMR). There had been no commercial activity on the property; it had only been utilized for office reasons.

Recently, Macrotech Developers, Lodha, launched eight new projects in FY25, with a combined potential value of over Rs. 19,500 crores.

Lodha, disclosed pre-sales of more than Rs. 4,500 crores for the third quarter of the current fiscal year 2024–25. This represents a 32% YoY increase from more than Rs. 3,400 crores in the same period previous year.