The listed real estate company Macrotech Developers, commonly known as Lodha Group, has completed its trial phase in Bengaluru and aims to achieve a 15% market share in the IT city by the end of the decade, according to Abhishek Lodha, Managing Director and CEO.
According to Lodha's April 2024 statement, the company's market share in the Mumbai real estate industry is approximately 10%, while the top five developers' market shares are still in the mid-20s.
The corporation claims that because of the improved infrastructure, its project, Palava City, in Thane, close to Mumbai, is expanding.
As a result, the city will be able to duplicate the current boom in Gurugram.
Abhishek Lodha had earlier this year stated that Palava City, which is approximately 4,500 acres in size, could grow and bring in over Rs. 8,000 crore annually in the coming years due to the construction of commercial and residential buildings, as well as warehouses, industrial facilities, and a center for life sciences.
During the Q2FY25’s earnings call, the Lodha Group says, "Bengaluru has been concluded successfully. As you are aware, when we entered Bengaluru in mid-2021, we had mentioned that we would be in pilot phase for 2-3 years during which, we will focus on building a strong local operating team, understanding local operating nuances and making sure that we can showcase our delivery to consumers”.
“We expect to move from our present market share of between 2% to 3% of sales in Bengaluru in the last fiscal when we did about Rs. 14 billion of sales to move to more to 15% of the Bengaluru market by the end of the decade”, the company added.
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