Lodha to raise Rs 1,950 cr loans for its Mumbai projects
Real Estate

Lodha to raise Rs 1,950 cr loans for its Mumbai projects

To finance its three projects at prime locations in Mumbai, Lodha Developers has tied up Rs 1,950 crore bank loans, even as banks remain wary of the real estate sector because of its various struggles the past few years, mainly with declining sales.

The company said that the long-term loans for Lodha’s projects are primarily for financing their construction, the company said. Mumbai-based Lodha, known for its large land acquisitions and high-end residential projects, is borrowing Rs 1,450 crore for its Blue Moon project announced earlier this year. The project will come up on a 17-acre plot in central Mumbai bought from DLF last year for Rs.2,700 crore.

Lodha Developers is borrowing another Rs 275 crore for its Lodha Venezia projects in Kalachowkie and Rs 225 crore for its Washington House project. The company Managing Director Abhisheck Lodha said that the company raise funds for construction purposes from time to time from various banks and financial institutions.

To finance its three projects at prime locations in Mumbai, Lodha Developers has tied up Rs 1,950 crore bank loans, even as banks remain wary of the real estate sector because of its various struggles the past few years, mainly with declining sales. The company said that the long-term loans for Lodha’s projects are primarily for financing their construction, the company said. Mumbai-based Lodha, known for its large land acquisitions and high-end residential projects, is borrowing Rs 1,450 crore for its Blue Moon project announced earlier this year. The project will come up on a 17-acre plot in central Mumbai bought from DLF last year for Rs.2,700 crore. Lodha Developers is borrowing another Rs 275 crore for its Lodha Venezia projects in Kalachowkie and Rs 225 crore for its Washington House project. The company Managing Director Abhisheck Lodha said that the company raise funds for construction purposes from time to time from various banks and financial institutions.

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