Lodha Q3 sales booking up 30%

Realty major Lodha Group has said its sales bookings rose by 30 per cent to nearly Rs 2,000 crore in the third quarter of this fiscal.

The group is also planning to raise up to Rs 1,500 crore this calendar year by monetising commercial assets in Mumbai region.

"We had a strong performance in sales during the third quarter. Our sales bookings have increased by 30 per cent to nearly Rs 2,000 crore," Lodha Group MD Abhishek Lodha said.

In the first nine months of 2019-20, sales have reached around Rs 5,000 crore, up 15 per cent from the corresponding period of the previous year.

Out of total sales bookings, Lodha said around 60 per cent is from affordable housing projects having a carpet area of 60 sq. metre and below.

"For the full fiscal, sales bookings should be around Rs 7,000 crore," Lodha said. Recently, Lodha group announced an investment of Rs 2,500 crore to develop three affordable housing projects in the Mumbai Metropolitan Region (MMR) in a price range of Rs 25-50 lakh per unit.

These three projects, comprising nearly 9,000 units, are located at Thane, Bhiwandi and Taloja and launched under a separate brand, ''Crown''.

On debt, he said the total borrowing for India business has come down to Rs 16,000 crore.