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Lodha Group achieves bumper sales in Oct-Dec 2020

Lodha Group achieves bumper sales in Oct-Dec 2020

Lodha Group achieves bumper sales in Oct-Dec 2020

Lodha Group, India’s largest real estate developer by residential sales, reported over Rs. 2500 crores of bookings in the quarter ending 31st December, 2020. The group saw strong success and increased demand for its luxury and premium homes, clocking approx. Rs. 1000 crores of bookings in this segment. Equally, its mid-income and affordable business continued its growth journey with about Rs. 1500 crores of bookings in the quarter. 

This remarkable performance was the best ever quarter of bookings for the company. Along with the upswing in business, the Group witnessed an upgrade in its domestic rating from India Ratings and Research (Ind-Ra) & an upgrade in outlook of its international ratings from Moody’s.

Commenting on the success, Prashant Bindal, Chief Sales Officer, Lodha Group said, “Our consumer-centric approach coupled with our vision of ‘building a better life’ played a pivotal role in propelling the growth in Oct-Dec 2020. Continuously catering to the evolving consumer demands, we observed a surge in business across all the segments, ranging from affordable to premium and luxury. The premium and luxury category saw a significant increase in interest, with the walk-ins at Lodha Luxury properties rising 20% higher than pre-Covid levels. Moreover, there has been a distinct inclination towards ready homes amongst consumers. With the prevalent work-from-home culture, there is also an increasing demand for larger homes, wherein the units with gardens and decks emerged as the best-performing category. Further, the lowest home loan rates and the reduced stamp duty has given a huge impetus to the sector, and we are quite optimistic for the momentum to continue in the upcoming quarter as well.”

The group’s success’ driven by its strong focus on delivery and varied product offering – from affordable housing, to landed villas to ready-to-move-in homes in the premium and luxury segment. The quarter showed new launches of its villa development near Thane and also saw strong sales in its luxury segment projects including Lodha Ciel, Lodha Maison and Lodha Seamont. The World Towers, the group’s iconic project in South Central Mumbai, saw very strong traction on account of its exemplary amenities and ready-to-move-in status.

 

This success of India’s largest residential developer showcases that post the pandemic, there has been increased desirability towards home-ownership, leading to a significant shift in consumer preferences. Considering the safety and security aspects and desire for integrated living, consumers showed a definite move to shift from stand-alone buildings to gated communities, further focusing on key criteria like accessibility, easy availability of amenities and recreational areas like large-sized clubhouses within developments. The boom in business was also on account of the government announcements for the industry. While the lower interest rates provided a push to the affordable segment, the Maharashtra government’s announcement on lowering the stamp duty facilitated home-buying in the premium and luxury category.

Homebuyers have become more driven by quality and assurance, and are preferring to transact only with top brands. Consequently, the Group’s massive Q3 business is a great testimony to the consumers’ trust and reliability in the brand’s offerings as well as to the brand’s position in the industry.

Last Updated: Thu Jan 07 2021

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