Lodha Developers raise 500 Cr from HDFC Venture

Real estate firm Lodha Developers has raised 500 crore by selling a 10% stake in a project to develop World one- the world’s tallest,117-storey residential tower in Mumbai to HDFC Venture Funds  that is promoted by mortgage leader HDFC.

 “The deal shows the investor’s appetite for quality real estate projects in India,” said Abhisheck Lodha, the managing director of Lodha Developers.

It is the second-largest private equity investment in India’s realty space and puts the valuation of the project at 5,000 crore, two and-a-half times its estimated cost.

The project has received bookings worth 1,200 crore in the first month, said Mr Lodha. In addition, Lodha Developers has invested 500 crore as equity contribution towards the project.