Lodha plans 拢3.1bn residential spending spree
India鈥檚 largest developer Lodha is planning a major push to become one of the UK鈥檚 largest housbuilders.
In an interview with the Financial Times, the group鈥檚 managing director Abhishek Lodha said the firm is planning to spend 拢3.1bn on residential schemes in London by the end of 2018 and wants to rival the 鈥渢op two鈥� residential developers in the capital, Berkeley Group and Barrat Development.
Lodha said: 鈥淥ur idea is to make significant investments, which will come out of the cash flows we are generating here in Mumbai.鈥�
The firm struck a major deal in London last year with the purchase of the former Canadian High Commission building in Mayfair for 拢306m.
Lodha said he now plans to spend around 拢1.8bn on acquiring new assets and a further 拢1.2bn on construction of properties, ranging from super-prime to mid-market.
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