Lodha buys second prime property in London for Rs 930 crore

LodhaIntensifying its focus on London, Indian developer Lodha Group bought a second prime property in the city for £90 million (around Rs 920 crore) from West End of London Property Unit Trust.

Mumbai-based Lodha Group said it bought a property called New Court, which is situated on Carey Street, next to the London School of Economics & Political Science and the Royal Courts of Justice.

The total land area is 1.15 acres with a sale-able area of around two lakh square feet.

Abhisheck Lodha, managing director of Lodha Group, confirmed the purchase of the property and said the initial amount had already been paid, while the remaining amount would be paid in the next three months.

Speaking about the deal, he added, "Lodha plans to focus on London as one of our two main markets and we will continue to look for opportunities. We will serve London in the same manner that we serve Mumbai - with world-class products intended to serve all key market segments."

In November 2013, Lodha purchased the seven-storey Macdonald House in London for Rs 3,000 crore. At that time, the group had said that it was looking to purchase more properties in the city.

In India, Lodha emerged as the biggest land buyer in the recent years. In the past years, it bought plots worth Rs 12,000 crore. It is developing thirty projects in Mumbai alone. In the last financial year, it generated revenue of Rs
8,700 crore.