Lohia Global on Thursday announced its entry into the real estate business with its venture, Lohia Worldspace. The company, which is involved in exports, auto, and renewable energy, will develop both residential and commercial real estate in India.
The company will first focus on Tier-II cities and then move to bigger markets like Delhi National Capital Region (NCR). The company is aiming to develop five residential projects across a 3 million square feet area in the next five years, beginning with luxury residences in Moradabad.
“We recognise the rising demand for modern and high-quality housing in India’s urban areas and Tier-II markets. We want to first concentrate on projects in the Tier-II cities and then expand to NCR, creating premium living,” said Pyush Lohia, director at Lohia Worldspace.
In addition to Moradabad, by 2030, the company will develop residential projects in Lucknow and Delhi NCR with a total investment of Rs 1,000 crore.
With its foray into real estate, the company is anticipating a growth of 30 per cent in its total revenue. Currently, its revenue is around Rs 1,200 crore across all business segments.
“With the projected cumulative revenue of the real estate venture reaching Rs 4,000 crore by 2030, real estate alone will constitute a significant portion of the group’s revenue,” it said in a statement.
Amid rising demand for real estate in India, several corporates have announced their foray into the business.
In December 2023, Lloyds Enterprises announced their entry into the real estate business by acquiring a 60.38 per cent stake in Lloyds Realty.
In January, US-based Forbes Global Properties said it was entering the Indian market with the launch of India Forbes Global Properties. It will offer brokerage and financial services.
First Published: Apr 25 2024 | 5:37 PM IST
