Lodha Developers plans to generate approximately 10,000 crore in sales over the next three to four years by monetising about 150 acres of land at its data centre park in Palava, part of the Mumbai metropolitan region (MMR). This strategy is a planned recurring pillar of their business, funding the build-out of 1 gigawatt of powered shell capacity and aiming for over 2,000 crore in annual rental income by FY32.
24 Nigerian nationals, including seven women, were detained in Dombivali, Thane district, during a combing operation for residing illegally.
An FIR has been registered against a scrap firm owner and two others in Thane for allegedly siphoning off 21,000 kg of aluminium material worth Rs 46.20 lakh from a prominent builder using a modified transport vehicle.
Police have registered a case against three persons for allegedly cheating a tribal farmer of Rs 50.27 lakh by fraudulently withdrawing part of his land compensation for the Vadhvan Port project in Maharashtra's Palghar district, officials said on Thursday.
Macrotech Developers (Lodha), the country's second-largest listed real estate company, exceeded its 2024-25 (FY25) guidance, aided by a strong pre-sales performance in the January-March quarter (Q4), driven by launches. The company had guided for Rs 17,500 crore in pre-sales for FY25 and surpassed that with bookings of Rs 17,630 crore.
Mumbai-based developers Macrotech Developers (Lodha) and Oberoi Realty have emerged as top gainers among largecap realty stocks over the past month, with gains ranging from 29 per cent to 33 per cent. Strong ongoing sales trends in Mumbai's core market, record bookings in the January-March quarter, and healthy guidance for 2024-25 (FY25) have propelled these companies, which derive the majority of their revenues from India's financial capital.
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The retrenchments at the company promoted by Mumbai BJP chief Mangal Prabhat Lodha come at a time when the economic growth has dipped to a six-year low of 5 per cent, which has led many to fear if the spectre of job losses across sectors awaits next.
Operating sales in Mumbai and London were weaker by 20 per cent and 50 per cent, respectively.
Bank of America Merrill Lynch and JP Morgan are bankers for the bonds
Moody's said the negative outlook reflected uncertainty over the refinancing of Macrotech's (formerly Lodha Developers) upcoming debt maturities.
Global cues lift Sensex 364 points; Nifty ends above 8,650.
