Traditionally concentrated in Tier I cities like Mumbai, Delhi NCR, and Bengaluru, serviced residences are now gaining traction in tourism-centric destinations such as Goa, Rishikesh, and Kasauli. These properties, typically branded and tied up with hotel operators, offer the combination of home-like living with four- and five-star hospitality services — catering to both leisure and business travellers.

Tourism-Driven Growth

The report highlights several factors fuelling demand in tourist hubs:

• Longer stay preferences and experiential travel.
• Rise of remote and flexible work.
• Growing shift from hotels to branded managed residences.
• Second-home buyers prioritising rental visibility and lifestyle ROI.

In Tier I cities, branded serviced residences currently command premium sale prices — around ₹22,000 per sq. ft. in Delhi NCR, ₹19,500 per sq. ft. in Bengaluru, and ₹25,000 per sq. ft. in Mumbai. By contrast, tourist destinations provide lower entry points: Goa at ~₹11,500 per sq. ft., Kasauli at ~₹9,500 per sq. ft., and Rishikesh at ~₹8,500 per sq. ft.

Goa as the Hotspot

Goa has emerged as the leading market, recording nearly 2.6X price appreciation between 2019 and 2025 — from ~₹4,000 to ~₹10,300 per sq. ft. Colliers projects further growth of 2.5–3X by 2032, supported by expected rental yields of 8–12%.

North Goa’s hinterland, aided by the operational Mopa International Airport, proposed Aerocity, and expansion under the DMIC corridor, is transforming into a strategic real estate corridor. The shift from standalone villas to apartment-style serviced residences is also gaining momentum, reflecting evolving buyer preferences.

Investment Outlook

“Serviced residences are transforming into a high-performing asset class, combining investment growth with lifestyle appeal. With rising demand across emerging micro-markets, investors and homeowners have a unique opportunity to unlock long-term returns, capital appreciation, and consistent rental yields,” said Swapnil Anil, Managing Director, Advisory Services, Colliers India.

Colliers expects the trend to deepen as both global travellers and domestic buyers increasingly seek flexible, lifestyle-driven housing solutions in India’s leisure destinations.

Also Read: Pradeep Gupta Buys ₹131 Crore Luxury Flat in Lodha Sea Face, Worli

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Allegations of Forgery and Fraud

According to Macrotech Developers, HoABL orchestrated a scheme to deceive customers by falsely presenting itself as part of the Lodha Group, India’s leading real estate company. The alleged fraud involved forging a board resolution and a PAN card belonging to Ashwani Kumar, an independent director of Macrotech Developers and the former Chairman and Managing Director (CMD) of Dena Bank.

The alleged forged resolution, dated July 24, 2022, purportedly allowed the creation of four new companies using the Lodha name:

1. Lodha Landbuild Infrastructure Pvt Ltd
2. Lodha Bhoomi Nirman Pvt Ltd
3. Lodha Land Design Infra Pvt Ltd
4. Lodha Pictorials Landinfra Pvt Ltd

Macrotech Developers asserts that no such board meeting took place on the claimed date and that the resolution is entirely fabricated, including the letterhead, company stamp, and the director’s signature. Additionally, the PAN card presented as belonging to Ashwani Kumar allegedly contained a different photograph and signature, raising questions about identity theft and impersonation.

The Alleged Scheme

Macrotech claims that the scheme began in 2022 when Varpan Land Developers Pvt Ltd, a lesser-known company under HoABL, allegedly passed a board resolution on July 12, 2022, to change its name to Lodha Landbuild Infrastructure Pvt Ltd or Lodha Bhoomi Nirman Pvt Ltd. Shortly afterward, the alleged forged resolution was used to seek name changes and register new entities under the Lodha brand.

Within weeks, on August 4, 2022, the Registrar of Companies (RoC) in Manesar, Haryana, approved the name change request, allowing HoABL to use the Lodha name. Subsequently, HoABL began marketing one of its projects in Goa under the Lodha Landbuild Infrastructure name. According to Macrotech, the project was sold under the Lodha name between September 2022 and April 2023.

Once the project sales progressed, HoABL allegedly changed the name of the company to “HOABL Landbuild Infrastructure Pvt Ltd” in April 2023, in an attempt to cover its tracks and distance itself from the Lodha brand.

Macrotech Developers’ Response

In its statement, Macrotech Developers expressed shock at the scale of the alleged conspiracy and the misuse of government systems. The company stated:

“It is a clear-cut case of forgery, fraud, and impersonation with intent to cheat and deceive. The concerned entities and individuals have created a completely fake resolution of Macrotech Developers Ltd (‘Lodha’) including a false letterhead, false company stamp, false board meeting date, and content which we have never approved, with a false sign of our Independent Director which is nowhere close to his actual signature.”

Macrotech has stated that it is exploring legal action against HoABL and has submitted a detailed report to the stock exchanges.

Legal Implications and Next Steps

If proven true, these allegations could have significant legal repercussions, including charges of forgery, fraud, impersonation, and criminal conspiracy. The use of forged documents to mislead customers and government authorities could result in serious penalties.

As of now, HoABL has not publicly responded to the allegations. Further investigations are likely to follow as Macrotech pursues legal remedies to address the alleged forgery and identity theft.

Also Read: I DIRECT YOU: MANJU LODHA URGES ABHISHEK & ABHINANDAN TO END FEUD, REMEMBERING RAM & LAXMAN

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