Mumbai, October 30, 2025:
India’s leading real estate developer Lodha Group has reported its best-ever second-quarter (Q2 FY26) pre-sales of ₹45.7 billion, marking a 7% year-on-year (YoY) increase. The company’s profit after tax (PAT) surged 87% YoY to ₹7.9 billion, driven by strong sales, improved operating leverage, and lower financing costs.

Key Financial Highlights: Q2 FY26 vs Q2 FY25

Lodha’s net debt stood at ₹53.7 billion, maintaining a healthy leverage ratio of 0.25x Net Debt-to-Equity, well below its internal ceiling of 0.5x. The company’s cost of debt declined to 8%, down 30 basis points from the previous quarter — one of the lowest in the Indian real estate sector.

Project Pipeline: ₹250 Billion GDV Target Met in H1

Lodha achieved its full-year business development guidance of ₹250 billion in gross development value (GDV) within the first half of FY26. This includes the addition of one new project in the Mumbai Metropolitan Region (MMR) during Q2, valued at ₹23 billion GDV.

With several high-profile launches scheduled in H2 FY26 — following the Supreme Court’s clearance on environmental processes — Lodha expects to meet its annual pre-sales guidance of ₹210 billion.

Green Data Centre Park at Palava: Lodha Bets on India’s AI Future

During the quarter, Lodha signed an MoU with the Government of Maharashtra to develop a Green Data Centre Park at Palava City. The project already has two anchor tenants — Amazon Web Services (AWS) and STT (a Temasek company) — and is expected to scale up to 3 GW capacity over time.

“India’s AI journey is just beginning, and the Palava Data Centre Park will be central to it,” said Abhishek Lodha, Managing Director and CEO of Lodha Developers. “This project could unlock significant value for our company.”

Focus on Education and Research: Lodha Mathematical Sciences Institute

Lodha also announced the establishment of the Lodha Mathematical Sciences Institute, launched in August 2025 under Dr. Kumar Murty (Former Director, Fields Institute). The institute’s inaugural thematic program is being led by Dr. Manjul Bhargava (Fields Medalist, Padma Bhushan) and includes participation from over 50 international mathematicians.

In addition, the Lodha Genius Programme — in collaboration with IISER Pune and Ashoka University — aims to nurture young talent through academic and leadership programs.

Sustainability Push: Decarbonization Pathway for Steel

Furthering its ESG goals, Lodha, in partnership with Rocky Mountain Institute (RMI), published a report on decarbonizing rebar steel, released by the Building Materials and Technology Promotion Council (BMTPC) on World Habitat Day. The initiative aligns with Lodha’s commitment to becoming Net Zero by 2050.

Market Outlook and Strategic Positioning

Abhishek Lodha highlighted several structural tailwinds driving growth — including low homeownership levels, rising disposable income, stable mortgage rates, and favorable government policy changes such as GST reductions and interest rate cuts.

“Our non-launch weekly sales now approach ₹3 billion per week, reflecting strong consumer confidence and project diversity. We continue to invest for the long term, confident in India’s real estate upcycle,” Lodha said.

Summary: Lodha Q2 FY26 Snapshot

• Best-ever Q2 pre-sales: ₹45.7 bn (+7% YoY)
• Revenue growth: +45% YoY
• PAT: ₹7.9 bn (+87% YoY)
• Full-year GDV goal (₹250 bn) achieved in H1 FY26
• Net Debt-to-Equity: 0.25x | Cost of Debt: 8%
• MoU signed for Green Data Centre Park at Palava
• Lodha recognized among ‘World’s Most Trustworthy Companies’ by Newsweek

Also Read: Realty Stocks Spark at Tuesday’s Open — Big Developers Lead Early Surge

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The appeals stemmed from earlier MahaRERA orders that had denied compensation, citing partial Occupancy Certificates (OC) and project registration issues. The Tribunal, however, ruled that the delay must be measured from the date promised in the registered agreement for sale, not the date of RERA registration or part OC issuance.

“The buyers entered into agreements between 2011–2014, and possession was committed much earlier than it was actually delivered. Under Section 18 of RERA, interest for this delay is not just valid — it is legally enforceable,” the Tribunal observed.

The interest amount is to be calculated as per SBI’s Marginal Cost of Lending Rate (MCLR) + 2%, in line with the RERA guidelines.

In a critical clarification, the Tribunal also dismissed the developer’s argument that partial OC exempts them from liability. It reiterated that only a full Occupancy Certificate received prior to May 1, 2017, exempts a project from mandatory RERA registration — and that part OC does not equate to full completion.

This order affects multiple appeals clubbed together, involving buyers from Lodha’s New Cuffe Parade project, particularly in the towers Dioro, Elisium, and Enchante.

Legal experts hailed the judgment as a victory for homebuyers, with implications for other ongoing disputes where builders seek to escape accountability through technicalities around phased construction and partial compliance.

“This ruling is a wake-up call for developers. Promises made in agreements cannot be bypassed using regulatory gaps,” said a senior real estate advocate.

Also Read: Revolutionizing The Future of India: Architecture, Design and Infrastructure Excellence

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This high-value acquisition places the Puri family among a growing list of elite residents investing in one of Mumbai’s most coveted residential addresses. Developed by the Lodha Group, World One is part of the ultra-luxury World Towersproject and is among the tallest residential towers in India.

A Prime Property in Mumbai’s Real Estate Landscape

The purchased unit spans a built-up area of 505.85 square meters (approximately 5,446.53 square feet) and includes rights to four car parking spaces. The transaction involved the payment of Rs. 2.22 crore in stamp duty and Rs. 30,000 in registration charges, as per the official documentation.

Lower Parel, a central Mumbai neighborhood, has transformed into a high-demand residential and commercial hub, thanks to its proximity to key business zones such as Bandra-Kurla Complex (BKC) and Nariman Point. It is also a popular choice among celebrities and high-net-worth individuals. Prominent personalities such as Abhishek Bachchan, Shahid Kapoor, Amish Tripathi, and Zaheer Khan have also acquired residences in this locality, reinforcing its premium appeal.

Aditya Puri: A Banking Legend

Aditya Puri is widely regarded as one of India’s most influential bankers, having helmed HDFC Bank for over two decades and played a pivotal role in shaping India’s private banking sector. Even post-retirement, his moves—financial or personal—draw significant public interest, reflecting his enduring stature in the corporate world.

Amrita Puri: Actress with a Distinctive Voice

Amrita Puri, the daughter of Aditya and Anita Puri, has carved her own space in the Indian entertainment industry. She earned acclaim for her roles in films like Aisha and Kai Po Che! and her performance in the web series Four More Shots Please!. Her nuanced portrayals have earned her a Filmfare nomination for Best Supporting Actress and recognition as a versatile talent in both cinema and OTT platforms.

This property purchase symbolizes a convergence of success from two vastly different worlds—finance and film—and represents the family’s continued legacy of excellence in their respective fields.

Luxury Living in the Sky

World One is known not only for its height and design but also for the amenities it offers—sky decks, infinity pools, private lounges, wellness centers, and views of the Arabian Sea and the Mumbai skyline. This acquisition by the Puri family is both a statement of taste and an astute real estate investment.

As Mumbai’s luxury housing segment continues to grow, such transactions underscore the enduring demand for top-tier properties in the city’s most prestigious addresses.

Also Read: Bollywood Singer Shaan Buys ₹10 Crore Bungalow in Pune

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The family issued a joint statement confirming that the resolution was reached amicably under the guidance of their parents and with the assistance of Justice R.V. Raveendran (Retd.), who played a pivotal role in mediating the process.

Key Agreements Finalized:

• MDL (Lodha Group) retains exclusive ownership and usage rights of the brand names ‘Lodha’ and ‘Lodha Group’.
• Abhinandan Lodha will retain exclusive rights to the brand ‘House of Abhinandan Lodha’ (HoABL).
• Both entities are independent and unconnected, and they will actively communicate this fact to the public.
• There are no mutual claims between the brothers in each other’s businesses.

The brothers also expressed deep appreciation for Justice Arif Doctor, who motivated them to embrace mediation, and thanked family elders and well-wishers for their consistent support during the process.

What Was the Dispute Between the Lodha Brothers?

For the past couple of years, there had been growing speculation about internal conflicts within the Lodha family, especially over brand identity and overlapping perception in the real estate market.

This formal resolution not only settles personal and professional boundaries but also brings clarity to the market, allowing both Lodha Group and HoABL to function independently under their respective leaderships.

Also Read: Lodha delivers 88% YoY growth in pre-sales with strongest ever Q2 performance

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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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Market Growth and Key Figures

Between October and December 2024, MMR recorded 68,082 registered residential transactions, up from 65,126 in the previous quarter. The total registered home sales value reached Rs. 68,025 crore, compared to Rs. 61,012 crore in Q3 2024. As a result, the average registered sales value per unit rose to Rs. 1 crore, marking a 7% increase from Rs. 94 lakh in Q3.

Quarterly Market Overview

Market Leaders and Top Developers

Lodha Group maintained its dominance in MMR’s housing market, leading in registered home sales value with Rs. 1,787 crore, propelled by its Lodha Bellevue project in Mahalaxmi. Godrej Properties followed with Rs. 1,460 crore, while Oberoi Realty secured third place with Rs. 1,340 crore.

Conceptual Advisory Services led in transaction volume with 973 registered transactions, mainly from Suraksha Smart City in Vasai East. Lodha Group followed with 852 transactions, driven by Lodha Crown in Thane West.

Top Developers by Registered Home Sales Value (Rs. crore)

• Lodha Group – 1,787
• Godrej Properties – 1,460
• Oberoi Realty – 1,340
• L&T Realty – 1,188
• Rustomjee Builders – 888

Top Developers by Registered Residential Transactions

• Conceptual Advisory Services – 973
• Lodha Group – 852
• Dosti Group – 589
• Godrej Properties – 583
• Runwal Group – 547

Area and Budget Trends

Compact homes remain the top choice, with 54% of registered transactions for apartments smaller than 500 sq. ft. Properties priced below Rs. 50 lakh accounted for 50% of total transactions, while those between Rs. 50 lakh and Rs. 1 crore made up 24%. High-value transactions were concentrated in Mumbai’s western and southern suburbs.

Micro Market Performance

Kalyan-Dombivli led in transaction volume, making up 20% of total sales, while Mumbai’s western and southern suburbs contributed 50% of total home sales value. Thane West emerged as the highest-grossing micro-market with Rs. 5,348 crore in sales, followed by Worli (Rs. 2,884 crore) and Lower Parel (Rs. 2,054 crore).

SFI Analysis

The MMR real estate market is poised for sustained growth, fueled by major infrastructure developments such as the Navi Mumbai Airport, metro expansions, and a proposed cable car project. As redevelopment projects reshape South Mumbai and connectivity improves in peripheral areas, housing demand is expected to remain strong. Market fundamentals suggest continued momentum in the coming quarters, with compact homes and affordable housing driving demand while premium locations attract high-value investments.

Also Read: homes delayed in MMR

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In a record-setting transaction, a premium residential unit in Juhu was sold at an astounding rate of ₹1.08 lakh per square foot, underscoring the surging demand for ultra-luxury real estate in Mumbai. The transaction, involving a 9,863-square-foot apartment in Avalon Tower A on Juhu Tara Road, fetched a total of ₹106.52 crore.

The deal was registered on 19 January 2025, with V Hotels Ltd. as the seller. The buyer, Sahastraa Advisors Private Limited, is a financial consulting firm led by Paresh Shah and Avni Shah, who are also active stock traders. The purchase aligns with the trend of high-net-worth individuals investing in premium Mumbai real estate.

The luxury unit is part of the upcoming Lodha Avalon project, developed by Macrotech Developers (also known as the Lodha Group). The MahaRERA-listed completion date for the project is set for September 2028.

Stamp Duty and Registration Details

As per the transaction documents, a stamp duty of ₹6.39 crore and a registration fee of ₹30,000 were paid to complete the purchase, reflecting the high-value nature of the deal.

Macrotech Developers’ Acquisition of V Hotels Ltd.

The sale follows Macrotech Developers’ acquisition of V Hotels Ltd., the former owner of Tulip Star Hotel (previously known as the iconic Centaur Hotel in Juhu). The National Company Law Tribunal (NCLT), Mumbai Bench, approved the acquisition in April 2024. Under the resolution plan, Lodha Group committed to paying ₹900 crore in tranches over 270 days, with the first tranche of ₹90 crore already remitted.

This sale highlights the strong investor confidence in Juhu’s luxury real estate market, particularly in projects backed by well-established developers. With record-breaking prices and high-profile transactions, Mumbai’s high-end property sector continues to thrive, attracting both investors and end-users seeking premium residences in prime locations.

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

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The Lodha brand, built over four decades, is a registered trademark and represents one of the most prominent real estate companies in India. However, Abhishek Lodha alleges that HoABL has been using the “Lodha” and “Lodha Group” names in its marketing materials, leading to significant market confusion.

Key Timeline

• 1980s: Lodha brand established, offering residential and commercial properties.
• 2010: Trademark registration for “Lodha” and “Lodha Group” secured.
• 2015-2017: Family settlement executed; Abhinandan separated with ₹1,000 crore payout while Abhishek and parents took on ₹20,000 crore debt.
• 2021: Abhinandan launched HoABL; Macrotech Developers listed on NSE and BSE under Abhishek’s leadership.
• 2021-2023: HoABL allegedly used Lodha branding in campaigns, prompting objections from the Trademark Registry and Abhishek Lodha.
• 2023-2025: Alleged unauthorized use continues despite multiple attempts at resolution, causing market confusion.

Family Settlement and Dispute

During the family settlement, Abhinandan opted out of managing construction or debt and started HoABL, focusing on plotted developments. Allegations claim HoABL leveraged the Lodha brand name, misleading buyers into believing it was connected to Macrotech Developers.

Market and Legal Implications

Abhishek Lodha contends that HoABL’s actions damage the Lodha brand’s reputation and mislead customers. Despite repeated attempts to resolve the issue amicably, the alleged unauthorized use persists, raising legal and ethical concerns over trademark infringement and brand integrity.

As the dispute escalates, the industry is closely watching the outcome of this high-profile conflict.

Also Read: Lodha marks entry in Matunga, launches its new project at Bhaudaji Road

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Strong Collections and Expansion Highlights

Collections for Q3FY25 surged to ₹42.9 billion, a 66% YoY growth from ₹25.9 billion in Q3FY24. This performance reflects a 40% improvement compared to ₹30.7 billion collected in Q2FY25.

As part of its business expansion, Lodha added one new project in Bengaluru with a Gross Development Value (GDV) of ₹28 billion, taking the total number of projects in the city to five. The new additions are expected to drive significant pre-sales growth in Bengaluru in the upcoming fiscal year.

Over the first nine months of FY25, the group has added eight new projects across Mumbai Metropolitan Region (MMR), Bengaluru, and Pune, with a combined GDV of ₹195 billion, achieving over 90% of its full-year guidance.

Focus on Digital Infrastructure and Debt Reduction

In Q3FY25, Lodha acquired approximately 33 acres of land in the National Capital Region (NCR) to expand its digital infrastructure business, including warehousing and industrial assets. The company also entered into an agreement to increase its stake in rental income from its digital infrastructure platform, aligning with its strategy to build annuity income and reduce reliance on development activities.

On the financial front, strong collections enabled Lodha to reduce its net debt by ₹6.1 billion, bringing it down to ₹43.2 billion, well within its target ceiling of 0.5x Net Debt/Equity.

Performance Summary

With its strategic focus on growth and debt reduction, Lodha Group continues to strengthen its position as a leading player in the Indian real estate market.

Also Read: lodha interest rate

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Lower Parel is a sought-after business district known for its high-end office spaces, strategic location near the international airport, the Eastern Express Highway, and the Bandra-Worli Sea Link, offering excellent connectivity across the city. One Lodha Place, developed by the Lodha Group (Macrotech Developers Ltd.), is a ready-to-move commercial project.

Anand Moorthy, Co-founder and CBO of Capital Market & Services, commented on the acquisition, saying, “Mumbai, as India’s financial capital, continues to attract both domestic and multinational firms, particularly in the BFSI sector. This acquisition highlights the ongoing trend of strong demand for Grade-A office spaces. While Bandra-Kurla Complex (BKC) remains a key commercial hub, areas like Lower Parel, Andheri, and the Malad-Goregaon corridor are also seeing increased interest from MNCs. We anticipate continued growth in demand for high-quality office spaces, driven by the minimal vacancy rate and a notable 40% increase in market value for Grade-A properties.”

The two transactions, registered in November 2024, involve a total transacted area of 4,846.01 square meters (around 52,162 square feet). The first property, valued at Rs. 245.18 crore, covers 2,444.56 square meters (~26,313 sq. ft.) and includes 44 car parking spaces, with a stamp duty of Rs. 14.70 crore. The second property, priced at Rs. 240.85 crore, spans 2,401.45 square meters (~25,849 sq. ft.) and includes 43 car parking spaces, with a stamp duty of Rs. 14.45 crore.

Nippon Life India Asset Management Ltd., one of the largest asset managers in India, brings over 25 years of experience in the domestic market and leverages the global expertise of its parent company, Nippon Life Insurance. As a leading player in the Indian asset management industry, NAM India, through Nippon India Mutual Fund, offers a range of financial products and services designed to meet the diverse needs of investors, underpinned by a strong commitment to innovation and excellence.

Also Read: Office Demand Surges with 47 Million Square Feet Leased in First Nine Months of 2024

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