Pune: Looking to cash in on the housing boom in the premium sector amid historically low interest rates, Mumbai-based realty firm Lodha Group is returning to the Pune market with an initial 400 unit premium project in the south of the city.
It is Lodha Group’s second project in Pune and its return to the local market, nearly a decade after its luxury Belmondo project in Gahunje.
The project, which is still unnamed, is being constructed in the NIBM area, for which they are teaming up with another city-based real estate firm. Lodha is expecting to spend up to Rs 700 crore for the first phase of the project, comprising 25 storey-high towers. Construction will begin in the next six weeks, Lodha said, with completion expected within three years.
“We are planning a significant focus on Pune, due to the economic dynamism of the city, with both manufacturing and IT jobs. When we speak of the metropolitan cities in India, we generally refer to the four metros and Bengaluru. We believe that Pune is reaching that level very soon,” said Abhishek Lodha, MD and CEO of Lodha group.