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Lodha group to sell 7 lakh sq ft office space in Mumbai to Singapore firm for Rs 1,100 crore

Lodha group had earlier sold four floors in this building in Wadala, Mumbai, to Tata group firm Trent Tesco for around Rs 250 crore

twitter-logo PTI   New Delhi     Last Updated: September 23, 2019  | 12:17 IST
Lodha group to sell 7 lakh sq ft office space in Mumbai to Singapore firm for Rs 1,100 crore
Lodha group is developing a office and residential project on land which it leased from the Mumbai Metropolitan Region Development Authority. (image source: lodhagroup.in)

India's leading realty firm Lodha group has agreed to sell about 7 lakh sq ft office space in Mumbai to Singapore-based Varde Partners for about Rs 1,100 crore, sources said.

The company had earlier sold four floors in this building in Wadala, Mumbai, to Tata group firm Trent Tesco for around Rs 250 crore.

The total sales value of this 8 lakh sq ft office building has touched Rs 1,350 crore.

The deal is likely to be concluded by the end of the next month, the sources said.

The company's spokesperson declined to comment.

Lodha group is developing a office and residential project on land which it leased from the Mumbai Metropolitan Region Development Authority.

The project Lodha Excelus is a mixed-use development spread over 23 acres and encompassing 10 residential and three commercial towers.

Currently, Lodha has around 40 under-construction projects. Its sales grossed around Rs 3,000 crore in the first five months of the fiscal and expects to close the year with booking of around Rs 7,900 crore.

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