Home Lodha Developers News (11 Complaints)
Cheated Buyers 29th Apr

The company clocked new sales of Rs 6,966 crore for the last reported full year of 2016-17, and Rs 5,482 crore for nine months ending December 31, 2017 in India.

Source : https://realty.economictimes.indiatimes.com/news/industry/lodha-files-ipo-papers-with-sebi-looks-to-raise-rs-5500-crore/63928773

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Cheated Buyers 4th Feb

According to the company's website, it is currently developing an estimated 43m sq ft of real estate and has 28 ongoing projects across London, Mumbai, Pune, Hyderabad and Bangalore.

Source : https://realty.economictimes.indiatimes.com/news/industry/lodha-developers-to-file-for-1-billion-ipo-this-month/62764067

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Cheated Buyers 22nd Dec

Lodha group revives IPO plans; looks to raise Rs 3000-6000 crore

Source : https://realty.economictimes.indiatimes.com/news/industry/lodha-developers-looking-to-raise-up-to-rs-6409-crore-via-ipo-reports/62192642?

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Mayursinh Kumpavat 20th Dec

Rating agency Moody’s Investor Service has placed Mumbai-based real estate development company Lodha Developers’ B2 corporate rating on review for a downgrade.

Rating agency Moody’s Investor Service has placed Mumbai-based real estate development company Lodha Developers’ B2 corporate rating on review for a downgrade. Simultaneously, it has also put B2 backed unsecured rating of the USD denominated bonds issued by the company under the scanner. Earlier this year, the financials of Lodha were downgraded. In January, Lodha’s rating was revised from B1 to B2. “The review follows the consent solicitation from bondholders in relation to the waiver of breach of restricted payment covenant on thebonds due in 2020, amendments to the indenture, as well as a proposed reorganisation in which properties located in London will become part of the restricted group,” says Saranga Ranasinghe, a Moody’s assistant vice president and analyst.

At June 30 2017, the company and certain of its subsidiaries had made restricted payments in the form of loans to the London entities, whichare not part of the restricted group, the report stated. Also it provided guarantees of indebtedness at London entities by Palava Dwellers Private Limited; these entities were all in breach of the restricted payment covenant.

Lodha is seeking consent from the bondholders to waive the breach of the restricted payments. Whether the bondholders will give their consent will be known by August 9, further scrutiny of Lodha’s documents revealed. The company is also seeking consent to reorganise, such that its London properties will now become part of the parent company. The review will focus on whether Lodha will receive the required consent.

As such, Moody’s views the proposed reorganisation of the London properties as credit neutral, because despite the increase in debt, there will be an increase in cash flow, as the company develops and sells the two London properties. In the absence of consent from bondholders, the company will need to redeem the $200 million bond.

Meanwhile, the company said that during the April to June quarter, it has beaten the industry wide demand slowdown and recorded salesworth Rs 2300 crore. It’s quarterly collection also was robust at Rs 2,600 crore, according to its top management. At the moment, sales bookings has crossed 200 million pounds until the June quarter, a PTI report said. Lodha’s MD recently pegged a sales revenue of 1.5 billion pounds (over Rs 12,000 crore) in the next three years from two ongoing housing projects in central London, the report enumerated.

The company forayed into the London realty market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square for overGBP 300 million (Rs 3,100 crore). The group acquired another site in central London, New Court at 48 Carey Street for 90 million pounds in 2014.

http://www.financialexpress.com/market/moodys-reviews-lodha-developers-b2-rating-for-downgrade/783117/

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Mayursinh Kumpavat 29th Nov

The year 2017 has not been particularly good for the Lodha Developers, at least not on legal front where one of Mumbai\\\'s biggest real estate firms has had to deal with at least three cases that brought their name under cloud.

The first big blow for the real estate biggie was a Maharashtra Real Estate Regulatory Authority order that forced the Lodhas to refund booking amount to a complainant who had cancelled his booking in Lodha\\\'s Ultima project in Thane.

A homebuyer Roshan Nawale had lodged a complaint with the newly installed housing regulatory authority saying the developer was not returning his money even though he had cancelled his booking at Ultima in Thane. Sensing trouble, Lodha Developers ate the humble pie and agreed to return his money on the day of the hearing September 12 and paid Rs 1.08 lakh.

Another complaint against Lodha Developers was heard by MahaRERA on October 10. The complainant Sheo Pratap Singh informed the authority that he wished to withdraw the complaint to pursue the matter in a consumer court.

\\\"During the hearing, the complainant appeared through his Advocate Abhishek Gokhale and Advocate Rahul Wardhan represented respondent. The complainant filed an application for withdrawal of complaint as he wants to approach the Consumer Court. The same is accepted,\\\" the MahaRERA order reads.

Singh had approached MahaRERA seeking interest and compensation for undue delay by the developer for handing over possession of a flat.

When asked about Singh\\\'s complaint, a spokesperson for Lodha Developers said, \\\"Lodha handed over 7200 units to customers last year which is by far the highest in the country. Our focus is on delivering high quality residences and offices. In relation to the fact that a case was filed and then withdrawn and the person is choosing to go to another forum, we have nothing to comment on the matter. As and when the matter is filed in the appropriate forum, we will respond on merit.\\\"

But the biggest blow was alleged case of stamp duty evasion by the Lodha Developers in a land transaction in Wadala where the Mumbai Collector of Stamp Duty slapped a notice of Rs 470 crore seeking dues and penalties for alleged stamp duty evasion. The land deal was worth Rs 5,700 crore.

The Inspector General of Registration (IGR) Maharashtra is expected to pass an order soon the matter. The matter even went to the Bombay High Court, which asked the developer to pay Rs 202 crore. A hearing regarding the same is in process with the IGR. IGR Anil Kawde said, \\\"I am yet to pass an order in the matter.\\\" A spokesperson for Lodha Developers claimed the entire amount of Rs 200 crore had already been deposited.

http://www.dnaindia.com/mumbai/report-in-2017-mumbai-developer-fights-fire-on-3-fronts-2552457

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Mayursinh Kumpavat 29th Nov

The bench questioned the builder and the authorities as to how builders were being per mitted to go ahead despite failing to provide basic facilities like parking

HYDERABAD: The Hyderabad HC on Friday made it clear that it would call for a report from the GHMC on the ongoing tussle between Mumbai-based developer Lodha Constructions and the apartment owners of Lodha Bellezza at Kukatpally .The bench of acting Chief Justice Ramesh Ranganathan and Justice M Ganga Rao, hearing a plea filed by Lodha Constructions, also refused to vacate a single judge\\\'s order restraining the builder from selling flats in Lodha Bellezza and Lodha Meridien and posted the matter to next week.
Earlier, following a plea by Bellezza Apartment Owners Association, a single judge stayed the proposed demolition of acompound wall built between Bellezza and Meridian and di rected the authorities to ensure that no sales are registered in respect of vacant flats. Aggrieved by this, the developer filed a plea urging the court to vacate the stay on sale of flats. But flat owners in the two schemes, particularly Lodha Bellezza, are accusing the builder of misleading them and GHMC.

The bench questioned the builder and the authorities as to how builders were being per mitted to go ahead despite failing to provide basic facilities like parking. Stating that there is no urgency to intervene, the bench declined to vacate the restraint order passed. “At a time we are struggling to reach out to those who are weak and cannot afford to wait for long, we cannot spare time, that too on an urgent basis, for those who can afford to wait,“ the bench said.

https://timesofindia.indiatimes.com/city/hyderabad/fight-over-wall-no-relief-for-lodha-group-on-sale-of-flats/articleshow/61282159.cms

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Mayursinh Kumpavat 29th Nov

The bench of acting Chief Justice Ramesh Ranganathan and Justice Abhinand Kumar Shavili made the interim order while hearing the plea of the builder to allow him to sell away the remaining unsold properties

HYDERABAD: The Hyderabad High Court on Monday passed a restraint order against Lodha Bellezza builder preventing the firm from selling away 73 unsold flats in their twin blocks-Bellezza and Meridian--at Kukatpally.

The bench of acting Chief Justice Ramesh Ranganathan and Justice Abhinand Kumar Shavili made the interim order while hearing the plea of the builder to allow him to sell away the remaining unsold properties.

He was aggrieved with the interim order passed by a single judge, who prevented him from creating any further encumbrances on the unsold properties. However, upon a plea by the builder\\\'s counsel, who told the court that some of the flats were almost sold and sale deeds have to be executed, the bench said that they could be done only with a rider that all such transactions would be subject to the final outcome of the petition.

Appearing for Bellezza block flat owners, senior counsel C V Mohan Reddy said they were lured into buying the flats with a promise that they would have spacious accommodation and Californiatype flats.

“Now, the builder belied all our hopes and constructed hundreds of flats in the name of Meridian Block and is providing the open space and amenities meant for us to them also. When we asked him about this, he built a wall separating both the blocks,“ the senior counsel said. However, this wall became a problem for Meridian Flat owners, their counsel Pratap Narayan Sanghi said, citing total lack of facilities for their flat owners.

Meridian residents then approached the GHMC to demolish the wall. Since both ventures were approved on a single layout, the the civic authorities issued a notice to demolish the wall.

CV Mohan Reddy said this chaos was created by the builder and hence he should clear it. The bench sought an affidavit from the builder.

https://timesofindia.indiatimes.com/city/hyderabad/hc-restrains-lodha-from-selling-73-unsold-houses/articleshow/61351283.cms

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Mayursinh Kumpavat 29th Nov

Textile and apparel company Raymond and Lodha Developers, the country’s largest realtor by sales, have put their Mumbai office properties on the block.

Raymond is selling 26,000 sq ft of its built-up office space in the Mahindra Towers in Worli area, said sources in the know. Raymond owns two floors in the building, which houses the headquarters of automobile major Mahindra group. Raymond is believed to be shifting its corporate office to Thane where it has a big office complex.

Consultants expect the sale to fetch about Rs 65 crore to Raymond, given the selling price of Rs 20,000-25,000 a sq ft in the area. A Raymond spokesperson said they couldnot comment due to the silent period ahead of results.


Lodha is also looking to sell 76,194 sq ft office property in Lodha Excelus in Mahalaxmi and move to its property project New Cuffe Parade.

The property has a reserve price of Rs 18,000 per sq ft. Consultants expect Lodha to make about Rs 200 crore from the sale. A public relations executive for Lodha said they do not have a comment on the subject.

“Lodha must be shifting because they have created a premium mix use large destination in Wadala. Wadala and Thane are becoming central locations because of a new airport and other major infrastructure is reaching there. Raymond must be leveraging real estate assets as they have large land,” said Ashok Kumar, managing director at Gennext Partners, a commercial property consultant. Property consultant JLL is advising both on the sale of the properties.

It is not only these two who are selling office properties; about 3.5 mn sq ft of office properties have been put on the block by corporate houses and other business entities in Mumbai, National Capital Region, Bengaluru and Chennai, said the data collated by JLL.

http://www.business-standard.com/article/companies/raymond-lodha-put-mumbai-office-properties-on-the-block-117101600023_1.html

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Lodha Builder Scam

Mayursinh Kumpavat 4th Aug

Lodha Builder grab the 2000ac land in mumbai with power of money

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wake up noida authority

Cheated Buyers 11th Apr

wake up call for noida authority

Complain
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Newsviews Real estate 13th Nov

MUMBAI: The Vanrai police in Goregaon on Tuesday registered a case against builder Lodha and four others for illegal use of one lakh square foot area to construct a residential tower, Lodha Fiorenza, in Goregaon (east) The case has been registered under the Maharashtra Ownership Flat Act (MOFA). The residential tower was constructed next to Hub mall. The builder had used the mall's FSI for constructing the residential tower, the police said. For the last two years, shop owners in the mall have been fighting the builder for formation of society and getting the conveyance deed.

( http://realty.economictimes.indiatimes.com/news/regulatory/fir-on-lodha-group-for-not-handing-over-society-to-shop-owners/53408425 )

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