Mr. Lalit Gandhi, chairman and managing director, Lok Housing & Constructions says that they have decided to initiate around eight projects in Mumbai, Navi Mumbai, Pune and Bangalore in coming six months.
The proposed projects will cover 42-50 million sq ft saleable area, and 60 % of this will be residential development and is likely to fetch revenues of Rs 22,000-25,000 crore by completion in the next five to seven years.
At present the company has round about 551 acres in Mumbai, Navi Mumbai, Pune, and Bangalore and the company is looking for more 500 acres in these cities. The estimated cost of company’s land bank is round about Rs 3500 crore.
Mr. Gandhi said that the company is likely to use around 80% space of Whitefield in Bangalore for residential purpose and around 60% space of Turbhe in Navi Mumbai for commercial development.
Currently, the company is dealing with residential projects in the Mumbai suburbs of Khar, Mulund, Kalyan, and Ambernath. Total land under development at these locations is 180 acres.
