Lodha group to sell 7 lakh square feet of office space in Mumbai for Rs 1,100 cr

NEW DELHI: the leading real estate firm in India Lodha Group agreed to sell around 7 lakh square feet of office space in Mumbai to Singapore-based Varde Partners, for about Rs 1,100 crore, the sources said.

The company had previously sold four floors in this building in Wadala, Mumbai, to the firm of the Tata Trent Tesco group for around Rs 250 million.

The total sales value of this 8 lakh square foot office building has reached Rs 1,350 million.

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

The company's spokesman 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 Lodha Excelus project is a mixed-use development that spans 23 acres and covers 10 residential and three commercial towers.

Currently, Lodha has about 40 projects under construction. Its sales raised around Rs 3,000 crore in the first five months of the fiscal year and expects to close the year with a reserve of around Rs 7.900 crore.