HDFC PE fund makes INR 1500 crore exit from Lodha’s World Tower project

HDFC Property Fund has withdrawn its stake from Lodha Group’s World Tower Project for a enormous INR 1,500 crore.

This transaction made to one of the most largest and successful exits in real estate sector with return on investment.

HDFC, (Housing Development Finance Corporation Ltd) had invested INR 500 crore in 2010. Internal accruals and partly through fresh fund were the medium through the exit was funded.

The investment was made in The World Towers, Lodha Group’s landmark development, spread over 17 acres in the heart of South Mumbai comprising 3 ultra-luxury high-rises.

World Crest has already started giving possessions, while the Tier 1 of World One is slated for delivery in mid-2017.

Lodha Group is one of the most profitable real estate developers in India with largest by sales for four consecutive years. The company had clocked record sales and collections backed by homebuyer’s confidence and trust in the brand, when a year had witnessed difficult economic conditions and sluggish growth.

Lodha Group achieved net sales of INR 6,400 crore and delivered 6,800 homes in FY 15-16, making it one of the most profitable companies in the sector. The Group’s tremendous success has been noticed by the financial investments from JP Morgan, ICICI Ventures, Deutsche Bank, and HDFC Property Fund.

HDFC Property Fund is one of India’s largest private equity real estate funds that invests in commercial, residential, and mixed-use projects.