Lodha Group Shares Zoom 5% After Buying Land Worth ₹110 Crore In Pune

One of the most renowned real estate developers in Mumbai, the Lodha Group or Macrotech Developers, as it is officially known, saw its shares roar on Tuesday, November 12. The gains went past the 6 per cent mark in the day's trade.

Lodha Bags Major Land Parcel

This came to pass after the Mangal Prabhat Lodha-led company 'landed' a land deal in Pune. The group purchased a 2.82-acre land parcel in Pune's Hinjewadi.

The company bought the plan parcel from multiple entities, including Pune-based  Paranjape Schemes Construction Limited. The cumulative value of the deal is Rs 110 crore.

Hinjewadi is located in an important location, as it is easily accessible, thanks to the Mumbai-Pune Expressway. Pune has positioned itself as one of the major IT hubs in the country after IT-capital Bengaluru.

Lodha's Foray Into Pune

The company paid a stamp duty of Rs 6.64 crore. In addition, it also paid a registration fee of Rs 30,000 on the entire property transaction.

Lodha Group, which has a significant presence in the city of Mumbai and its satellite towns, forayed into the rising Pune real estate market Lodha Belmondo, a project that was launched in 2012, with possession of apartments happening in 2024.

Mangal Prabhat Lodha is an MLA of the Maharashtra Legislative Assembly and also holds the position of the Ministry of Tourism and of the Ministry of Skill Development and Entrepreneurship in the state government.

Lodha Shares Rise

When we look at the performance of the company shares, Macrotech Developers Ltd. or Lodha saw their shares rise significantly in the intraday trade.

At 12:40 IST, the shares of the builder rose by 5.87 per cent or Rs 69.65. This took the overall value of the shares to Rs 1,257.15 per piece. Just in the past 5 trading sessions, Lodha Group's shares have jumped by 6.75 per cent or Rs 79.50.