Each of the 132 flats in the building costs Rs15,000 per sq ft
MUMBAI: In the largest-ever investment in city-based real estate company, JP Morgan has invested Rs 274 crore in Lodha Bellissimo, a premium residential building developed by Lodha Builders at Apollo Mills at Mahalaxmi. Spread over a developable area of 20,000 sq m, each of the 132 3000-4,000 sq ft flats in the 57-storey building costs an estimated Rs15,000 per sq foot. The building is scheduled for completion in 2009.
Lodha Builders is one of the largest property developers in city with current projects totalling 7 million sq. ft in floor space and a pipeline of over 25 million sq ft. They bought Apollo mills, a defunct textile unit from National Textile Corporation (NTC) two years ago for Rs 180 crore.
Tyler E Goodwin, Vice-President, JP Morgan and responsible for investing in real estate across Asia, said the decision was taken after investing significant time and effort in understanding the market.
“India offers some of the best risk-adjusted returns in the Asian region. Lodha Builders’ Bellissimo development represents everything we look for in a strong investment - a reputable partner with a strong track record, a market with solid real estate fundamentals, and a project with a great design and location and with superior supply & demand dynamics,” Goodwin said in a statement.
JP Morgan Chase & Co. is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. Abhinandan Lodha, Director-Finance, Lodha Builders said: “We are in a phase of aggressive expansion across West and South India, with a focus on premium residential as well as retail and office space projects. The tie-up gives us the ability to access resources to fuel our growth plans which will make us amongst the top five real estate developers in the county
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