Singapore Firm To Buy Office Space At Lodha Wadala Project For Rs 1,100 Crore
One of the towers at Lodha Group’s New Cuffe Parade project in Wadala. (Source: BloombergQuint)

Singapore Firm To Buy Office Space At Lodha Wadala Project For Rs 1,100 Crore

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India's leading realty firm Lodha group has agreed to sell about 7-lakh-square-feet office space in Mumbai to Singapore-based Varde Partners for about Rs 1,100 crore, sources said.

The company had earlier sold four floors in this building in Wadala, Mumbai, to Tata group firm Trent Tesco for around Rs 250 crore.

The total sales value of this 8 lakh square feet office building has touched Rs 1,350 crore. The deal is likely to be concluded by the end of the next month, the sources said.

The company's spokesperson declined to comment.

Lodha group is developing a office and residential project on land which it leased from the Mumbai Metropolitan Region Development Authority.

Also read: Lodha Developers To Use Most Of IPO Proceeds To Repay Debt

The project Lodha Excelus is a mixed-use development spread over 23 acres and encompassing 10 residential and three commercial towers.

Currently, Lodha has around 40 under-construction projects. Its sales grossed around Rs 3,000 crore in the first five months of the fiscal and expects to close the year with booking of around Rs 7,900 crore.

Also read: Now Fitch, Too, Downgrades Lodha, Warns Of More Rating Cuts

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