NEW DELHI: Abhinandan Lodha, who brought the concept of buying land online to India, is now expanding his footprint to North India also and will invest Rs 3,000 crore on developing plots in six new destinations — Amritsar, Vrindavan, Banaras, Shimla, Nagpur and Khapoli (midway on Mumbai-Lonavala). The House of Abhinandan Lodha (HoBL) will develop about 5,500 plots in these places in an area of 352 acres and expects a topline of close to $1 billion.
Before these six, HoBL was present in 10 locations including Goa, Neral (near Mumbai), Ayodhya, Konkan and Alibaugh. It has developed 900 acres across these 10 places.
Announcing his foray to North India and expansion of footprint, the HoBL chief said: “We thought of the concept of selling land online during Covid in March-April 2021. We had a 100-acre plot Dapoli (near Mumbai) and estimated will sell 1,400 plots there in about six months. To our surprise, everything was sold out in three weeks. Thanks to that and our subsequent expansion to become India’s first branded online seller of land, land has moved from a local to a global asset. Almost 20-25% of our customers are from out of India. Mostly NRIs from the Middle East, South and southeast Asia, US, Canada and UK and this percentage is growing.”
The six new locations will be launched latest by next June.
HoBL has identified 48 locations across India and is present in 16 of them. “We hope to launch all of them in the next few years. Buying land the demat way was changed the landscape completely as the process is completely online,” said Abhinandan Lodha.
The potential is immense. “There are 72 lakh Indians who can buy our ticket sizes (the six locations will have plots ranging from Rs 50 lakh to Rs 5 crore except Shimla where costing is being worked out.). As of now 10,000 have bought and that shows the scope of growth. Our clientele profile is people who have a first home, a car of over Rs 10 lakh and who want to invest in land as a wealth category asset class,” he says.