Lodha’s listed company, Macrotech Developers, has signed an agreement with Havemore Realty to develop the free-sale portion of a 1.4 Million-SqFt Mumbai project, in which HDFC Bank had invested. As part of the repayment for its earlier investment, HDFC Bank will receive a specific built-up area.
According to the terms of the agreement, Macrotech Developers will be responsible for developing a mixed-use project in Andheri, while Havemore Realty will secure approvals and complete the rehabilitation aspect of the project.
For the development, Macrotech Developers will have access to a total base area of nearly 2.50 Lakh SqFt. In May, the company paid a stamp duty of INR 7.83 crore for registering the deal, as per the documents obtained through CRE Matrix.
The majority of the rehabilitation work for the project has already been completed, and Macrotech Developers has recently commenced construction on the free-sale component.
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