Lodha Group, the residential real-estate player will soon be launching six new projects focussed on affordable housing and office development, which is expected to provide jobs to about 10,000 people. Around 250 design jobs, 8000 construction jobs, 2500 manufacturing jobs and 750 facility-management jobs are expected to be created.
The Group has grown despite the economic slump due to its focus on growing the affordable housing and commercial rental assets since 2016. More than half its residential sales comes from affordable housing projects. This year, the Group’s office renting business has also grown dramatically, with big names, such as HDFC Bank, Tata Chemicals, Tata Trent, and GMM Pfaudler having booked spaces in its office buildings.
Five of its soon-to-launch affordable housing projects are spread over Lower Parel, Thane, Bhiwandi and Palava and a commercial space near BKC (in Wadala). These will guarantee about 9,000 new affordable homes with quality infrastructure, that can be bought by anyone with a minimum income of Rs 50,000 a month.
The housing sector is known to be a job-intensive sector, and its development will open up thousands of job opportunities. This, in turn, will give a push to GDP and consumption and be beneficial for the economy.
The GDP multiplier is expected to be two and a half times of the investment amount of Rs. 2500 crores. This means, a total GDP growth of approx. Rs. 7000 crores (USD 1 billion) is expected.