The Hindu Business Line : Lodha group developing Rs 2,000-cr ‘iTHINK’ projects

Mumbai, July 23 Mumbai-based real estate development company, Lodha Group, plans to invest Rs 2,000 crore for developing exclusive commercial spaces in the city.

The Group has earmarked a portion of its land reserve for six such projects. Work on the first IT park and techno campus at Kanjurmarg and corporate campus at Mahalaxmi is on. Projects at Parel and Thane are scheduled to follow.

Land reserve

“Corporates today are looking for commercial space with lifestyle amenities. Our ‘iTHINK’ projects will offer the best of infrastructure and amenities on par with corporate parks across the world. We will dedicate over 25 per cent of our land bank to commercial projects and have currently earmarked an investment of Rs 2,000 crore for ‘iTHINK’ projects,” said the Director, Mr Abhisheck Lodha.

The techno campus at Kanjurmarg will be spread across 18 lakh sq. ft. while the one at Thane will be about 22.5 lakh sq. ft. The Mahalaxmi project will be about 4.5 lakh sq. ft and the Parel venture 1.5 lakh sq. ft.

Modern campus

The modern office campuses will have large landscaped areas, tree-lined walkways, fountains and water bodies. Amenities include latest gymnasium, designer interiors, upscale retail spaces and restaurants, large auditoriums and conference facilities, well-stocked library and crèche. Infrastructure needs such as multi-level car park, leisure space, and uninterrupted power supply from internal power grids have also been factored in.

Mr Lodha said there is a gradual shift for commercial spaces from South Mumbai to North Mumbai. After Lower Parel and Bandra Kurla Complex, the focus is now on the suburbs such as Parel and Thane. Other reasons for this transition are closer proximity to residential hubs and availability of floor space at affordable prices.

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