Special Correspondent

HYDERABAD: Lodha Group, a Mumbai-based real estate development group, announced here on Monday an investment of US $ 54 million (approximately Rs. 250 crore) from HDFC Sponsored Funds. Lodha Group won an auction of 12.9 acres at Eden Square, Hyderabad, from the Andhra Pradesh Housing Board for Rs. 256 crore last year. The Group has plans to develop a luxury township offering over 2.5 million sq. ft. of plush residential and commercial real estate.

The HDFC Sponsored Funds would pick up a 45 per cent stake in Lodha’s Special Purpose Vehicle (SPV) for the development of the project.