Another $ 60 million fund would come through surplus from recent sale of commercial property in Mumbai, he added. The company sold 8 lakh sq ft office space for Rs 1,350 crore.
When asked about debt concern, Lodha said: "Debt is definitely a concern, therefore we are reducing it gradually and getting better every day".
The company is reducing its debt from sales collections, he said, adding that the receivables from customers are higher than the estimated construction spend.
On operational performance of India business, he said the company has sold properties worth about Rs 4,000 crore during April-October, 2019-20 and expects it to reach Rs 7,000 crore, same level as last financial year's.
In the last month, Lodha said the company sold properties worth Rs 750 crore driven by higher demand for its newly launched affordable housing projects.
Recently, Lodha group invested Rs 2,500 crore to develop three affordable housing projects in the Mumbai Metropolitan Region (MMR) in a price range of Rs 25-50 lakh per unit. These three projects, comprising nearly 9,000 units, are located at Thane, Bhiwandi and Taloja and launched under a separate brand, ''Crown''.
On the London business, Lodha said the company has already completed one project and the second one would be handed over by March next year.
The company has sold about half of its inventories in these two projects and is targeting to sell all units in the next 12-18 months, he added.
Lodha group had made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London for over 300 million pounds (Rs 3,100 crore). The group acquired another site in prime Central London, New Court at 48 Carey Street for 90 million pounds in 2014.
The first project Lincoln Square was launched in 2016 while the second project 'No.1 Grosvenor Square' started in 2017.
Lodha Group is India''s largest residential real estate developer by sales and construction area. The company clocked net new sales of over Rs 7,000 crore in 2018-19 with collections of over Rs 9,000 crore.
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