Real estate developer Lohia Worldspace is planning to develop more than 1 million sq ft of residential projects in Moradabad as it looks to expand its presence in the Tier-2 housing market.
The planned developments will include plotted projects, built-up housing and high-rise residences, the company said.
The expansion follows the development of Lohia One, the company’s flagship residential project in New Moradabad. Spread over around 10 acres, the gated community comprises 175 villas, with nearly 60 per cent of the project area allocated to open and green spaces.
The project includes a 20,000 sq ft clubhouse and more than 40 amenities, including a swimming pool, gym, fitness and yoga areas, indoor badminton and squash facilities, sports areas, children’s play spaces, a theatre, library and co-working facilities.
The development also includes gated entry, CCTV surveillance, controlled access and organised parking. The villas feature digital door locks, modular kitchens, built-in wardrobes, private parking, storage areas and terraces.According to Pyush Lohia, Managing Director, Lohia Worldspace, housing preferences in Tier-2 cities are changing, with buyers increasingly looking for planned communities, security, green spaces and amenities.
“We are now planning more than 1 million sq. ft. of new residential developments across plotted, built-up and high-rise formats,” Lohia said.
The company said the upcoming projects will offer different residential formats to cater to varied buyer requirements in Moradabad.
Lohia One also offers home loan facilities through several national banks and follows a 25:25:25:25 payment plan, under which payments are divided into four stages.
The company recently discussed its expansion plans and the initial response to Lohia One at a channel partner meet. It said Moradabad will remain an important market in its residential development strategy.