Let’s read the story of someone the world knows today. He has made waves in India’s real estate industry and continues to set benchmarks with his ventures. A politician and a real estate magnate, Mangal Prabhat Lodha (M.P. Lodha) is one of the richest builders in India. He founded the famous Lodha Group which is now known as Macrotech Developers. Amassing a massive net worth of $1.3 billion, M.P. Lodha was not born with a silver spoon.
Knowing the Man
Today he is a tycoon and an influential politician but once he was just a young boy who came to Mumbai with dreams in his eyes. He was born in Jodhpur, Rajasthan in a family that didn’t have a business background. His father, Guman Lal Lodha was a freedom fighter and once the Chief Justice of Guwahati High Court.
Until 1981, Mangal Lodha was practicing the law — following in his father’s footsteps. From a young age, he was interested in politics and national issues, once again, taking after his father. But once his father was appointed in the same court where he was practicing in Jodhpur, he decided to leave as he felt that continuing to practice in that court wasn’t the right thing to do.
He came to Mumbai with no idea about how his life was going to turn out. Real estate was something that came to him naturally. He started by buying off middle-class homes in the suburbs of Mumbai to make a profit. When he founded the Lodha Group, which is now run by his sons, Abhishek and Abhinandan, he had no idea that one day his company would be building a much-talked-about 117-story skyscraper called “World One” with some of its apartments designed by the popular designer Giorgio Armani. The group also bought a property in London in 2013, going beyond Mumbai and aiming high.
Then in 2008, the company received about 1700 crores in funding from investors, with the Deutsche Bank leading this. It is one of the largest FDI deals in India.
While in politics and through his charitable organisation, the Lodha Group, he acted as a bridge between the government and the stakeholders of real estate helping to bring in several legislations in favour of construction and development.
Key Takeaways From His Life
- It is not necessary that you can be good at something only if it runs in the family.
- It’s okay to change your field of work even after you have spent years studying or working in it.
- Nothing is impossible — as long as you have the passion for making it possible.
- Real estate is a behemoth in itself and a gold mine for those who want to build wealth. You need to figure out the right location, the right price and at the right time.
Keep watching this space for more from this series, ‘Real Stories, Real Estate’. Get inspired!