Lodha Family Steers Real Estate Fortune Towards Social Causes

Real estate magnate Abhishek Lodha has transferred an 18.09% stake in Macrotech Developers to the Lodha Philanthropy Foundation. This strategic move, inspired by the Tatas, aims to support social initiatives such as education and sustainable urbanization. The foundation leverages income from these shares for national and social causes.

In a strategic philanthropic move, real estate tycoon Abhishek Lodha on Friday announced the transfer of an 18.09% stake in Macrotech Developers, valued at over Rs 21,000 crore, to the Lodha Philanthropy Foundation. Influenced by the Tatas' legacy, the Lodha family aims to utilize the income generated from these shares towards various national and social initiatives.

Abhishek Lodha, Managing Director and CEO of Macrotech Developers, revealed the decision to allocate shares worth Rs 20,000 crore during an announcement on October 28. The foundation has pledged to channel resources into education, women's empowerment, and sustainable urbanization projects. An advisory board will be instituted in January to oversee these initiatives.

The Lodha Philanthropy Foundation, established in 2013, already runs several social programs, including 'Lodha Unnati' and the 'Lodha Genius Programme'. It supports noteworthy causes such as enhancing female workforce participation and providing scholarships to meritorious students. The foundation has also partnered with Rocky Mountain Institute to strive for net-zero goals in real estate and infrastructure sectors.

(With inputs from agencies.)