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Real Estate in mess, Lodha group in trouble
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India, Oct. 13 -- Due to rising debt and falling sales, Macrotech Developers, formerly Lodha Group has laid off around 400 employees. The debt of the firm has crossed Rs 25,600 crore. However, the country's largest realty firm said it had laid off employees after conducting their performance reviews. The retrenchments at the company promoted by Mumbai BJP chief Mangal Prabhat Lodha comes at a time when the economic growth has slumped to low of 6 per cent which has led many to fear if the spectre of job losses across sectors awaits next.
When our correspondent Nikhil Sagare spoke to Mangesh Ambekar a broker from Smart Makaan he said, "Slowdown has not affected the real estate industry much. Actual buyers are coming to buy property. They d...
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