The aspiration is to build an institution that survives beyond me: Abhinandan Lodha

Beyond land, Abhinandan Lodha, through his firm Abhinandan Ventures, is expanding aggressively into vertical housing, boutique hospitality under the Miros brand and education through Rise, while also backing consumer-first businesses via its family-office funded platform Tomorrow Capital.

The House of Abhinandan Lodha (HoABL) has set out to disrupt one of India’s oldest and most emotionally resonant asset classes — land.

Long burdened by opaque titles, liquidity concerns and complex approvals, land ownership had become a consumption-driven decision rather than a serious investment avenue. HoABL is seeking to reverse that perception by offering clean titles, app-based convenience and an integrated ecosystem that makes land a hassle-free, investment-worthy proposition.

Beyond land, the group is expanding aggressively into vertical housing, boutique hospitality under the Miros brand and education through Rise, while also backing consumer-first businesses via its family office-funded platform Tomorrow Capital.

In a wide-ranging conversation with Moneycontrol, Abhinandan Lodha, the managing director of the eponymous entity, spoke about his vision of building institutions that endure, the role of technology in scaling consumer businesses, and why disruption, job creation, and impact — not a single landmark project — will define his legacy.

Edited excerpts:

Why do you think land holds such a deep emotional and cultural significance in India? Land has always been deeply embedded in the Indian psyche. Everyone aspires to own it. Historically, zamindars (owners of large estates) held immense social status, and ownership of land was equated with prestige and influence.

That sentiment has endured but challenges around title disputes, possession issues, liquidity and complex approvals discouraged people from viewing land as a serious investment option beyond personal use.

How did HoABL change that traditional paradigm?

HoABL addressed the core concerns by guaranteeing clean titles and offering hassle-free ownership. Buyers are assured that the property is secure, developments are of a certain quality and the ecosystem is well-planned with transparent pricing.

Liquidity options are available, approvals are streamlined and customers can build or lease seamlessly through an app. The company’s model eliminated the traditional headaches associated with land ownership and gave investors confidence.

When you talk about HoABL's  larger vision, what exactly are you aiming to achieve with land as an investment class?

The vision is to make land a viable, aspirational investment class again. If land ownership is part of an investor’s mindset but execution was earlier held back by problems and delays, HoABL aims to remove those barriers. The idea is to enable customers to invest in the right location with a trusted brand and enjoy the returns that come with land as an asset class.

You often draw parallels between investing in land and the early days of India’s equity market. Could you elaborate on that comparison?

Investing in land today is comparable to what investing in equities was 30–35 years ago, when stock trading involved significant entry barriers. Back then, investors needed the right broker, access to the trading ring and the ability to buy at the right price.

Once those barriers were removed, equities transformed into a mainstream asset class, allowing professionals to invest effortlessly and benefit from long-term returns.

Similarly, HoABL is making land ownership simple and transparent, allowing time-constrained urban investors to participate without the usual hassles. This emotional shift is resonating strongly with customers.

How has business momentum been for HoABL, and how do you see the next phase of growth unfolding?

Growth has been rapid. In most launches, 70–90 percent of inventory sells out within weeks. The company is now expanding into vertical real estate development and will soon launch its first project in Naigaon (Maharashtra), which is expected to be a game changer for affordable housing.

You also have marquee projects in South Bombay. Could you tell us more about them and how you plan to position these developments?

One project, the American Center, will be a commercial development. The second project will also launch shortly.

Commercial real estate in South Bombay is in short supply, and demand for quality assets is strong. The strategy is to lease rather than sell strata units, thereby creating long-term annuity income.

The American Center, a heritage asset acquired from the US government, is considered irreplaceable and is expected to generate significant long-term value.

In terms of vertical real estate, what kind of scale are you targeting and how does your pipeline look?

Currently, around 3.1 million square feet is under development in the vertical segment. Talks are ongoing with multiple parties for additional projects. While deals take time to close, there is confidence that the vertical real estate business will grow steadily over the next few years.

You recently launched Miros as your hospitality venture. What was the idea behind entering boutique hospitality?

Miros was launched to tap into the growing demand for high-quality boutique hospitality in India. The brand is positioned to serve a niche segment that values personalised and detail-oriented experiences. The belief is that Indian consumers, and increasingly global travellers, are seeking more curated and premium stays, and Miros aims to capture that opportunity.

You brought Ranvir Bhandari (HoABL's president of hospitality) on board much before Miros was operational. What was the thinking behind hiring such an experienced leader so early?

The approach has always been to hire top professionals early to ensure excellence in execution. Bhandari brought decades of experience from ITC, Oberoi and Soneva Fushi (Maldives).

Initially, the idea was to raise standards in managing large clubhouses across projects. But once he came on board, his insights transformed the group’s understanding of hospitality. This led to Miros being developed not just as a service but as a standalone business vertical.

The Indian hospitality sector is often described as being at an inflection point. Do you see it the same way?

Absolutely. Globally, India is still underpenetrated in hospitality relative to its population, but it has a unique advantage: cultural depth in service.

Indian hospitality emphasises personalisation and care, something unmatched elsewhere. Combined with rising domestic spending, global recognition of India as a travel destination and improvements in safety and cleanliness, the sector is poised for long-term growth.

If we step back and look at HoABL, what is the larger philosophy guiding all your ventures?

The underlying philosophy is to use technology to disrupt traditional categories and offer consumer propositions unavailable elsewhere.

Bonito, for instance, is India’s only interiors company dedicated exclusively to full home , leveraging technology to deliver personalised designs at scale.

Similarly, in land, HoABL has brought transparency and digital convenience to an age-old asset class. The vertical housing business aims to use technology to disrupt affordable housing, while Miros is integrating personalisation tech to create a differentiated hospitality experience.

In the hospitality space, many real estate companies treat it as an extension of their core business. Would you build hospitality as a completely separate vertical or keep it integrated within your real estate operations?

At this stage, Miros will be fully owned and integrated with our developments. Ownership gives us control over both the asset and its upkeep. More importantly, the Miros brand needs to first establish its reputation before we consider expanding into alternative models like franchise or management contracts.

For at least the next five to six years, Miros will only be attached to properties that we own or build ourselves. Once the brand is strong and credible, we may explore new models - but first, we want to prove the strength of the proposition.

Building strong organisations depends on talent. How do you think about attracting and retaining talent across HoABL's different ventures?

Talent is central to everything we do. Across businesses, whether land, vertical development or hospitality, our priority is to bring in the best professionals early.

We actively recruit from premier institutions like the IITs (Indian Institutes of Technology, IIMs (Indian Institutes of Management) and MIT (Massachusetts Institute of Technology), and encourage a culture of ownership, delegation and empowerment. People are given the authority to take decisions, and there's an environment that allows for mistakes and learning rather than penalising.

We also emphasise humanising the organisation - being transparent with consumers, admitting errors openly and addressing issues directly. This creates trust internally and externally, allowing professionals to think long-term and build their careers with us.

What has the consumer response been like? How do customers perceive the HoABL brand today?

Trust has been overwhelming. Remarkably, we have sold land without customers ever visiting a site or office, which reflects the confidence people place in us.

Launches in Ayodhya, Vrindavan and Goa have all seen strong traction. Customers primarily expect transparency, timely delivery and consistent communication - and as long as we provide that, they are willing to invest.

How do you prioritise capital allocation across your businesses - land, vertical development, hospitality, education and private equity?

The land business has matured and now requires limited capital, delivering steady returns of around 30 percent annually.

The focus for the next two to three years is on vertical real estate development, where significant capital is being deployed. In parallel, we continue to fund Tomorrow Capital, our private equity arm, as well as Rise, our education venture. Each business has a defined role in the group's long-term growth.

Tomorrow Capital is a well-known private equity platform. Do you manage external funds or is it completely proprietary?

Tomorrow Capital is entirely funded through our family office. We have no external LPs (limited partners). This gives us the flexibility to invest in businesses we believe in, without being constrained by third-party return benchmarks or fund cycles.

You also have an education business under the Rise brand. Could you elaborate on the thinking behind it?

Rise is driven by the belief that emerging India is hungry for top-tier education that is both accessible and personalised. The first preschool in Goa has already been very well received, and a full-fledged school will open next year.

Our model focuses on treating each child as an individual rather than part of a batch, nurturing their unique talents through personalisation. Over time, we want to build a chain of preschools and schools across India under this philosophy.

Across your businesses - land, verticals and hospitality - you seem very committed to owning assets outright. Why is full ownership so important to you?

Ownership ensures that we maintain full control over the brand, the quality of assets and the customer experience.

In the future, partnerships may happen, but only if they align with our consumer-first philosophy. For now, we want to build on a clear vision, and once the customer proposition is firmly established, financial partnerships can follow.

Miros Goa operates under a vegetarian policy, which is unusual in hospitality. Who exactly is the target customer?

Miros primarily serves the HoABL customer base, but it also attracts a large proportion of international travellers - nearly 40 percent at our Goa property. These guests are less concerned about the specifics of food policy and more focused on the premium, personalised service experience. The idea is to create an environment where customers pay for the highest quality of care and hospitality.

How many hotels are you planning under the Miros brand, and how does it compare with working alongside established operators like Leela?

Our vision is to build full-fledged Miros hotels at almost every HoABL development, except a few including Ayodhya and Shimla, where we will build hotels but it will be managed by Leela Hotels.

In certain cases, we will collaborate with established operators like Leela, but most Miros properties will remain in-house.

What will define the Miros brand beyond exclusivity and boutique positioning?

Miros is built on personalisation, boutique experiences and premium value. Facilities like pools, gyms and clubhouses will be standard, but the brand promise is impeccable service tailored to each guest.

For instance, the Goa property has just nine rooms, creating an intimate palace-style boutique experience where families feel as though they own the space. That is what differentiates Miros from conventional five-star hotels.

Land acquisition is critical to your growth. What does your pipeline look like?

Land acquisition is a continuous process. We are targeting 48 locations by 2028, though aggregating parcels and finalising deals takes time.

Recently announced projects in Ayodhya, Vrindavan, Shimla and Amritsar are examples of rare opportunities we've unlocked. More such acquisitions will be announced over the next 12-18 months as they are finalised.

The HoABL brand has been associated with premium projects. Would you also consider entering the super-luxury segment?

Super luxury fits naturally with our brand ethos. That's why we acquired assets like the American Center, which we believe will be one of the finest commercial developments in Mumbai. Across all verticals - villas, commercial, or housing - our focus is on premium quality, because our consumers are willing to pay for the very best.

Many groups build their name around one landmark project. Do you have a single dream project in mind or is your vision different?

I don't want our legacy to rest on one project. My goal is for us to be known as an organisation that consistently disrupts industries - whether land, housing or interiors.

The aspiration is to build an institution that survives beyond me, with technology and innovation at its core.

If we continue to create jobs, generate wealth and redefine categories, that will be the true legacy of the House of Abhinandan Lodha.

You also come from a private equity background. When did you first realise that technology had to be the bedrock of everything you do?

The realisation came around 2018, while making investments through Tomorrow Capital. Interacting with young entrepreneurs, one theme was clear - every business was designed for scale, and the foundation of scale was technology.

At the time, few were applying that principle in real estate, which presented a clear opportunity. By combining technology with real estate, we were able to create scalable, disruptive models.

What kind of themes have you pursued in private equity investing, and what lessons have you drawn from them?

Two themes stand out. First is healthcare, which has undergone dramatic transformation across areas like dialysis, dental, mental health and medication. India has also emerged as a global healthcare hub. Our investments here have delivered both social impact and profitability.

The second is wealth management. With rising affluence, Indian households are beginning to recognise the need for professional wealth managers. Technology-enabled wealth management for the middle and upper-middle class is still nascent but represents a massive opportunity.

Could you give an example from your healthcare investments that illustrates your approach?

Generico is a great example. The company disrupted the pharmaceutical space by offering generic medicines at a fraction of branded prices. When we invested, Generico had just one or two stores. By the time we exited, it had grown to around 100 outlets, saving consumers nearly Rs 80 lakh a day. It was profitable, scalable and impactful I exactly the kind of business we like to back.

Looking ahead, what will be the revenue mix across your businesses?

Today, more than 80 percent of revenues still come from land. Vertical development is just beginning, while hospitality and education are in investment phases.

By 2028-29, we expect land to account for 40-50 percent of revenues, vertical real estate 30-35 percent hospitality 15 percent and schools 5-10 percent. This diversification will ensure sustainable, balanced growth.

Finally, what is your personal north star - what drives you every day as an entrepreneur?

My personal north star is impact. Impact in terms of creating institutions that outlast me, disrupting industries that have not changed for decades, creating jobs, generating wealth and opening opportunities for others.

I don't want to be remembered for one building or one hotel. I want to be remembered for building organisations that endure, innovate and continue to transform industries. That, to me, is a true legacy.