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House of Abhinandan Lodha (HoABL) has committed INR 200 crore to an affordable housing project in Naigaon, Mumbai, in collaboration with Mittal Builders. The 12-acre development will be executed in two phases over five years, aiming to deliver approximately 1.4 million square feet of residential space. Additionally, HoABL plans to expand its affordable housing initiatives by identifying seven more sites across the Mumbai Metropolitan Region, including one near the upcoming Navi Mumbai International Airport. These projects will be joint ventures with landowners, targeting a combined development potential of over 2 million square feet.
House of Abhinandan Lodha (HoABL) has announced an investment of INR 200 crore in an affordable housing project located in Naigaon, a suburb of Mumbai. This initiative is a joint venture with Mittal Builders and is set to develop a 12-acre site in two phases over the next five years. The project aims to deliver approximately 1.4 million square feet of residential space, offering affordable housing options to the growing population in the Mumbai Metropolitan Region. Advertisement
In addition to the Naigaon project, HoABL is actively exploring opportunities for similar developments across the region. The company has identified seven potential sites, including one near the upcoming Navi Mumbai International Airport, and is in discussions with landowners for joint development agreements. These projects are expected to collectively contribute over 2 million square feet of residential space, with a targeted delivery timeline of five years.
To ensure affordability, HoABL is incorporating digital technologies into the sales process. The company is utilizing artificial intelligence to enhance efficiency and reduce costs, which in turn helps lower the final price for buyers. This approach reflects HoABL's commitment to providing quality housing solutions at accessible prices.
The Naigaon project has already garnered significant interest, with 8,838 applications received online for 1,419 units. Notably, only 10% of the applicants visited the project site, indicating a strong demand for affordable housing options in the area. HoABL plans to conduct the next sales cycle for the apartments in approximately a year, allowing time for the initial phase of development to progress.
Through these initiatives, HoABL aims to address the growing demand for affordable housing in Mumbai and its suburbs. By leveraging technology and forming strategic partnerships, the company is working to make homeownership more accessible to a broader segment of the population.
Source PTI
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