HoABL invests Rs 200 cr in affordable housing project, looks to develop 7 more sites in Mumbai

Mumbai, Sep 22 (PTI) Realty firm House of Abhinandan Lodha is investing Rs 200 crore in an affordable housing project in suburban Naigaon, and looking at seven more sites to have similar developments in metropolitan Mumbai, a top company official said on Monday.

HoABL chairman Abhinandan Lodha told reporters that it has started discussions on one of the sites, while the others are only identified ones.

The seven sites include one near the upcoming Navi Mumbai International Airport, he added.

"All these will be joint developments with people holding the land. We will look for over 20 lakh sq ft of development potential which will get delivered in about five years," the son of BJP leader Mangalprabhat Lodha who started this company in 2020, said.

The Naigaon project, where it has partnered with Mittal Builders, is spread over 12 acres and will be built in two phases over the next five years, he said, adding that HoABL is investing Rs 200 crore in it.

Lodha said his group which is also into plotted developments, vertical developments and hospitality, has created a dedicated initiative for affordable housing called 'HoABL Growth' where it plans to provide premium amenities along with affordable homes.

The houses are also sold using the best of digital technology which helps bring down the cost for borrowers, Lodha said, conceding that though the profit margins are low, the volumes make up for it.

Hinting that such developments are not too capital-intensive because it depends on a partner for the land parcel and invests in the construction, Lodha said it will look for a development potential of up to 25 lakh sq ft over five years, proximity to a railway station and three sale cycles in newer projects.

In the Naigaon project, 8,838 applications were received online for 1,419 units on sale and only 10 per cent of the applicants visited the project site, he said, and added that the next sale of apartments will only be after a year.

Adopting digital technologies including the help of agentic artificial intelligence in sales has driven down costs by a fourth, which helps in reducing the final cost to a buyer, he said, promising that the sale price of a flat will go up in every phase. PTI AA HVA