House of Abhinandan Lodha sells 1,419 flats in Mumbai region for Rs 640 cr

New Delhi, Jan 1 (PTI) Realty firm The House of Abhinandan Lodha (HoABL) has sold 1,419 apartments for Rs 640 crore at its housing project in the Mumbai Metropolitan Region (MMR) on strong demand for low-cost homes.

In July last year, HoABL had tied up with Mittal Builders to develop a housing project, 'The Great Western', at Naigaon in MMR, comprising 30 lakh sq ft area and around 4,600 apartments, with an investment of Rs 2,000 crore.

The company launched the first phase of this project in September.

In a statement on Thursday, HoABL said that the company in the first phase has allotted 1,419 homes last month to the customers after receiving the booking amount.

More than 8,800 customers had applied to purchase apartments. The company sold one-bedroom flats for Rs 32.9 lakh each while two-bedroom apartments for Rs 49.9 lakh.

HoABL has tied up with leading banks, including SBI, HDFC Bank, Axis Bank as well as major housing finance companies for providing home loans to buyers.

Abhinandan Lodha, Chairman of HoABL, noted that the entire booking and allotment process was conducted online. He said the company would focus on delivering this project before schedule.

HoABL plans to launch the second phase of apartments in the first week of February.

Established in 2020, HoABL is mainly into plotted development. It has sold about 13 million sq ft of developed land so far in Maharashtra, Goa and Uttar Pradesh. PTI MJH HVA