MUMBAI: Realty company House of Abhinandan Lodha is investing ₹200 crore in an affordable housing project located in suburban Naigaon and is exploring seven additional sites for similar developments across metropolitan Mumbai, a senior official revealed on Monday.
Abhinandan Lodha, chairman of HoABL, shared with reporters that discussions have commenced on one of the sites while others are still being evaluated.
The identified sites include one close to the upcoming Navi Mumbai International Airport, he added.
“All projects will be joint developments with landowners. We aim to achieve over 20 lakh sq ft of development potential, expected to be delivered in around five years,” said Lodha, whose father, Mangalprabhat Lodha, founded the company in 2020.
The Naigaon project, in partnership with Mittal Builders, spans 12 acres and will be developed in two phases over the next five years, with an investment of ₹200 crore from HoABL.
Lodha pointed out that the group, engaged in plotted developments, vertical constructions, and hospitality, has launched a focused initiative for affordable housing named ‘HoABL Growth,’ designed to offer premium amenities with affordable homes.
The sales leverage advanced digital technology to reduce costs for borrowers, he noted, acknowledging that while profit margins are slim, high volumes compensate for it.
He indicated that such developments aren’t capital-intensive since they depend on partners for land and primarily invest in construction. The firm anticipates a potential development of up to 25 lakh sq ft over five years, with considerations for proximity to railway stations and multiple sale cycles in new projects.
In the Naigaon project, 8,838 applications were received for 1,419 available units, with only 10% of applicants visiting the site. He mentioned that the next sale of apartments will take place in a year.
The integration of digital technologies, including the use of agentic AI in sales, has reduced costs by approximately 25%, directly lowering the final purchase cost for buyers. Lodha assured that the selling price of apartments is expected to increase with each development phase.
