HoABL Sells 1,419 Flats in Mumbai for Rs 640 Crore: A Major Real Estate Milestone

New Delhi, Jan 1 (PTI) The House of Abhinandan Lodha (HoABL) has achieved a major milestone in the real estate sector by selling 1,419 apartments for Rs 640 crore in the Mumbai Metropolitan Region (MMR). This success is attributed to the strong demand for affordable homes in the region.

In July last year, HoABL entered into a partnership with Mittal Builders to develop a housing project called 'The Great Western' at Naigaon in MMR. The project spans an area of 30 lakh sq ft and includes 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 announced that they have allotted 1,419 homes last month to customers after receiving the booking amount. Over 8,800 customers had applied to purchase apartments. The company sold one-bedroom flats for Rs 32.9 lakh each and two-bedroom apartments for Rs 49.9 lakh.

HoABL has established partnerships with leading banks, including SBI, HDFC Bank, and Axis Bank, as well as major housing finance companies to provide home loans to buyers. Abhinandan Lodha, Chairman of HoABL, highlighted that the entire booking and allotment process was conducted online. He emphasized the company's commitment to delivering this project ahead of schedule.

HoABL plans to launch the second phase of apartments in the first week of February. Established in 2020, HoABL is primarily involved in plotted development. The company has sold approximately 13 million sq ft of developed land in Maharashtra, Goa, and Uttar Pradesh.

This significant sale by HoABL underscores the growing demand for affordable housing in the Mumbai Metropolitan Region, a trend that is expected to continue in the coming years. The company's strategic partnerships and online processes are key factors contributing to its success in the competitive real estate market.

The Mumbai Metropolitan Region (MMR) is a rapidly growing urban area that includes the city of Mumbai and its surrounding suburbs. It is one of the most populous and economically significant regions in India, making it an attractive location for real estate developers and homebuyers alike.

HoABL's achievement not only highlights the company's strong market presence but also reflects the resilience and growth of the real estate sector in the MMR. As the region continues to develop, the demand for affordable and well-located housing is expected to rise, providing opportunities for developers like HoABL to expand their portfolio and meet the needs of homebuyers.

In conclusion, the successful sale of 1,419 apartments by HoABL in the MMR for Rs 640 crore is a testament to the company's strategic approach and the robust demand for affordable housing in the region. With plans to launch the second phase of apartments soon, HoABL is well-positioned to continue its growth and contribute to the development of the MMR's real estate market.