HoABL Sells 1,419 Flats in Mumbai Metropolitan Region for Rs 640 Crore

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) due to strong demand for low-cost homes. This success underscores the growing need for affordable housing in one of India's most populous urban areas.

In July last year, HoABL had partnered with Mittal Builders to develop a housing project, 'The Great Western', at Naigaon in MMR. The project comprises 30 lakh square feet of area and around 4,600 apartments, with an investment of Rs 2,000 crore. The first phase of this project was launched in September.

HoABL announced that in the first phase, the company allotted 1,419 homes to customers last month after receiving the booking amount. Over 8,800 customers had applied to purchase apartments. The company offered one-bedroom flats for Rs 32.9 lakh each and two-bedroom apartments for Rs 49.9 lakh, making them highly attractive to homebuyers looking for affordable options in the MMR.

HoABL has also tied up with leading banks, including State Bank of India (SBI), HDFC Bank, and Axis Bank, as well as major housing finance companies to provide home loans to buyers. This collaboration ensures that potential buyers have easy access to financing options, further boosting the project's appeal.

Abhinandan Lodha, Chairman of HoABL, noted that the entire booking and allotment process was conducted online, reflecting the company's commitment to leveraging technology for efficient operations. He emphasized that HoABL aims to deliver this project ahead of schedule, demonstrating the company's focus on customer satisfaction and timely delivery.

HoABL plans to launch the second phase of apartments in the first week of February, continuing its momentum in the affordable housing market. Established in 2020, HoABL has already made significant strides in plotted development, selling about 13 million square feet of developed land in Maharashtra, Goa, and Uttar Pradesh.

The success of 'The Great Western' project highlights the growing importance of affordable housing in urban areas and HoABL's strategic approach to meeting this demand. With a robust partnership network and a focus on customer-centric solutions, HoABL is poised to continue its growth trajectory in the real estate sector.