HoABL's Growth Housing Allots 1,419 Affordable Homes Worth ₹640 Crore in MMR's Naigaon

Mumbai-based developer House of Abhinandan Lodha’s Growth Housing has allotted 1,419 homes valued at nearly ₹640 crore through a fully online process for its debut affordable housing project in Naigaon, Western Mumbai, the company announced on January 1.

The allotment was conducted entirely digitally, allowing registered customers to log in, verify their eligibility, and participate online. Successful applicants received digital allotment letters immediately, which will also be delivered physically to their homes or handed over at a forthcoming allotment event, the company stated.

The company has so far received the payments for 80% of the apartments that were allotted in the first phase of the project, The Great Western Mumbai, as per the payment schedule. The company plans to launch the second phase of the project around the first week of February, it said in a statement.

Of the homes allotted, 51% were 1 BHKs and 49% were 2 BHKs. As many as 45% buyers were salaried and 55% non-salaried, the company said. To further support customers, Growth Housing has tied up with leading banks including SBI, HDFC Bank, Axis Bank, and premier Housing Finance Companies such as Bajaj Housing Finance, ICICI Home Finance, IIFL Housing Finance, and Tata Capital Housing Finance. These partnerships have completed Advance Processing Facility (APF) ensuring buyers get home loan access. Some of these lenders have also offered special discounts on processing fees, the company added.

“We thank our customers for their overwhelming response and their belief in our online model, perhaps the first ever in the globe. We wish we had more inventory to offer, as the sense of being left out among those who could not be allotted a home was far stronger than the joy of those who were successful. Our endeavor now is to focus on the project to ensure it is delivered before time, with the quality that HoABL is known for. We hope this development and the online-only model with no sample flats, no sales team, and effective use of AI becomes a benchmark for all our future projects,” said Abhinandan Lodha, chairman of HoABL.

In September, the company had announced that it will invest around ₹1,400 crore in an affordable housing project in Naigaon. Over the next three years, the project will offer 4,000 apartments and develop 2 million sq ft of space. The development is expected to be completed in three sales cycles, with a target completion by 2029. The project is a joint development agreement with Mittal Builders.