Comments
Real estate developer Lodha Group has entered the affordable housing segment “Crown”, aimed at lower middle class families families with monthly income of around Rs 50,000 onwards.
The homes will be priced from Rs 25–75 lakh starting with a project in Mumbai suburban region Thane.
The first project under the brand at Thane is being launched on October 2. Two additional launches are planned for this financial year– in Bhiwandi and Taloja.
“We believe that the recent initiatives of the government will revive the economy and hence, we have embarked on this ambitious new round of investment," said Abhishek Lodha, Managing Director, Lodha Group. "We have tied up with banks such that the effective interest rate for the first time buyers will be just around 5 per cent per annum and they can buy homes by paying a very small down payment. In fact, the monthly EMI on these homes is just a little more than rent. It is our dream to provide a high quality lifestyle to all hardworking Mumbaikars and we are confident that our new ‘Crown’ brand will change the entire dynamics of the real estate industry.”
Currently at Lodha, over 50 per cent of residential sales are generated from affordable housing projects. With the launch of Crown, Lodha Group intends to invest over Rs 2,500 crore in 3 new projects.
The new brand allows the group to touch three lower end of the affordable housing segment.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.