Real Estate

Lodha Group to invest Rs 2,500 cr on three affordable housing projects in Mumbai

Our Bureau Mumbai | Updated on September 30, 2019 Published on September 30, 2019

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. 

Published on September 30, 2019
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