Abhinandan Lodha-backed Growth Housing completes allotment of 1,419 homes at Naigaon affordable housing project

The HoABL-led firm is banking on lower costs to build more affordable housing projects

• Growth Housing allotted 1,419 homes in Great Western Mumbai's first phase
• 80 percent of allotted flats' payments received via banks and NBFCs
• Next phase of sales to launch in February

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The House of Abhinandan Lodha (HoABL)-owned affordable housing platform Growth Housing announced that it has completed the allotment of 1,419 homes launched for the first phase of sales at its Great Western Mumbai development in Naigaon, in Mumbai's northern fringes. The firm also added that it plans to launch the next phase of sales in February.

"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 endeavour now is to focus on the project to ensure it is delivered before time, with the quality that HoABL is known for," said Abhinandan Lodha, Chairman, HoABL.

In a release, the firm also noted that it has received payments for 80 percent of the flats allotted as per schedule from various banks and non-banking financial companies (NBFCs). Growth Housing had partnered with banks and NBFCs such as State Bank of India, Axis Bank, ICICI Home Finance, Bajaj Housing Finance, and others for home loan disbursements for potential buyers.

The firm is developing the project as part of a joint development with the landowners Mittal Builders. Growth Housing is selling a one-bedroom apartment at the new project with a starting price of Rs 33 lakh, with a number of two bedroom apartments also being up for sale. The company sold the flats through an online application and allotment process, similar to affordable housing projects promoted by various state governments.

Abhinandan Lodha, while announcing the group's foray into affordable housing, said that it is looking to "cut flab" and excess costs from affordable housing projects that often render them unviable for the developers. The cost-cutting exercises include the elimination of sales teams, site visits, and sample flats, use of artificial intelligence, and a fully online application and payment process.

The company plans to set up other affordable housing projects elsewhere in the Mumbai metropolitan region, and has indicated that it is in talks with landowners to develop such projects through joint development and revenue sharing.