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

The Lodha Group plans to invest Rs 2,500 crore in three affordable housing projects priced between Rs 25 lakh and Rs 50 lakh per unit in Mumbai Metropolitan Region, the company said in a statement on September 30.

The three projects -- located at Thane, Bhiwandi and Taloja -- will be launched this financial year under a separate brand Crown, the company said.

The first project at Thane, spread over 10 acre comprising 2,800 units, will be launched on October 2. The brand would cater to families with a monthly income of Rs 50,000 onwards.

Two additional launches are planned for this financial year – in Bhiwandi and Taloja.

“We believe the Prime Minister vision of Housing for All can be best served with ‘high quality housing at affordable prices’ which will not only lead to an improvement in health and lifestyle but will also help with wealth creation for middle class families as these homes appreciate in value.

"We have tied up with banks such that the effective interest rate for the first time buyers will be just around 5 percent 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," said Abhishek Lodha, Managing Director, Lodha Group.