Lodha launches affordable home project in Mumbai

Lodha launches affordable home project in Mumbai
The Hindu Business Line, March 19, 2009, Page 17

Our Bureau, Mumbai

Breaking the sub-Rs 2000 per sqft price barrier in Mumbai, realty major Lodha Group has launched a 6,500 unit affordable home project at Dombivili, 50 km away from the city, at Rs 1,998 a sq ft.

The integrated township project, to be built in two phases at a cost of Rs 950 crore, will be spread over 125 acres with 3,500 residences being developed under the first phase. The residential development will comprise 11 clusters. The project has been planned with 86 per cent of open space with units of one, two and three BHK priced at Rs 11.7 lakh, Rs 14.9 lakh and Rs 24.3 lakh. The first phase is scheduled for delivery in 2011.

The promoters intend to pump in 20 per cent of the project cost as equity. The balance is expected by way of 20 per cent bank funding and 60 per cent internal accruals.

Mr Abhisheck Lodha, Director, Lodha Group, said, “It will be a mini city with all conveniences and utilities available within an integrated residential township. It is the largest initiative by the Lodha Group and will see planned development of 9,000 acres. The township will be a complete self-sustaining eco-system with a residential and commercial hub and world-class amenities and infrastructure.”

This residential project will be part of the 9,000-acre land expanse that the Lodhas intend to develop at Dombivili. From playschool to international universities, medical centres to multi-specialty hospitals, gardens to golf courses and small business offices to SEZ, the promoters intend to encompass all within the large land holding. The entire 9000 acre development will take 10-15 years, said Mr Lodha.

Good response

Mr Hardeep Dayal, Managing Director, Centrum Capital, said the Lodhas had got a good response for their affordable range projects in Thane and going by that they have taken this call.

On pricing and prospects, he said there was a likelihood of PLR being pared further and if it happened soon, it would be a win-win situation for the developer and customers, more so as the project was in the sub-Rs 20 lakh range.

Mr Dayal said Dombivili was well connected, both by road and rail, and as such the basic and social infrastructure was in place with a sizable populace already living there.