Lodha Group goes for ₹2,500-cr affordable units

Realty estate developer of national repute, Lodha Group, has recently announced the construction of 3 affordable housing projects in Mumbai Metropolitan Region involving an investment of ₹2,500 crore. The company has launched its affordable housing brand named as Crown aimed at families with monthly income of ₹50,000 onwards. The housing units built under this brand will be priced from ₹25 to ₹50 lakhs and select homes up to ₹75 lakhs, said Managing Director, Lodha Group, Abhishek Lodha, claiming that for the project in question, it has tied up with banks in such a way that the effective interest rate for the first time buyers will be just around 5% per annum and they can buy homes by paying a very small down payment. Currently Lodha Group derives over 50% of residential sales through its affordable housing projects across various major cities in the country.