Lodha’s foray into truly affordable housing with the launch of CROWN
To invest Rs. 2500 crores to build homes between Rs. 25-50 lakhs in Mumbai (MMR)
~Aspirations. Pride. Affordability~
Mumbai, September 30, 2019: Lodha Group, India’s largest residential real estate developer, has announced the launch of its truly affordable housing brand “Crown”, catering to families with monthly income of just Rs. 50,000 onwards. The homes will be priced from Rs. 25 – 50 lakhs (select homes upto 75 lakhs). With an emphasis of excellent design, world-class amenities, well-connected locations and complete social ecosystem, the coveted Lodha lifestyle will now be accessible to a much larger group of Mumbaikars, who desire a quality lifestyle but have so far been kept out of the market due to high prices.
The first project under the brand at Thane (Majiwada, near Viviana mall) is being launched on 2nd October, the 150th Birth Anniversary of Mahatma Gandhi. Two additional launches are planned for this FY – in Bhiwandi and Taloja.
CROWN at a Glance
• 1 and 2 BHK homes from 25 L – 50 L (with some at 75 L)
• Effective RoI of 5% p.a.
• EMI just a little more than rent
• Over Rs. 2,500 crores of new investment with 3 new projects
Commenting on the launch, Abhishek Lodha, Managing Director, Lodha Group said, “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 believe that the recent initiatives of the government will revive the economy and hence, we have embarked on this ambitious new round of investment. It is quite amazing that a family which earns just Rs. 50,000 p.m. will be able to own a Lodha home – we have tied up with banks such that the effective interest rate for the first time buyers will be just around 5% p.a. 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.”
The brand seeks to deliver on a promise of ‘Jiyo Toh Aise’ with the belief that a home is a matter of pride for every family and hence, every family has the right to live in a high quality home at a convenient location. So far, middle class families have been forced to choose between poor quality developments or inconvenient locations, reducing their pride in their home. Crown seeks to change this.
Currently at Lodha, over 50% of residential sales are generated from affordable housing projects. With the launch of Crown, Lodha Group intends to invest over INR 2,500 crore in 3 new projects.
The new brand redefines the affordable housing segment. Inspired by the vision of our honorable Prime Ministers on ‘Housing for All’, Lodha Group is furthering the narrative and envisions Mumbai, the city of dreams to be built with ‘High quality housing for every aspiring Mumbaikar’.
About Lodha Group:
Lodha Group is India’s largest residential real estate developer by sales and construction area. The company has clocked net new sales of over INR 7000 crores in FY 18-19 with collections of over INR 9000 crores. Lodha Group delivered over 10,000 offices & homes in FY 18-19, which is estimated to be the largest delivery of multi-storied developments by any company in the world (ex-China).
