New Delhi: Realty firm Mittal Builders has tied up with House of Abhinandan Lodha to develop a housing project in Mumbai Metropolitan Region with an investment of Rs 2,000 crore.
In a statement on Thursday, Mittal Builders said it has entered into a Joint Development Agreement (JDA) with House of Abhinandan Lodha (HoABL) to co-develop an 11-acre project comprising 30 lakh sq ft, comprising over 4,600 apartments and high-street retail.
The project is expected to be launched in the second quarter of 2025-26.
"The JV project involves a planned investment of about Rs 2,000 crore and a GDV (gross development value) of over Rs 3,000 crore in the next 3-5 years," the company said.
Rahul Mittal, Promoter, Mittal Builders, said, "Naigaon is fast emerging as a key growth centre in the MMR."* The formation of this JV with HoABL brings together two complementary strengths to accelerate Naigaon's evolution into a well-integrated urban destination, he added.
Akshay Mittal, Promoter, Mittal Builders, said the company has already delivered 2 million sq. ft. of residential space housing over 2,000 families, and a school educating more than 2,500 students in Naigaon. Rakesh Pai, Chief Operating Officer at HoABL, said the Mittal Builders, which was founded in 1952, portfolio that exceeds 50 million sq. ft. across more than 2,000 buildings in Mumbai, Thane, Pune, Delhi, Bangalore, Hyderabad, and Nagpur.
Established in 2020, HoABL has delivered 4 projects totalling about 15 million sq ft of developed land.
It is mainly into plotted development and is now foraging into group housing.
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