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Mittal Builders has partnered with House of Abhinandan Lodha (HoABL) to develop an 11-acre housing project in Naigaon, Mumbai Metropolitan Region (MMR), with a planned investment of INR 2,000 crore. The project, launching in Q2 FY26, is expected to yield over INR 3,000 crore in Gross Development Value (GDV) over 3-5 years. It includes over 4,600 apartments and high-street retail. This Joint Development Agreement (JDA) combines both firms' strengths in what Mittal Builders calls a fast-growing center, marking HoABL's entry into group housing.
Realty firm Mittal Builders has entered into a partnership to develop a housing project in the Mumbai Metropolitan Region (MMR). The company aims to expand business in the real estate sector through a joint development agreement with House of Abhinandan Lodha (HoABL). Advertisement
The project spans 11 acres and is planned for 30 lakh square feet of developable area. It will include over 4,600 apartments and high-street retail components. The project is expected to be launched in the second quarter of fiscal year 2025-26. This joint venture project involves a planned investment of about INR 2,000 crore and is expected to generate a Gross Development Value (GDV) of over INR 3,000 crore over the next 3-5 years.
Rahul Mittal, Promoter, Mittal Builders, stated that Naigaon is fast emerging as a key growth centre in the MMR. He added that the formation of this JV with HoABL brings together two complementary strengths to help Naigaon evolve into a well-integrated urban destination. Mittal Builders, founded in 1952, has a portfolio that exceeds 50 million square feet across over 2,000 buildings in Mumbai, Thane, Pune, Delhi, Bangalore, Hyderabad, and Nagpur.
Akshay Mittal, Promoter, Mittal Builders, stated that the company has already delivered 2 million square feet of residential space, housing over 2,000 families, and a school educating more than 2,500 students in Naigaon. House of Abhinandan Lodha (HoABL), established in 2020, has delivered four projects totaling about 15 million square feet of developed land. It is mainly involved in plotted development and is now venturing into group housing.
Rakesh Pai, Chief Operating Officer at HoABL, made a reference to Mittal Builders' property holdings. He noted that Joint Development Agreements are a strategy frequently used by real estate developers for combining their expertise and capital, particularly when undertaking large-scale projects.
Source: PTI
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