Real estate developer, the Lodha Group today said it will invest Rs 500 crore in the next 30 months for the development of 26 towers spread over 55 acres near a Mumbai suburb, Thane.
"We will invest between Rs 500-700 crore at our Thane property," Lodha Group's Director, Abhisheck Lodha, told reporters here.
The 26 towers would house one, two and three bedroom-hall-kitchen homes.
"The money will be raised through the sale of houses and bank finance," he said. The company has tied-up with HDFC, the country's largest lender of housing finance.
The Lodha Group helps in arranging finance for up to 90 per cent of the loan amount, he said.
This is the company's maiden entry into houses costing Rs 25-lakh plus. Earlier, it was in the segment of building houses costing more than Rs 50-lakh each.
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"With these new towers, we are targeting households with an income between Rs 5 lakh and 10-lakh per annum," Lodha said.
According to the company's estimates, Mumbai and its surrounding areas have a demand of 17 crore sq ft each year for the next 10 years.
The group focuses on developing luxury houses, office spaces and IT campuses. Recently, Deutsche Bank invested $425 million in the Group.