Affordable housing project launched in Mumbai by HDIL

Real estate developer Housing Development and Infrastructure (HDIL) has launched the first project in Mumbai under its newly formed affordable housing brand Budget Homes, according to a regulatory filing.

The project located in Mulund will have a total of 263 homes up for sale in the first phase.

“We would like to inform you that, the company has launched a new project ‘The Nest’ at Mulund, Mumbai, under the affordable housing brand ‘Budget Homes’, having 263 units open for sale in phase 1 of the project,” it said in a BSE filing yesterday.

Budget Homes will cater to the Mumbai Metropolitan Region (MMR) region and the homes under the brand will be within a price bracket of Rs 50 lakh inclusive of stamp duty and registration in Mumbai suburbs and within Rs 20 lakh range including stamp duty and registration charges in the Vasai-Virar region.

HDIL recently decided to divest its 100% shareholding in its wholly owned subsidiary company Excel Arcade. The company’s consolidated net profit declined 61% year-on-year to Rs 40.25 crore for the quarter ended December, while its total income decreased 65% to Rs 112.42 crore.