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.