Mumbai land and levies put homes beyond young earners, says Abhinandan Lodha

Abhinandan Lodha, founder and chairman of The House of Abhinandan Lodha, has said that buying a home in Mumbai has become nearly impossible for young professionals, including those earning well. He made the remarks on a housing affordability panel at News18's Rising Bharat Summit in Mumbai, in comments reported on 3 November 2026.

Where the cost builds up

On floor space index (FSI), he argued that a higher FSI allows more homes to be built, but also raises the need for roads, water, sewers and other infrastructure. In his view, FSI alone would not solve the problem. He said technology could help lower the cost of delivering affordable homes, but that making homes affordable inside Mumbai itself was harder because of land prices and government charges. The policy asks he listed were incentives, lower rates and, probably, lower premiums.

He cited a Naigaon project in which, he said, the company launched only homes under ₹50 lakh and cut overall project cost by 22%. He also said the company sold 1,500 apartments online in one day. The panel remarks did not name the project. Published figures for the first phase of the company's Naigaon development show 8,838 registrations for 1,419 homes, completed online.

Western suburbs and Metro Line 13

The Maharashtra Cabinet Infrastructure Committee approved Metro Line 13 in August 2026. The ₹17,724.99 crore line will run for 25.03 km from Mira-Bhayandar to Vasai-Virar, with 21.78 km elevated, 3.25 km underground and 16 stations. It will connect with suburban railway stations at Naigaon, Nalasopara and Virar, and will have a depot at Chikhal Dongri in Virar. The corridor is expected to carry about 4.49 lakh passengers a day by 2031, and officials estimate it could cut road travel time by nearly half. Completion is targeted within five years of the necessary approvals.

Mr Hiranandani, a real estate veteran on the same panel, said affordable housing does not exist. He said that when a house sells at ₹40,000 a square foot in Mumbai, ₹20,000 goes to the government first. That figure was his own, and he did not provide a source for it.

What comes next

The remarks do not change any rule. The next concrete step is in the Metro 13 corridor. The Chief Minister has directed officials to complete land acquisition and approach-road works within six months of the August 2026 direction, and land acquisition and rehabilitation spending is estimated at ₹2,715 crore.

For the Naigaon project, the company has said it will be built and sold in three sales cycles, with full delivery targeted by 2029. The company is also exploring seven more sites in the Mumbai Metropolitan Region for similar projects, including one near the upcoming Navi Mumbai International Airport. Buyers evaluating any new project in the region can check its registration on the MahaRERA portal before booking.