During the early eighties, the promoter of KHCL perceived a dire shortage of housing in Mumbai. The construction sector was characterized by unethical practices with the end consumer getting a raw deal from builders and developers. Thus Kamanwala Housing Development Finance Company undertook both to construct low cost housing and to finance it at nominal rates. The company built Attar Apartments and Kamanwala Nagar at Virar under this program. Apart from this, the company also acquired some old buildings and tenements. These buildings were repaired and renovated. The ownership rights were then transferred to the tenants at reasonable rates. The projects were not only viable, but also profitable for the company as the buildings were acquired at economical rates. Moreover, the conversion of tenancy to ownership at affordable rates appealed to many tenants and the company received an encouraging response. One of the first such projects was the well known Kamanwala Chambers at Fort, Mumbai. Formerly Advani Chambers, this commercial building was converted in 1985. Kamani Chambers at Ballard Estate is another building which was taken up for renovation and conversion of tenancy to occupancy. Currently, the renovation and conversion of Vallabh Terrace at Opera House, Mumbai, is under progress.