Mahindra Lifespace to launch 4,500 homes under the affordable segment
Mahindra Lifespace, the listed real estate arm of the M&M group, is launching around 4,500 homes under the affordable housing segment in the next two months. This is in sync with the Modi government’s ‘’housing for all by 2022’’ agenda.
The company has identified two additional areas in the Mumbai Metropolitan Region, other than the Boisar project in Mumbai after initial launch of its first project in Chennai last month. These flats are targeted for the Rs 5-lakh-income group, and they can own a house between Rs 16 lakh and Rs 20 lakh range.
Sriram S Mahadevan the business head of Mahindra Lifespace Developers stated that this would add another 2,000 homes to our existing plan of 2,500 homes in Chennai and Boisar in Mumbai. The projects would be launched by end August and mid-September. He also added that financial inclusion is an important parameter for companies. Their company will make every move to translate the dreams of affordable housing for all into a reality.
The people who will be buying a house under the affordable segment generally don’t have permanent salary structure or documents to furnish when seeking a loan. Mahindra Lifespace has tied up with banks having experience in covering informal sectors, such as Home First Finance, Muthoot Home Finance and our group company Mahindra Rural Housing and Home Finance to identify the customers on the basis of their income and then select them for financing for a fixed term period.
Mahadevan also mentioned that normally the rate of interest varies between 12 % and 15 % of the flat cost. Though this is at the higher end, it is much better than the rates furnished by local sahukars which is as high as 30 to 36 %.
Source- Financial Chronicle
Home First Finance, Mahindra Lifespace, Mahindra Lifespace Developers, Mahindra Rural Housing, Muthoot Home Finance
