Happinest- Mahindra Lifespaces’ affordable housing projects to be launched soon
BJP’s election manifesto was loud and clear, ‘’housing for all’’ by 2022. The middle and higher income groups always somehow manage to buy a shelter above their head; however it is the lower strata of the society which lives in uninhabitable conditions in slum dwellings. The realty arm of the Mahindra Group, Mahindra Lifespaces, has launched a new business vertical focused on affordable housing named as ‘’Happinest’’. This is not a very common move as the realtors always look at their profit margins and these low budget dwellings will not add to the top line of the company.
This vertical would launch its first two projects in Avadi in Chennai and Boisar in Mumbai. Anita Arjundas, the MD and CEO of Mahindra Lifespace Developers mentioned that the project would be priced at under Rs 20 lakh and its first phase would be delivered to the customers within nine months. It is aimed at providing housing to families with monthly income between Rs 20, 000 to Rs 40, 000.
These units would be sized between 420 to 600 square feet. The Chennai project will be launched in July and the Mumbai one in August. There will be 2,500 ‘’happinests’’ constructed under these two pilot projects.
Anand Mahindra, the Chairman of Mahindra Group mentioned that the affordable housing sector has a potential of $150 billion and the private companies would love to grab it. If the government is able to create a conducive environment, the right policy framework for swift execution of such affordable housing projects, then the private developers will be encouraged. The private companies are not doing charity here.
Mahindra Lifespaces has invested in engineering and construction innovations to ensure speedy execution and lower costs. There are affordable home finance options too available for these projects.
Source- The Hindu Business Line
affordable housing project, affordable housing projects in India, affordable housing projects in Mumbai, Mahindra Lifespace Developers, Mahindra Lifespaces, Mumbai-based Mahindra Lifespaces
