Mahindra Lifespace looking forward to build domestic projects
Sriram S Mahadevan who is the Business Head of Mahindra Lifespace Developers compares affordable homes to products carrying maximum retail price or MRP labels. Any rise in the price which is above Rs 20 lakh or Rs 2400-Rs 2600 per sq ft would have the target clientele rejecting the product he said. With 1.5 million sq ft under the development in Chennai and Boisar near here, Mahadevan stated that the Mahindras are trying to perfect the business model for affordable housing as stated by excerpts from an interview.
In the interview when asked about their investments he stated that they have invested about Rs 259 crore on both when completed. They further stated that they are looking to build around 7.5 lakh sq ft (about 1200 apartments) at Avadi in Chennai and around 5.5lakh sq ft (1000 flats) at Boisar near this region. The size of the flats would range in between 350 sq ft and 670 sq ft. The demand for affordable houses is also coming up. This is mainly because the projects are based on luxury amenities and are missing out on an affordable price quote. Hopefully these projects will act as a relief for people willing to buy affordable homes.
Source: The Hindu Business Line
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