Mahindra lifespace to initiate affordable housing with MFIs
Hyderabad- One of the renowned property development firm, Mahindra Lifespace Developers (MLDL), had been focusing on the medium and premium residential projects and has now decided to come up with affordable housing projects.
The firm has decided to merge with micro finance institutions and banks to initiate the affordable housing projects. Mahindra has already set up its rank through World City projects at Chennai and Jaipur and has now chosen Tamil Nadu and Maharashtra for affordable housing.
They have already acquired lands for the projects in Tamil Nadu and Maharashtra.
According to Sangeeta Prasad, chief executive of Mahindra World City Developers, there is an opportunity of about 25 million affordable homes all over the country which can be fruitful for the an income group of about 5-12 lakh annually.
Also people with a lower annual income who find it difficult to get funds for their housing needs can be relieved now as Mahindra is in talks with the MFIs and banks to solve these issues.
The first premium residential project by the firm will be launched in Kukatpally ( Hyderabad) followed by many other projects in Mumbai, Gurgaon, Jaipur, Faridabad and Chennai.
As per Commonfloor’s point of view, affordable housing in India will cater to a large number of people as there have always been housing issues in India.
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