Mahindra Lifespaces’ New Initiative in The Affordable Housing Segment
Affordabl
e Housing being the mantra of the new NDA government to make the dreams of owning a house realize for every Indian citizen, the year has witnessed the move of several leading developers to the affordable housing segment. One such notable move was made recently by Mahindra Lifespaces Developers, the real estate arm of Mahindra Group this month, with the launch of one more project, their second affordable housing project. This new project was initiated under their ‘Happinest’ vertical located at Boisar, at the suburbs of Mumbai.
Anita Arjundas, Managing Director and CEO of Mahindra Lifespaces Developers told media that they look forward to provide quality housing at affordable rates, to cater the huge demand in this space. As a move in this segment, the company has finalised initiation of two pilot projects — one in Chennai and one in Boisar under a new vertical- ‘Happinest’. The Chennai project has already launched in August 2014. The new business vertical called ‘Happinest’ has been launched in June 2014 and is focusing exclusively on the development of affordable housing projects in various states.
Happinest, Boisar, the second project of Mahindra Lifespaces Developers in the affordable housing segment will be spread over 14 acres of land and offers 1RK, 1 and 2 BHK apartments in the range of 351 sq ft to 695 sq ft. The project will have about1,400 units and the pricing is expected to be between Rs 9.1 lakh and Rs 17.5 lakh. The construction of this new project will start from next week, targeting completion of 359 units within one year.
As revealed by the company CEO Mahindra Lifespaces is now in the process of evaluation of the demands, opportunities as well as potential locations for affordable housing in the country, with more concentration in the state of Maharashtra, as there is a huge demand in the state for affordable housing and development of infrastructure and industries. They revealed that they are expecting to contribute about 20-25 per cent of their revenues in this segment for the next couple of years.
The company has initiated tie-up with credit scoring agencies like Inventure and micro home finance companies like Mahindra Finance and Muthoot in this regard, to meet the housing needs of middle class families with a monthly income between Rs 20,000 to Rs 40,000.
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