Mahindra Lifespaces Developers launches affordable housing project in Mumbai
The company, this year in June, had launched a new business vertical called 'Happinest', focused on developing affordable housing projects
Oct 10, 2014
Source : The Economic Times
Housing Proj

 

MUMBAIMahindra Lifespaces Developers, the real estate arm of Mahindra Group, today launched its second affordable housing project under its 'Happinest' vertical at Boisar near here. 

"Our intent is to provide good quality housing at affordable rates. We have decided to undertake two pilot projects - one in Chennai, which we have already launched in August and the second one is in Boisar (in Maharashtra)," company's Managing Director and CEO Anita Arjundas told reporters here. 

The company, this year in June, had launched a new business vertical called 'Happinest', focused on developing affordable housing projects. 

Spread across over 14 acres, the Boisar project offers 1RK, 1 and 2 BHK apartments in the range of 351 sqft to 695 sqft and would have a total of 1,400 units. 

The apartments will be priced between Rs 9.1 lakh to Rs 17.5 lakh. 

In the first phase, where construction will commence from next week and is scheduled to be completed in a year, the company will build nearly 359 units. 

When asked whether the company is looking at other locations to launch similar projects, Arjundas said, "There is a huge demand for affordable housing. We are evaluating opportunities and we may come up with such projects in Maharashtra itself considering the increasing demand for affordable housing and development of infrastructure and industries in the state." 

The company expects the business to contribute nearly 20-25 per cent of its revenues in the next few years. 

"It is premature to give any specific timeline, but we expect to have 20-25 per cent of our total revenues from this segment in the next few years. But for achieving this target, we will have to create larger volumes through speedy execution," she added. 

'Happinest' endeavours to meet the housing needs of families with current combined monthly income of Rs 20,000 to Rs 40,000, Arjundas said. 

The company has tied up with credit scoring agencies like Inventure and micro home finance companies like Mahindra Finance and Muthoot to reach out to right customers.

Latest Realty News

Bloomberg TV announces Top Real Estate Developers across major Indian cities
Oct 10, 2014
Bloomberg TV India announces the top real estate developers across major cities in India to analyse the most successful real estate firms
RBI concerned about banks’ exposure to real estate, infrastructure
Oct 09, 2014
The Reserve Bank of India (RBI) is concerned about the extent of banks’ exposure to the real estate and infrastructure sectors, deputy governor R. Gandhi said
Indian REITs, InvITs must be more tax efficient – APREA
Oct 09, 2014
The tax treatment of India’s new real estate investment trusts (REITs) regime should be changed to remove stumbling blocks to investment in the vehicles, a lobby group has said
Special police force to check illegal land dealings
Oct 09, 2014
With an objective of tightening the noose around land mafia, the state government has set up a specialized force to look into illegal land dealings
Building construction norms to be simplified in 3 months
Oct 09, 2014
The urban development ministry has set a three-month deadline to notify simplified rules for obtaining sanctions for building construction in Delhi
No Breach of Model Code in Haryana Government Nod to Vadra-DLF Land Deal
Oct 09, 2014
The Election Commission ruled that there appears to be no violation of the model code of conduct by Haryana government in clearing the land deal between Robert Vadra and real estate major DLF
L&T Infra Finance to launch realty fund
Oct 09, 2014
L&T Infra Finance Private Equity, which is in the process of raising a total of Rs 3,750 crore in an overseas fund and a domestic fund, plans to launch a real estate fund
Home buyers not fully convinced about recovery in real estate sector
Oct 09, 2014
The tents are back on the streets of Noida. An army of property brokers that sells the dream and lure of real estate has dusted out their makeshift offices, fuelled by hopes of an economic recovery
Land row: HC orders Rs 40 lakh fine for sponsored litigation
Oct 09, 2014
In an unprecedented order, the Bombay high court has ordered a Mumbai resident to shell out Rs 40 lakhs as legal costs while dismissing his application seeking to stop the allotment of a sprawling plot in Versova to a cooperative housing society and halt development by a city builder
Bangalore Become the Most Favorite Property Investment Destination for NRIs
Oct 09, 2014
The real estate market in the Bangalore city is propped up by investments from NRI’s

Latest Realty News Of State

Realty Talk's