Mahindra Lifespaces Developers, the real estate arm of the Mahindra group, on Monday launched its new business vertical 'Happinest' that will focus on developing affordable housing projects.
The first two projects under the new vertical will be developed at Avadi in Chennai and Boisar in Mumbai and would be priced between Rs 10-20 lakh.
"Our commitment to sustainable urbanisation is to be in businesses and develop projects that promotes culture, connectedness and community. 'Happinest' epitomises the concept of shared value where companies seek to do business in a manner which combines profitability with advancing the economic and social conditions of the communities," Mahindra Group Chairman Anand Mahindra said.
The two projects are expected to be completed in two years, Mahindra Lifespaces Managing Director and CEO Anita Arjundas said.
"The Chennai project, which has received all approvals except from the municipal corporation, will be launched in July, while Boisar project is yet to receive environmental clearance and will be launched in August," Arjundas said.
These apartments would have an area ranging between 400-600 sqft and will be priced between Rs 10-20 lakh, she said.
Speaking at the occasion, company's Chairman Arun Nanda said the new project is company's strategic endeavour to address the large and under served home ownership market.
The company, however, refused to give details about investment for the project but said it has invested in innovations to ensure speedy execution and lower costs.
Arjundas said the investment in buying land and other works has been through internal accruals.
She further 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.
When asked about Prime Minister Narendra Modi's vision of building 100 smart cities, Mahindra said, "Smart cities shouldn't only be IT enabled but should be planned smartly. If we have to provide affordable housing below Rs 20 lakh, then it is important to see the land is available at low cost. The land should be used for diversity."