Mumbai: Auto-InfoTech conglomerate Mahindra Group penetrates reasonable housing through its property development arm Mahindra Lifespaces (MLDL). Through the newly produced business vertical Happinest, MLDL will release 2 like housing projects in Boisar near Mumbai & Avadi in Chennai. The 2 projects will have 2200 apartments and a total of one million sq ft. The apartments, priced below Rs 20 lakh, will be launched in the next 2 months.
The projects, focused at families with monthly income of Rs 20,000 to Rs 40,000, will be built in phases. While the 1st phase will be finished in 12 months, the complete projects will be finished in 2 years.
The company’s foray into inexpensive housing coincides with Prime Minister Narendra Modi’s focus on home for all within 75 years of India’s independence or by 2022.
The company has linked up with credit scoring agencies such as Inventure and mico housing companies like Mahindra Finance, Muthoot, and MFHC & HFFC for housing finance for its clients.
Companies like Tata Housing, Usha Martin & Jerry Rao’s Value & Budget Housing have released inexpensive housing projects in the past but the category as a whole had not been a favourite with top realty developers due to lower margins in the segment, consultants said.
“By 2030, about 600 million people will live in urban centers and 70 % of the new jobs will be created in cities. To meet the demand, you need a new Chicago every year. It sounds very daunting but it is a $150 billion opportunity,” said Anand Mahindra, Chairman of Mahindra group.
“If I were in Delhi, I would be trying to see how policy can be streamlined to become reality through incentives, generation of templates & ecosystem,” Mahindra said.
On leveraging intra group synergies, he said the group would leverage synergies within group companies like IT & other abilities.
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