Mahindra Lifespaces moving towards affordable housing

Q: Hi, a realty arm of Mahindra Group, Mahindra Lifespaces focused on affordable housing called called "Happinest".

Deepankar Godbole, Mumbai

24th June 2014

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Replies (4)

Good Morning Manis and Anirudh,
Mahindra Lifespace Developers is ambitious to join hands with the central and the state governments and participate in the public private partnership (PPP) programme to make affordable housing a reality for large number of Indians. Their residential segments catering to mid-premium and super premium households.

Dharmaja Patel, Mumbai

25th June 2015

Comment

Good Morning Dharmaja,
They are also offering opportunity to middle class with family income ranging between Rs. 20000-50000/month. Through "Happinest" they designed homes to serve this large emerging group. About 9 months ago the company launched its first affordable housing project at Avadi in Chennai. It offered 1/2BHK residential apartments in the price brackets of Rs. 9.9 lakh to Rs. 17.5 lakh. Currently, these units are available at Rs. 11 lakh to Rs. 21 lakh range.

Shreya Agarwal, Mumbai

25th June 2015

I heard that in phase-1, they have launched around 600 units and have sold more than 300 units in a very sluggish market in Chennai. That clearly indicates that whatever be the market conditions, there is a segment of people who are wishing to own their own homes, if priced appropriately.

Dharmaja Patel, Mumbai

25th June 2015

Right Dharmaja,
But remember affordable housing is not cheap housing. They have focused on value engineering and selected for new technologies to reduce cost, but improve the overall product quality. They are awaiting for the government to come out with its housing policy towards this and will be happy to join hands and implement this through a workable public private partnership (PPP) route.

Shreya Agarwal, Mumbai

25th June 2015

Hi all,
You are glad to know that Mahindra group's realty arm Mahindra Lifespaces has launched the phase-2 of its affordable housing project in Mumbai's suburbs in March'2015. In Ph-2 they are offering around 240 flats. This project is strategically located in Boisar, on the outskirts of Mumbai.

Anirudh Patel, Mumbai

25th June 2015

Comment

Good Morning Anirudh,
Yes, i heard a lot about this project. One in Avadi in Chennai and another in Boisar in Mumbai as a second Phase. The flat size is ranging between 351/762 sq-ft with 351 sq-ft being 1 room, kitchen and and 762 sq-ft being 2 BHK with bedroom, hall, kitchen. As per the developer, flats range from Rs. 11 lakh to Rs. 21 lakh.

Manisbapu, Mumbai

25th June 2015

Right Manis,
The company has launched its two project during one in Mumbai and another is Chennai as pilot project in the affordable housing segments. The company is looking to expand further in Maharashtra. The company will announce more projects in Maharashtra soon as they are trying to find the right fit of the land which they would be able to carry forward.

Anirudh Patel, Mumbai

25th June 2015

As per the Maharashtra government will change rules and regulations to help in delivery of affordable housing projects for the millions of the state's poor. Making sure that the offered new housing policy would be "pro-people", Maharashtra CM Fadnavis told the developers to work together with the government in its mission to provide affordable housing for the lower-middle class and the poor people.

Shantanu Kumar, Mumbai

23rd April 2015

Comment

Hi Shantanu,
Maharashtra CM was speaking at a conference on "Vision Maharashtra - Housing For All by 2022" organized by National Real Estate Development Council.

As per the Maharashtra CM, they have taken this issue very seriously and are fully commited to apply it. Govt. will make the laws versatile and he am ready to face criticism.

Ashish Bhoite, Mumbai

24th April 2015

Hi Ashish,
He also said that challenging laws and taxation must go to help the developers, but finally that should also result in affordable housing stocks.

But as per him, the new offered Development Control Rules for Mumbai would make sure that the optional powers of officials are decrease to the minimum for increased visibility.

Shantanu Kumar, Mumbai

24th April 2015

Yes, i was following the news. Even the Housing Minister Prakash Mehta recommended a decrease in FSI-TDR rates to make land available to developers in return for a specific percentage of free homes to the government, which could be sold at low prices to the poor classes.

At the same time , through this, the govt. could eliminate its Rs.350000 crore financial debt pressure got from the past program.

Ashish Bhoite, Mumbai

24th April 2015

Hi, do you know that the company would launch its first two projects in Avadi in Chennai and Boisar in Mumbai. According to the company, these projects would be aimed at families with a current combined monthly income of Rs 20000-40000/month.

Vineet Tendulkar, Mumbai

24th June 2014

Comment

Hello Vineet,
I read a bit on net that the project would be priced at under Rs 20 lakh and its first phase would be delivered to the customer within a timeline of nine months. The company would be constructing a total of 2500 units under these two pilot projects in Chennai and Boisar. These units would be sized between 420-600 sq-ft.

Praveen Modi, Mumbai

24th June 2014

Well Praveen,
It is also heard that they are expecting from the goverment to encourage such affordable housing projects and to create an enabling environment to facilitate such projects.

Vineet Tendulkar, Mumbai

24th June 2014

Yes you are absolutely right.......apart from investing in engineering and construction the company has also tied up with credit scoring agencies like Inventure and micro home finance companies such as Mahindra Finance to reach out to customers and meet their home finance requirements.

Praveen Modi, Mumbai

24th June 2014