Mahindra Lifespaces Developers,
the real estate arm of the Mahindra group, today 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 told
reporters here. 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."
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