Wednesday, August 6, 2014

MAHINDRA LIFESPACES AFFORDABLE HOUSING FORAY

Mahindra Lifespaces, the real estate and infrastructure development division of the USD 16.5 billion Mahindra Group, today announced its first affordable housing project -- Happinest -- in suburban Avadi. "With a high level of urbanisation and industrialisation, Chennai was our choice to meet the needs of large, under- served customer base," Mahindra Lifespaces Developers MD and CEO Anita Arjundas said. "Built on the three pillars of Trust, Better Living and Affordability, Happinest endeavours to meet the housing needs of families with current combined monthly income of Rs 20,000 to Rs 40,000," he said.
Happinest, the first project of Mahindra Lifespaces into the affordable housing space, would have about 1,200 units comprising single and double bedroom apartments with square ft ranging from 396 sq ft to 677 sq ft, a company statement said. The housing units are priced at Rs 9.9 lakh for single bedroom (396 sq ft) while Rs 18.9 lakh for double bedroom (677 sq ft) apartment, it said.
"We are delighted to announce our first project in Avadi, one of the fastest growing suburbs of Chennai. Besides designing an optimum product in terms of size, conveniences and amenities we are focused on reaching the end consumer.", Happinest-Business Head- Sriram Mahadevan said.
Mahindra Lifespaces has collaborated with IIT Madras for foundation design of the project, that would also have 24x7 power backup and a dedicated community activity area, the statement added.

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