Mahindra Lifespaces Developers launched affordable housing project in Mumbai

Mumbai: Mahindra Lifespace Developers is India’s first “Green Homes” developer and arm of leading real estate venture Mahindra Group.  On Thursday, the Developer had launched its second affordable housing project under Happinest vertical in Mumbai suburb, Boisar.In a press interview; the company’s managing director and Chief Executive Anita Arjundas said that “MLD had launched its first pilot project based on low margins and high volume at Avadi, at north Chennai about 6 weeks ago where the company will build around 1,400 homes and second in Boisar, Maharashtra which is about 100 kms from Mumbai. These two pilot projects are launched to provide good quality housing at low prices and it is expected to complete in two years without any delay.”

In the month of June, the Mahindra Lifespace Developers has launched a new business vertical named Happinest, to develop low cost housing projects. The project of 1,359 units in Boisar spread over 14 acres, offers 1RK and 1 &2 BHK apartments between 351 sq ft and 695 sq ft in the price range of Rs 9.1 Lakh to Rs 17.5 Lakh.In the first phase of project in Chennai, we sold 110 units in 45 days out of 600 units and considering the rising demand of low cost housing we are also planning to start similar projects in other localities of Maharashtra, Anita Arjundas added.

To finance the Happinest customers whose average monthly income is Rs 20,000 to 40,000, the company is tying up with few housing finance companies like micro home finance companies such as Muthoot, Mahindra Finance and Inventure.  The business group anticipates that the business will contribute nearly 20-25 percent of total revenues from this segment in the following years.

Maharashtra Industrial Development Corporation Centre (MIDC) has largest industrial area in Boisar and the area houses more than 1,500 industries. Sriram Mahadevan, Business head of MLD affirmed that “The housing project in Boisar is designed by keeping the future needs in mind and it is pre-certified by Indian Green Building Council where the main aim is to deliver quality housing to all the  customers at moderate rates within a year from the Booking date.”

newly launched real estate projects in mumbai