Mahindra Group: Providing Affordable Housing Through Happinest

Mahindra Group: Providing Affordable Housing Through Happinest

The Mahindra Group has announced its foray into the affordable housing sector through real estate and infrastructure arm Mahindra Lifespace Developers. This company is now set to expand in the Chennai and Mumbai Metropolitan Region in the coming 2 months. The projects will be launched through the developer's new business vertical aptly titled Happinest. This project will target families with monthly incomes of up to Rs. 40,000.

Mahindra Life Space Developers will launch its new projects under this vertical in two locations namely Avadi in Chennai and Boisar in Mumbai. The projects will be priced between Rs. 10-20 lakhs. Committment to sustainable urbanisation is what has channelled the company's move in this area, according to media reports quoting Mahindra Group Chairman Anand Mahindra.

The project seeks to develop “culture, connectedness and community”. These are 3 very important features of a successful housing project. Real estate is all about providing the customer with a good deal and positive experience when it comes to standard of living and amenities.

The community and neighbourhood within which the project is developed should also promote a sense of “we-feeling” and connections. According to Chairman Anand Mahindra, the main impetus behind Happinest is the concept of shared value where companies engage in commerce in a way that “combines profitability with advancing the economic and social conditions of the communities”.

The 2 projects are to be completed within 2 years, according to the MD and CEO of Mahindra Lifespaces, Anita Arjundas. The Chennai project will receive all approvals except those from the municipalities. The municipal corporation will be providing approval at a later point. The Avadi project will be launched from July onwards.

The Boisar project is yet to receive the environmental clearane and it will be launched in August. The apartments should range between 400 to 600 square feet and priced between 10 to 20 lakh rupees. Company chairman Arun Nanda has declared the new project as a strategic move to address the gaps in the real estate niche area of home ownership market.

Details about investment for the project have not been provided but innovations are on to ensure effective and speedy execution. Lower costs are another feature ofo this project which will attract income conscious families and individuals looking for residential properties in the 2 metro cities. The company has also collaborated with credit scoring agencies such as Inventure. Apart from this, it has also tied up with micro home finance company Mahindra Finance as well as Muthoot Finances to reach out to large customer base.

Affordable housing is one of the biggest goals that Indian real estate is yet to accomplish in many cities. With ventures such as those by the Mahindra Group, this goal may prove less elusive.