Mahindra group has formed a new division, Mahindra Lifespaces Developers and have announced two projects, one in Avadi, Chennai; the second in Biosar, Mumbai, where the company will build decent, affordable homes to moderate income groups. The apartments will cost between 10 lakh and 20 lakh, catering specifically to 20,000 – 40,000 salaried group. Houses will be of 400 – 600 sft size.
Titled “HappiNest”, the housing project will use modern technology, construction innovations to stay within budget, yet offer all amenities. The company hopes to break even within one year.
Anita Arjundas, CEO of the Lifespaces division has said that faster approvals – within 90 days in projects like these will ensure the project to stay within budget and speedier recovery of capital too. Another supporting factor would be a relook by the government into several irrelevant rules with regard to specific ventures of this kind, she said.
The Tatas too have announced plans in this segment. Axis Bank announced recently a special “Asha Home Loan” scheme catering to the demands of this section.