Mahindra Lifespace Developers: Affordable Housing Project in Avadi, North Chennai..!

Mahindra Lifespace Developers Ltd, the real estate company of the Mahindra group, is set to launch an affordable housing business with pilot projects in Mumbai’s distant suburb Boisar and another in Avadi, North Chennai - Tamilnadu.

Ms. Anita Arjundas, Managing Director and Chief Executive, Mahindra Lifespace Developers Ltd  said, “We will launch whichever of the 2 projects gets approval first. We wanted to start pilot projects in Tamil Nadu & Maharashtra and we are looking at one more project in each of these two states for this segment.”

While affordably priced housing is a low margin business, it promises high sales volumes for real estate companies, Ms. Anita Arjundas said.

 

Anita Arjundas, MD and Chief Executive,
 Mahindra Lifespace Developers

 Real estate firms are still struggling to improve sales in most large cities with buyers put off by the depressed economy & high interest rates.

Mahindra, which has set up a separate team for its affordable housing business, will sell these homes at Rs.5 lakh to Rs. 15 lakh across cities, but the sizes may differ depending on the market.

“While there may be one room kitchen houses in Mumbai, we may have slightly bigger one-bedroom - hall - kitchen units in Chennai,” Ms. Anita Arjundas also said.

In the last few years, a number of corporate groups have diversified into real estate and have announced plans to service the affordable housing segment.

Boisar, nearly 75 km from central Mumbai, shot to fame for low-cost housing when in 2009 Tata Housing Development Pvt. Ltd first announced its project there.

 

Mahindra Lifespace, which is steadily gaining a pan-India footprint, bought its first land parcel in Bangalore at Bannerghatta Road.

“We have been looking for land in Bangalore for the past two years and finally bought this. We have started customer research for the project since this is our first in Bangalore,” said Ms. Anita Arjundas.

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