Mahindra Lifespaces Developers Ltd and HDFC Capital Affordable Real Estate Fund-1 (HDFC Capital) announce a joint venture to develop affordable housing projects in India.
The proposed development will be undertaken through Mahindra Happinest Developers Ltd with a 51:49 equity share between MLDL and HDFC Capital.
Anita Arjundas, Managing Director, MLDL, said, “Affordable housing is a critical component of quality urban infrastructure as also a growth driver for the real estate industry in India. We are delighted to partner with HDFC Capital in a venture that will leverage the experience and commitment of each organisation, to develop affordable homes that will create sustainable value for our customers, while also addressing the largely unmet demand in this segment.
The first development to be undertaken by the joint platform will be ‘Happinest, Palghar’, expected to be launched in the H2 of FY18.
MLDL has been present in the affordable housing segment since 2014, through its category brand, Happinest. Over 1,600 units have been launched across the Company’s ongoing affordable housing projects in Chennai (Happinest, Avadi) and MMR (Happinest, Boisar), with close to 1,000 homes already handed over till date. Its products are currently priced between Rs 17 lakh – Rs 27 lakh, and offer strategic connectivity and vibrant community living options.
In keeping with MLDL’s focus on sustainable urban development that is resource-conscious and sensitive to the needs of the environment, each Happinest project is certified by the Indian Green Building Council (IGBC), and utilises environment-friendly and energy-efficient materials and technologies to enable balanced and healthy living.