Mahindra Lifespaces – HDFC Capital affordable housing platform launches its first project

Mahindra Lifespace Developers Ltd. today announced the launch of ‘Happinest - Palghar’ - the first affordable housing project to be undertaken by a joint platform between the Company and HDFC Capital Affordable Real Estate Fund-1 (‘HDFC Capital’), a fund managed by HDFC Capital Advisors Ltd. Located in Palghar district of Maharashtra, Happinest - Palghar comprises around 850 apartments and community spaces on over 8 acres, with prices ranging from Rs 8 lakhs to Rs 24 lakhs. The project offers1 RK, 1 BHK and 2 BHK homes.The project is pre-certified ‘Platinum’ under IGBC’s Green Affordable Housing Rating System.Eligible customers of Happinest – Palghar can avail the benefits of the Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN)-Housing for All, resulting in savings of upto Rs 2.67 lakhs. Anita Arjundas, Managing Director, Mahindra Lifespace Developers Ltd.,said, “The Affordable Housing segment is a key focus area for Mahindra Lifespaces, and will play an important role in our development journey. We are delighted to kickstart 2018 with the launch of Happinest – Palghar, the first of multiple affordable housing projects envisioned under our joint venture with HDFC Capital. Strategic locations, good connectivity and value for money products will be important determinants for our affordable housing projects.” Vipul Roongta, CEO, HDFC Capital Advisors Ltd,said, “This is one small step towards “Housing For All by 2022”, which HDFC ltd has been working on as a mission and business objective to take the government’s flagship scheme, ‘Pradhan Mantri Awas Yojana (PMAY)’, to the real beneficiaries.” Mahindra Lifespaces has been present in the affordable housing segment since 2014, through its category brand ‘Happinest’. Around 1,500 units have been sold across the Company’s ongoing affordable housing projects in Chennai (Happinest, Avadi) and MMR (Happinest, Boisar); and over 1,100 homes have already been handed over. 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. Happinest, Avadi has been conferred India’s first IGBC ‘Platinum’ certification for Green Affordable Housing.