Mahindra Lifespaces Developers Ltd. (MLDL), a part of the Mahindra Group, on Monday, launched its new business vertical for affordable housing, branded ‘Happinest’. The developments are aimed at families with a monthly income of Rs.20,000-40,000 and the first two projects are being launched in Avadi in Chennai in July and Boisar near Mumbai in August 2014.

The projects will have low-rise building of up to four stories with lifts and are to be priced between Rs.10 lakh and Rs.20 lakh.

Addressing the media, Anand Mahindra, Chairman, Mahindra Group, said, “We have undertaken the project when the new Prime Minister has unveiled his grand vision that every family in India must have a house. Ventures like these will help make that vision a reality.’’

He said it was a $150 billion opportunity for private enterprises and for shared value projects that choose to “do good and do well at the same time. It is not a corporate social responsibility (CSR) activity and the return on capital exceeds that of conventional projects due to its scale.’’

“India is short of 19 million homes and this figure is estimated to go up to 38 million by 2030,” Anita Arjundas, Managing Director & CEO, MLDL, said, adding that the two launches would provide 2,500 homes and would include more than one million sq. ft. of development.

The company has tied up with credit scoring agencies such as Inventure and micro home finance companies such as Mahindra Finance and Muthoot.

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