Mahindra Lifespaces announced the launch of its a new affordable housing project in the Mumbai suburb of Palghar with one-room-kitchen flats starting at just Rs 8 lakhs.
The project, under Mahindra Lifespace’s Happinest brand, also offers 1 Bedroom-Hall-Kitchen and 2 BHK flats “amidst lush, green surroundings” costing up to Rs 24 lakhs.
The flats are covered by the central government’s interest subsidy scheme, under which buyers can get a discount of up to Rs 2.67 lakhs on the total interest cost in case they are buying it using a home loan.
The project is supported by HDFC Capital Affordable Real Estate Fund-I.
Mahindra Lifespaces has been creating flats under its ‘Happinest’ brand since 2014 and has already sold around 1,500 such flats. At its two current projects in Avadi, Chennai and Boisar, over 1,100 homes have already been handed over, the developer said.
The Palghar project will 850 apartments and facilities and will be spread over 8 acres.
The project comes with a common facility center, joggers track, cricket pitch, community hall, senior residents’ area, children’s play area and badminton court.
“Multiple schools, colleges, hospitals, shopping centers, movie theatres, restaurants and retail outlets are also in close proximity to the project,” Mahindra Lifespaces said.
The projects are also being developed in an environmentally friendly way, the company said.
“Each Happinest project is certified by the lndian 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.”
Among the ‘green’ features of the Palghar project are energy-efficient wall and roof structures; grey water treatment facilities; LED lights for landscapes and street lighting, organic waste treatment and rainwater harvesting amenities.
The company also said connectivity between Palghar and Mumbai is likely to improve with the coming of the bullet train, which, it said, is likely to stop at a nearby station. At present, the most viable option is the local train, which takes about an hour to reach South Mumbai.
Mahindra Lifespaces, the real estate arm of the Mahindra Group, is not the only developer that is launching ‘affordable’ housing projects with the help of HDFC.
Recently, Bangalore-based real estate player Prestige Estates announced that HDFC Capital is joining hands with it to invest Rs 2,500 cr in affordable housing.
“HDFC Capital is committed to partnerships with trusted real estate brands, with good track record of development and delivery, and a long-term view of affordable housing,” said Vipul Roongta, CEO, HDFC Capital Advisors Ltd.
“Right-location, customer-focused projects such as Happinest – Palghar are the need of the hour, and will create sustainable value for home owners in India,” he added.