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Mahindra Plans To Provide Affordable Housing Projects In Mumbai Aiming To Cater The Mid-Income Group
By Sindhiya, Section Real Estate
Mahindra Groups real estate developing arm, Mahindra Lifespaces, is likely to join the 'affordable' housing bandwagon in a year aiming to cater to the middle-income group.
We are looking at opportunities to enter into the affordable housing sector, but it is still at the discussion stage. It may take one year to concretise the plan," the Mahindra Lifespaces Managing Director and Chief Executive Officer, Pawan Malhotra, told PTI here. Affordable housing is now making waves in the realty sector due to high cost of property, dearer home loan and its availability, high rate of inflation and the huge gap between demand and supply. A mapping of the supply trend of housing from private developers, done by Ernst & Young, shows that 70-80 per cent of it caters only to the higher-income groups. In contrast, the Planning Commission expects that the housing shortage of the country to go up to 26.53 million units over the next four years. Of the 24.71 million housing shortage estimated at the end of the 10th Five-year plan, economically weaker sections and low-income groups account for about 99 per cent of the shortfall in India. Click On "Full Story" for More...
`Thus, anticipating volumes to make up for lower margins, a number of recognised real estate players, like Puravankara and Omaxe Ltd, have already plunged into the new asset class of the real estate sector.
In addition, Matheran Realty, Indu Projects, Shriram Properties, Jain Heights and Structures, Ansal Properties and Shapoorji Pallonji among others are either entered or are in the wings to enter into the creation of affordable housing. Mahindra Lifespaces, Malhotra said, would like to start affordable housing projects in Mumbai and Delhi to start with and cater to young working executives in the middle-income group. The housing units will be a costlier though, ranging between Rs 25 lakh and Rs 50 lakh, Malhotra said, adding that this is because the company will not compromise with the quality and the brand value attached with the Mahindra Group. "Subsequently, we will study the prospect of catering to the low income groups," he said, adding that the company would require around 40 acres of land to start an affordable housing project. Mahindra Lifespace is developing four housing projects currently on around two million square feet of area with a total project costs of Rs 600 crore. Out of these, two are in Mumbai, one each in Faridabad and Pimpri. he company is also close to acquiring a 20-acre land in Delhi, he said. "We are looking at opportunities to buy land in other areas. However, we are not in a hurry," Malhotra said.
Source: Press Trust of India 26/Sep/2008
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