Mahindra Lifespaces, property development arm of Rs 80,000-crore Mahindra Group entering affordable housing…
· Mahindra Group planning low cost housing projects in Maharashtra and Tamil Nadu
· Typical project size would be about 10 acres ranging 1,000 to 2,000 budget housing units
· Price of each apartment is expected to be between Rs. 7 lakh to Rs. 15 lakh
· Mahindra would join exiting bigger corporate players in the space such as Tata Housing, Usha Martin Group and Jerry Rao’s Value and Budget Housing Corporation
· Presence of larger players would not only improve the credibility of the sector but can create positive momentum for the industry
· According to the National Housing Bank, urban India is facing shortage of about 25 million housing units mainly related to low-income group
· Considering that each low-cost unit cost at $10,000 (approx. Rs. 5 lakh), the market opportunity for affordable housing in India is $250 billion
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