News: Low cost housing to generate momentum with entry of Mahindra Group

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