Affordable Housing: Mahindra to Launch Mumbai Project's 2nd Phase

Mahindra group's realty arm Mahindra Lifespaces will launch the second phase of its affordable housing project in Mumbai's suburbs this weekend, the company told NDTV.

"We will be opening it for booking this weekend. In phase 2 we are launching around 240 flats," Sriram Mahadevan, head, Happinest, Mahindra Lifespaces. The project is in Boisar, on the outskirts of Mumbai.

The flats range from Rs 11 lakh to Rs 21 lakh, the company said.

"The flat size is ranging between 351 sq. feet  to 762 sq feet with 351 sq. feet being 1 room, kitchen and and 762 sq. feet being 2 BHK (bedroom, hall, kitchen)," Mr Mahadevan said.

The company said it is treating its Mumbai project and another one in Chennai as pilot projects in the affordable housing space. It would look to expand further in Maharashtra, Mahindra Lifespaces said.

"Mahindra Lifespaces used to operate between medium to premium segments. Affordable housing actually we have started these two pilots, one in Boisar, and one in Chennai. So currently we are treating these two as a pilot project and then taking it forward," Mr Mahadevan said.

The company will announce more projects in Maharashtra soon, he said.

"We are currently looking at expanding in Maharashtra. We are obviously trying to find the right fit of the land which we would be able to carry forward and you know all these land parcels have to be well connected to the city centres." (Watch)

The first phase which the company launched around Diwali last year has already seen more than 300 flats being sold, Mahindra Lifespaces said. The price bracket in the first phase was "almost" the same as phase two, it said.

The Mahindra Lifespaces stock on Tuesday ended flat but in the red at Rs 492.15, down 0.01 per cent, while the broader Nifty and the Sensex closed marginally higher.