Mahindra & Mahindra plans to make an entry into the affordable housing segment with homes priced up to Rs 10 lakh across many cities in India..
According to Mr. Arun K Nanda, Chairman Mahindra Lifespace Developers, said "We are seriously considering launching affordable houses. Currently, we are carrying out a study on development of affordable homes,"
Mahindra Lifespace Developers is the realty arm of Mahindra & Mahindra and presently caters to the middle and high-end housing segment. It is developing various projects in the NCR (National Capital Region), Chennai, Mumbai and Pune. It has already completed many projects in these places.
Definition of affordable homesMr. Nanda also said: "The definition of affordable homes varies between different developers. As per Mahindra & Mahindra definition, we are targeting to build houses up to Rs 10 lakh in larger cities and for Tier-II and III cities, it will be in Rs 5-7 lakh range.The company is planning to develop houses with sizes varying between 400 sq. ft and 450 sq. ft. We are targeting a construction cost of Rs 700-800 per square foot and it is possible as we are working with an efficient batch of engineers"
''The most important thing in implementing such a project is to have discipline in construction, as the country's "construction industry is the most inefficient industry and it has to change the construction methodology to move ahead with the times," he added.
Mr. Nanda further said , ''Our company is looking for areas that will have better connectivity with employment opportunities.The government to create infrastructure and help developers acquire land at low prices to offer affordable houses."
According to Mr. Arun K Nanda, Chairman Mahindra Lifespace Developers, said "We are seriously considering launching affordable houses. Currently, we are carrying out a study on development of affordable homes,"
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| Mr. Arun K Nanda |
Mahindra Lifespace Developers is the realty arm of Mahindra & Mahindra and presently caters to the middle and high-end housing segment. It is developing various projects in the NCR (National Capital Region), Chennai, Mumbai and Pune. It has already completed many projects in these places.
Definition of affordable homesMr. Nanda also said: "The definition of affordable homes varies between different developers. As per Mahindra & Mahindra definition, we are targeting to build houses up to Rs 10 lakh in larger cities and for Tier-II and III cities, it will be in Rs 5-7 lakh range.The company is planning to develop houses with sizes varying between 400 sq. ft and 450 sq. ft. We are targeting a construction cost of Rs 700-800 per square foot and it is possible as we are working with an efficient batch of engineers"
''The most important thing in implementing such a project is to have discipline in construction, as the country's "construction industry is the most inefficient industry and it has to change the construction methodology to move ahead with the times," he added.
Mr. Nanda further said , ''Our company is looking for areas that will have better connectivity with employment opportunities.The government to create infrastructure and help developers acquire land at low prices to offer affordable houses."
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