Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Mahindra Lifespaces and HDFC Capital Affordable Real Estate Fund-1 announce JV to develop affordable housing projects in India

Posted On: 2017-10-19 00:22:23

Mahindra Lifespace Developers Ltd. (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has partnered with HDFC Capital Affordable Real Estate Fund-1 (HDFC Capital) - a fund managed by HDFC Capital Advisors Ltd, a wholly owned subsidiary of HDFC Ltd, to form a Platform focused on the development of affordable housing projects in India. The Platform will look to rapidly scale up in order to address the demand-supply gap in affordable housing in India, with an estimated development footprint of between 5 to 10 million square feet, depending on the locations selected for its projects, under the Happinest name.

The proposed developments will be undertaken through 'Mahindra Happinest Developers Limited' (MHDL), with a 51:49 equity share between MLDL and HDFC Capital. The first development to be undertaken by the joint platform will be 'Happinest, Palghar', expected to be launched in the H2 of FY18.

MLDL has been present in the affordable housing segment since 2014, through its category brand, Happinest. Over 1,600 units have been launched across the Company's ongoing affordable housing projects in Chennai (Happinest, Avadi) and MMR (Happinest, Boisar), with close to 1,000 homes already handed over till date. Its products are currently priced between Rs 17 lakh - Rs 27 lakh, and offer strategic connectivity and vibrant community living options. In keeping with MLDL's focus on sustainable urban development that is resource-conscious and sensitive to the needs of the environment, each Happinest project is certified by the Indian Green Building Council (IGBC), and utilises environment-friendly and energy-efficient materials and technologies to enable balanced and healthy living. Happinest, Avadi has been conferred India's first IGBC 'Platinum' certification for Green Affordable Housing.

Happinest leverages innovative technologies and value engineering approaches to ensure quality and timely construction in a cost-effective manner. MLDL has also focused on creating an ecosystem for access to home finance for its customers in the segment; this includes partnerships with NBFCs that survey the financial capability of prospective customers, and accordingly approve home loans.

Anita Arjundas, Managing Director, MLDL, said, "Affordable housing is a critical component of quality urban infrastructure as also a growth driver for the real estate industry in India. We are delighted to partner with HDFC Capital in a venture that will leverage the experience and commitment of each organisation, to develop affordable homes that will create sustainable value for our customers, while also addressing the largely unmet demand in this segment.

Vipul Roongta, CEO, HDFC Capital Advisors Ltd, said "The objective of this Platform is to invest in residential affordable housing projects by providing long-term equity. Lack of patient long-term capital is one of the key challenges facing growth and development of low and middle-income housing in India. HDFC Capital's first fund is dedicated to addressing this funding gap by providing long-term equity-oriented capital for development in urban and semi urban peripheral areas. With the affordable housing segment expected to see healthy growth going forward given the impetus provided by the government through various incentives and subventions, this Platform with MLDL is the need of the hour."

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.447.9 as compared to the previous close of Rs. 452.85. The total number of shares traded during the day was 3063 in over 78 trades.

The stock hit an intraday high of Rs. 455.5 and intraday low of 446. The net turnover during the day was Rs. 1383021.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Cox & Kings Ltd sells 11.58% stake in subsidiary
Anjani Portland Cement Ltd to set up additional clinker producing unit
Emami Paper Mills Ltd allotted land for expansion project by GIDC
Sundram Fasteners Ltd announces change in KMP
MCX to launch world's first Brass Futures Contract
RCom clarifies on Supreme Court Order
Legacy Mercantile Ltd appoints director
Balaji Telefilms Ltd announces resignation of Mr. Jyotindra Thacker
Tata Global Beverages Limited reappoints Executive Director
HIL Bags TPM Excellence Award At Three Of Its Roofing Plants
Prataap Snacks Ltd celebrates achievement of Rs. 1000 crore annual turnover
Saudi Real Estate Refinance Company deploys TCS BaNCS
Hubtown Ltd appoints Mr. Shailesh Hingarh as director
Hind Securities & Credits Ltd announces resignation of company secretary
Kesar Terminals & Infrastructure Ltd announces resignation of Shri R H Kilachand
L&T Construction's Water & Effluent Treatment Business enters GUINNESS WORLD RECORDSŪ books
Reliance Infrastructure moves Hon'ble Commercial Court, Goa for payment of Arbitration Award
AIA Engineering Ltd declares interim dividend of Rs. 8 for 2017-18
Thomas Cook India launches Hello Series - a One Week Getaway featuring a single standalone destination
NHPC Ltd synchronizes Unit II of Kishanganga HE project
Suven Life Sciences secures Product Patents in Norway, South Korea and Singapore
CARE Ratings re-affirms ratings of IPCA Labs' long term / short term bank facilities
Genus Power Infrastructures wins order worth Rs. 125 crore
Aurionpro bags Rajasthan Government's prestigious Smart City Initiative '3D City' Jaipur project
IRB Infrastructure Developers Ltd emerges preferred bidder for road project in UP
TCS Recognized as a Leader in Software Product Engineering Services by Everest Group
Zensar acquires Guidewire Platform Implementation service provider Cynosure Inc
Sandur Manganese and Iron Ores Ltd receives 5 Star Rating for its mines
Binani Industries Ltd clarifies on media reports on fraud
ISL Consulting Ltd appoints CFO
Sibar Autoparts Ltd calls for Board Meeting on Mar 28, 2018
OIL's to participate in Assam Petro-Chemicals Limited's projects
Pricol Limited receives ARAI Certificate for Telematics Devices
PC Jeweller Ltd to open 2 new showrooms at Aurangabad, Hardoi
Sun Pharma Announces U.S. FDA Approval of ILUMYA™
Gulf Oil Lubricants India Ltd signs all-rounder Hardik Pandya as its Brand Ambassador
GE Power India receives contract worth Rs. 230 crores
Jindal Drilling & Industries Ltd settles arbitration
ICRA reaffirms ratings of KDDL Ltd
CRISIL upgrades ratings of Amber Enterprises India Ltd
SAT Industries Ltd calls for Board Meeting on Mar 29, 2018
SMERA Ratings assigns credit rating to Future Market Networks Ltd
AXIS Bank clarifies on Bank Guarantee issue for Telecom Companies
City Union Bank opens 4 new branches on March 21, 2018
Indian Metals & Ferro Alloys Ltd Board declares Interim Dividend of Rs. 5
GRUH Finance Ltd to announce Q4 results on Apr 14, 2018
Sanmit Infra Limited to enters into MOU
ISGEC Heavy Engineering Ltd Board declares Interim Dividend of Rs. 16
Sarup Industries Ltd relaunches Lotus Bawa Leather Shoes

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018