Mahindra Lifespaces-HDFC Capital launches its first affordable housing project in Palghar

Mahindra Lifespaces and HDFC Capital, under a joint platform, have announced the launch of their first affordable housing project in Maharashtra’s Palghar district, which will offer 850 apartments ranging from Rs 8 lakhs to Rs 24 lakhs

Mahindra Lifespace Developers Ltd (MLDL), on February 15, 2018, announced the launch of ‘Happinest – Palghar’ – the first affordable housing project to be undertaken by a joint platform between the company and HDFC Capital Affordable Real Estate Fund-1 (HDFC Capital), a fund managed by HDFC Capital Advisors Ltd.  Happinest – Palghar comprises around 850 apartments and community spaces, spread over eight acres.

Prices for the 1-RK, 1-BHK and 2-BHK homes, will range from Rs 8 lakhs to Rs 24 lakhs. Eligible customers of Happinest – Palghar can also avail of the benefits of the Credit-Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (Urban), resulting in savings of up to Rs 2.67 lakhs.

Speaking about the launch, Anita Arjundas, managing director of Mahindra Lifespace Developers Ltd, said, “We are delighted to kick-start 2018 with the launch of Happinest – Palghar, the first of multiple affordable housing projects envisioned under our joint venture with HDFC Capital. Strategic locations, good connectivity and value-for-money products, will be important determinants for our affordable housing projects.”

Palghar, a popular tourist destination and industrial hub in Maharashtra, has been identified by the state government for fast-tracked infrastructure development. Construction work on a brand-new district headquarters is already underway. The Mumbai-Ahmedabad bullet train is expected to include a halt near Palghar.

Happinest – Palghar is a short drive from Palghar station and is located minutes away from the MIDC in Boisar, which is home to over 1,300 active industrial units. Happinest – Palghar has been pre-certified ‘Platinum’ under the IGBC’s Green Affordable Housing Rating System. Vipul Roongta, CEO, HDFC Capital Advisors Ltd said, “Right location, customer-focused projects such as Happinest – Palghar are the need of the hour and will create sustainable value for home owners in India. This is one small step towards ‘Housing for All by 2022’, which HDFC Ltd has been working on as a mission and business objective, to take the government’s flagship scheme, ‘Pradhan Mantri Awas Yojana (PMAY)’, to the real beneficiaries.”


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