Mahindra Lifespaces launched its second affordable housing project at Boisar, about 100 km from Mumbai, on Thursday.

The project, spread over 14 acres, will have apartments between 351 sq ft and 695 sq ft, priced in the range of ₹9.1 lakh to ₹17.5 lakh. A total of 1,359 units are to be built.

The company has also tied up with housing finance companies, which finance people whose average monthly income is between ₹20,000 and ₹40,000 and do not possess documented income proof.

Addressing mediapersons, Anita Arjundas, Managing Director and Chief Executive Officer, Mahindra Lifespace Developers, said this the second of the company’s projects being done on a pilot basis to finetune an affordable housing business model, which is based on high volume and low margins. The success of affordable housing depends on the speed of execution, as delays would only raise costs.

Arjundas said the Chennai project at Avadi, where the company will build about 1,400 homes, was launched about 45 days ago and over 110 bookings have been received so far.

Sriram Mahadevan, Business Head, said the affordable home model called for prefabrication – material and modules which are fitted directly by the manufacturers onsite.

Mahadevan said there were over 1,500 industries in Boisar and MIDC (Maharashtra Industrial Development Corporation) had its largest industrial area there.

The units at Boisar have been designed with the future needs of customers in mind with provisions for air-conditioners and washing machines. The project is certified by the Indian Green Building Council. The focus will be on value engineering, ready-to-fit components, which would reduce on-site work and quality variations, and enable fast delivery. The intention was to deliver homes within a year from the day of booking, he said.

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