Mahindra Lifespace Developers Limited has today announced the launch of a gated community project located at the premium residential zone close to the IT hub of Hyderabad.

The maiden entry of the company, part of the diversified Mahindra Group, is developing apartments in a 9.25 acre site at Kukatpally. Named Ashvita, the project offers two bedroom to four bedroom apartments ranging from 1,218 square feet to 2,082 square feet for four bedroom apartments.

It is planning to offer at Rs 3,900 per square foot inclusive of all amenities. This works out to Rs 48 lakh for a two bedroom apartment.

Sangeeta Prasad, CEO of Mahindra World City Developers, said the company has developed more than 7 million square feet and has a healthy pipeline of about 10 million square feet across several cities in the country.

"The company is at advanced stage of finalising plans for an affordable housing project likely to be priced in the Rs 5 lakh to Rs 12 lakh. The first of the affordable housing projects will come up in Tamil Nadu and another one is also being planned in Maharashtra where we have land banks," she said.

"We are in talks with several banks and micro finance institutions to see how the necessary funding could be met for such affordable houses. While it is not possible to fix a rate to a square foot of space sold, as it depends on the land cost, the focus is on making a difference in the market place," she said.

Smeeta Neogi, Vice President, Marketing, said Ashvita, which means accomplishment with soul, has been developed as per vaastu norms. All units incorporate large balconies and provide comfortable living areas with host of amenities.

rishikumar.vundi@thehindu.co.in

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