Mahindra Lifespace Developers and HDFC Capital Advisors will develop their first joint affordable housing project at Palghar in Maharashtra with apartments in the range of Rs 8-24 lakh.

Last year, Mahindra Lifespace partnered HDFC Capital Affordable Real Estate Fund-1 (HDFC Capital) to create Rs 500 crore platform for development of affordable housing projects across the country.

Happinest - Palghar comprises around 850 apartments and community spaces on over eight acres, with prices ranging from Rs 8 lakhs to Rs 24 lakhs.

Anita Arjundas, MD, Mahindra Lifespace Developers Ltd., said, “The Affordable Housing segment is a key focus area for Mahindra Lifespaces, and will play an important role in our development journey. We are delighted to kickstart 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.”

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.”

Already a popular tourist destination and a thriving industrial hub in Maharashtra, Palghar has been identified by the state government for fast-tracked infrastructure development. Construction work on a brand-new district headquarters is already under way.

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