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Mahindra Lifespace, HDFC Capital JV launch affordable housing

Press Trust of India  |  New Delhi 

Realty firm Lifespace Developers and Capital Advisors will develop their first joint project at in with apartments in the range of Rs 8-24 lakh.

In October last year, Lifespace partnered Capital Affordable Fund-1 (Capital) to create Rs 500 crore platform for development of projects across the country.

today said in a statement that the company has launched '- Palghar' - the first project to be undertaken by the joint platform.

HDFC Capital is managed by

The 8-acre project comprises around 850 apartments with price range of Rs 8-24 lakh, the statement said.

"The affordable housing segment is a key focus area for Mahindra Lifespace, and will play an important role in our development journey. We are delighted to kickstart 2018 with the launch of - Palghar," said Anita Arjundas, MD,

HDFC Capital Advisors said HDFC Capital is committed to partnerships with trusted brands, with good track record of development and delivery, and a long-term view of affordable housing.

said is a popular tourist destination and a thriving industrial hub in The town has recently been identified by the for fast-tracked infrastructure development.

The realty firm has been present in the affordable housing segment since 2014, through its category brand Around 1,500 units have been sold across the ongoing projects in Chennai (Happinest, Avadi) and MMR (Happinest, Boisar), and over 1,100 homes have already been handed over.

Established in 1994, Mahindra Lifespace is the and infrastructure development business of the USD 19 billion

The company's development footprint spans 23 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities and over 4,960 acres of ongoing and forthcoming projects under development/management at its integrated developments in four cities.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 15 2018. 13:40 IST