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Mahindra Lifespaces to join affordable housing bandwagon 25/09/2008
Mahindra Group’s real estate arm Mahindra Lifespaces is planning to construct affordable housing for the middle-income group. “We are looking at opportunities to enter into the affordable housing sector, but it is still at the discussion stage. It may take one year to concertise the plan,” Mahindra Lifespaces Managing Director and Chief Executive Officer Pawan Malhotra said. The supply trend of housing from private developers done by Ernst & Young shows that 70-80 per cent of it caters only to the higher-income groups.

Affordable housing is making waves in the realty sector due to high cost of property, dearer home loan and its availability, high inflation and the huge gap between demand and supply. In contrast, the Planning Commission expects that the housing shortage in the country to go up to 26.53 million units over the next four years. Of the total housing shortage, economically weaker sections and low-income groups account for about 99 per cent of the shortfall in India. Thus, anticipating volumes to make up for lower margins, a number of recognised real estate players, like Puravankara and Omaxe Ltd, have already plunged into the new asset class of the real estate sector.
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