Mahindras tie up with HDFC Cap

Mahindra Lifespace Developers on Wednesday announced a joint venture with HDFC Capital to develop affordable housing projects with an investment of Rs 500 crore in the next three years.

By PTI
  • Published 19.10.17
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New Delhi: Mahindra Lifespace Developers on Wednesday announced a joint venture with HDFC Capital to develop affordable housing projects with an investment of Rs 500 crore in the next three years.

The Mahindra group's realty firm will have a 51 per cent stake in the joint venture - Mahindra Happinest Developers Ltd - while HDFC Capital will have a 49 per cent shareholding.

Mahindra Lifespace has partnered HDFC Capital Affordable Real Estate Fund-1 (HDFC Capital), which is managed by HDFC Ltd's subsidiary HDFC Capital Advisors Ltd, to form a "platform focused on the development of affordable housing projects in India", the company said in a statement.

The first project of the venture will be "Happinest, Palghar", expected to be launched in the second half of this fiscal.

Mahindra Lifespace managing director Anita Arjundas said, "Affordable housing is a critical component of quality urban infrastructure as also a growth driver for the real estate industry in India."