Mahindra Happinest stays Rs 100 crore used in projects

By: |
November 21, 2019 12:58 AM

Speaking about the future plans, Arvind Subramanian added, “In terms of growth ambitions, we would like to be in a few years’ time selling and delivering around 10,000 homes a year.”

Mahindra Happinest launched their affordable housing project in Kalyan last week which received around 500 applications. (Website image)Mahindra Happinest launched their affordable housing project in Kalyan last week which received around 500 applications. (Website image)

Mahindra Happinest Developers said it had used around Rs 100 crore of the capital given by parent companies. The firm is a joint venture between Mahindra Lifespaces and HDFC Capital Affordable Real Estate Fund -I.

Mahindra Happinest CEO Arvind Subramanian said they had received Rs 500 crore from the parent companies. “The intent is to enter and exit from the project very quickly, so we can rotate the capital,” Arvind Subramanian said before indicating that if the company performs well on expectations,the parent companies are likely to pool in more money.

The company, which was incorporated around two years ago, has projects in areas like Kalyan and Palghar.

Speaking about the future plans, Arvind Subramanian added, “In terms of growth ambitions, we would like to be in a few years’ time selling and delivering around 10,000 homes a year.”

The company also hinted that it was evaluating proposals on around 6-7 stressed projects in real estate sector. “Our guideline right now that we have set is that we will only get into virgin projects. Not projects which are half constructed and half sold because that becomes very complicated,” the CEO said. Mahindra Happinest launched their affordable housing project in Kalyan last week which received around 500 applications. The phase I of the project is set to be completed in 2023 with houses costing between Rs 29.95 lakh to Rs 55.90 lakh. The project has three phases.

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