Mahindra Lifespace sees big opportunity in affordable home segment. Foray coincides with Prime Minister Narendra Modi's focus on "home for all by 2022".
Companies with manufacturing background will do better in the affordable housing segment.
Arun Nanda
Director
M&M
The realty arm of the Mahindra Group, Mahindra Lifespace , has forayed into affordable housing segment through new business vertical called Happinest.
Priced in the range of Rs 10 lakh to Rs 20 lakh, the company is launching projects in Boisar, outskirts of Mumbai in July, and in Avadi in Chennai in August.
Addressing the media at the project launch on Monday, Anand Mahindra, CMD, M&M Group, said the affordable housing segment is a USD 150 billion opportunity for private firms. The company intends to develop 2200 homes in Chennai and Mumbai.
The foray coincides with Prime Minister Narendra Modi's focus on "home for all by 2022".
In an interview to CNBC-TV18's Reema Tendulkar and Ekta Batra, Arun Nanda, Chairman, Mahindra Lifespace, said the concept of Happinest was on the cards for a very long time but the approvals came in late. "But the good news is that it happened at a time when the current government is also talking about 'home for all'", he said.
Nanda hopes that approvals and the land acquisition process become easier. He sees a huge opportunity in the low-cost home segment.
"The current shortfall in the segment is by around 20 million homes and the potential is enormous and I don't think that one company can meet the need for 20 million homes," he said adding that "companies with manufacturing background will do better than others in this space".
Mahindra Life stock price
On June 17, 2014, at 14:10 hrs Mahindra Lifespace Developers was quoting at Rs 560.00, down Rs 10.9, or 1.91 percent. The 52-week high of the share was Rs 603.00 and the 52-week low was Rs 327.20.
The company's trailing 12-month (TTM) EPS was at Rs 19.03 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 29.43. The latest book value of the company is Rs 310.28 per share. At current value, the price-to-book value of the company is 1.80.
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