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Mahindra joins low cost housing club

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Mahindra LifeSpaces, the subsidiary of the Mahindra Groups is on plans to construct reasonable residential for the middle-income group (MIG) across the country. MD and CEO of Mahindra LifeSpaces said to the www.propertykhazana.com that, “Company is waiting for the right time to take up reasonable residential projects for which it is working out at the ground levels. It might take a year to implement the plans.”
The supply of residential trend from developers is done by Ernst & Young which has delivered 70-85% of its supply only to the high-income groups in its portfolio. Reasonable residential is creating huge waves in the realty segment owing to the high cost of the lands, valued housing loan and its accessibility, high price rise and also because of big crack among the demand and supply.
Planning Commission is excepting that the residential scarcity in the country is likely to touch around 27 Million units in the coming 3-4 years. With the total residential dearth, the frail segments and low-income groups will report cent percent of the deficit in India. Therefore, expecting amount to composite for lesser profits, eminent identified realty players like Puravankara and Omaxe Ltd, will move into the new property class of the realty segment, he added. For more updates on real estate market browse www.propertykhazana.com.
Source: NBTVLIVE

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