PE-backed housing platforms bet big on mid-income housing projects

The reduction in GST rates for affordable housing, added with the credit-linked subsidy scheme of the central government, has pushed the demand for such houses

Private equity-backed housing platforms such as Mahindra Happinest Developers and Joyville by Shapoorji Pallonji have  ambitious plans for mid-income housing projects in the country.

Mahindra Happinest is the mid-income housing platform of Mahindra Lifespaces and HDFC Capital. It is aiming at annual revenue of Rs 2,000 crore in the next five years and plans to sell 10,000 units a year.

Its sales were Rs 100 crore in 2018-19, selling about 700 apartments, a tenth of parent Mahindra Lifespace Developers' sales of Rs 1,023 crore in the residential business, which was 67 per cent higher year-on-year.

Mahindra Happinest is looking to launch a housing