)
Realty player Mahindra Lifespaces, part of Mahindra Group, is looking at setting up residential projects in states like Andhra Pradesh, Rajasthan, Madhya Pradesh under the affordable housing space.
The Mumbai-based company announced two projects in Mumbai and Chennai under 'Happinest' offering one and two BHK (Bedroom, Hall, Kitchen) categories.
Elaborating about the plans, Mahindra Lifespaces, Business Head-Happinest, Sriram Mahadevan said the company is looking at revised affordable housing policies to be announced by some States.
"We are currently concentrating on Maharashtra. Also, we are looking at revised affordable housing policies in some of the states. One of the key factors is how the approval process is going to shape up," he told PTI, here.
"Whichever state addresses this and comes out with new affordable housing policy providing the right enabling atmosphere (for us), we are looking at those states", he said.
"Some of the states which have discussed with various stakeholders, including us, for formulating affordable housing policies are Andhra Pradesh, Rajasthan and Madhya Pradesh. These will comprise of Happinest kind of projects", he said.
On the company's maiden project coming up Avadi here, Mahadevan said the company had sold more than 350 units of the total of 604 units in the first phase of the projects.
"Now we are launching the second phase which comprises 176 units predominantly consisting of 1 BHK flats", he said.
Happinest is spread across 13 acres and the project comprises 1,200 units. The size of residential apartments range from 396 square feet to 677 square feet.
The company announced its foray in Karnataka with the launch of premium residential project "Windchimes" on Bannerghatta Main Road in Bengaluru, recently.
