[vc_row][vc_column][/vc_column][/vc_row][vc_row][vc_column width=”1/4″][vc_separator color=”sky”]Part 1: INTRODUCTION[vc_separator color=”sky”]Part 2: METHODOLOGY[vc_separator color=”sky”]Part 3: FMCG[vc_separator color=”sky”]Part 4: HEALTH[vc_separator color=”sky”]Part 5: FINANCE[vc_separator color=”sky”]Part 6: TEXTILE[vc_separator color=”sky”]Part 7: HOUSING[vc_separator color=”sky”]Part 8: TELECOMMUNICATIONS[vc_separator color=”sky”]Part 9: DIVERSIFIED MANUFACTURING[vc_separator color=”sky”][/vc_column][vc_column width=”3/4″][vc_single_image image=”2200″ img_size=”medium”][vc_column_text css=”.vc_custom_1455702721176{padding-right: 10px !important;padding-left: 20px !important;}”]
Part 7: Housing
Sustainable housing enables sustainable growth of the company and at the same time addresses a social need.
Mahindra Life Spaces
Mahindra Lifespaces has been at the forefront of transforming urban landscape through sustainable urbanization and building sustainable communities. It is also the first developer in India delivering green homes to consumers. The company operates in two established verticals – residential real estate and integrated cities & industrial cluster. Recently it has set up a third vertical that focuses on providing low-cost housing
Mahindra analysed the market trend and the industry slowdown, it was observed that there is an excess supply of premium and luxury housing whereas the customer demands have been rising in the affordable to mid housing segment. There an estimated 19 million families either living in slums or low-income neighbourhoods on rent in urban India. The housing deficit is expected to rise to 38 million by 2030. The company identified the opportunity to address this large, underserved market with its carefully crafted strategy and product.
The intent of affordable housing is to provide quality housing to the increasing middle-class in the urbanized areas of the country. The company has internal set-up benchmarks to ensure ethical and transparent processes that help in the confidence of consumers as they are investing entire life saving. It also uses efficient technology and flexible loan platform to provide a seamless experience to the customers. Use of hybrid technology like Aluminium framework and Cellular Lightweight Block helps in bringing down the cost of housing for it consumers. The company also lays focus on designing greenhouses. The chosen design maximises sunlight and cross-ventilation translating into lower energy consumption, and it uses building materials that enhance temperature insulation.
Under its affordable housing vertical, the ‘Happinest’ initiative intends to provide quality housing to emerging middle class. The products, priced around 20 lakhs, makes housing accessible to a vastly underserved market of rising urban population. Sustainable housing enables sustainable growth of the company and at the same time addresses a social need. The consumers earning a monthly income of INR 10,000 – 50,000 finds it difficult to afford premium and luxury house. Hence, Mahindra targets this audience and can sell much more than luxury & premium houses. It has a quick turnaround time than the traditional businesses that results in quick possession of homes for consumers.
They have partnered with companies in different areas; Axis Bank is one of their partners that provide easy loans under ‘Asha Loans’ to its audience belonging to the informal sector. The consumer is assured of financing option and a customized product. ‘Happinest’ is also for the informal segment of people like bus conductors, street vendors, contractors, drivers, and someone who has just started their career. The initiative aced as a catalyst, enabling an ecosystem regarding financial inclusion, making it easier for the customers. The government has also played a crucial role with its ‘Housing for All’ policy that will encourage developers to address needs of emerging middle class of the country. The company has also recommended government for single window clearance, declaration of affordable housing zones & promotion of technology ecosystem.
The business model has been profitable for the company from day one. The attractiveness of this model lies in addressing the societal needs at a profit and also a sustainable long-term growth of the business. Mahindra Life Spaces has currently built 2200 homes and is looking at 10,000 rooms by the year 2020.
Mahindra Life Spaces has created an ecosystem consisting of the essential elements of providing low-cost housing solutions such as partnerships, financial inclusion, energy saving houses & technology integration.
[/vc_column_text][/vc_column][/vc_row]
