Mahindra Lifespace gains on partnering with HDFC Capital for affordable housing project

23 Oct 2017

Mahindra Lifespace Developers is currently trading at Rs. 471.10, up by 0.75 points or 0.16% from its previous closing of Rs. 470.35 on the BSE.

The scrip opened at Rs. 471.00 and has touched a high and low of Rs. 473.75 and Rs. 471.00 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 528.10 on 19-Sep-2017 and a 52 week low of Rs. 319.43 on 16-Feb-2017.

Last one week high and low of the scrip stood at Rs. 473.75 and Rs. 446.00 respectively. The current market cap of the company is Rs. 2,417.00 crore.

The promoters holding in the company stood at 51.57%, while Institutions and Non-Institutions held 26.44% and 21.99% respectively.

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has partnered with HDFC Capital Affordable Real Estate Fund-1 (HDFC Capital) – a fund managed by HDFC Capital Advisors, a wholly owned subsidiary of HDFC, to form a platform focused on the development of affordable housing projects in India.  The investment commitment over three years is Rs 500 crore.

The platform will look to rapidly scale up in order to address the demand-supply gap in affordable housing in India, with an estimated development footprint of between 5 to 10 million square feet, depending on the locations selected for its projects, under the Happinest name. The proposed developments will be undertaken through Mahindra Happinest Developers (MHDL), with a 51:49 equity share between MLDL and HDFC Capital. The first development to be undertaken by the joint platform will be ‘Happinest, Palghar’, expected to be launched in the second half of the financial year 2018.

Mahindra Lifespace Developers is a leader and pioneer in sustainable urban development, through the creation of residential and integrated large format developments across multiple city-clusters - Mumbai Metropolitan Region (Mumbai, Thane, Palghar, Alibaug and Boisar), Pune, Nagpur, Ahmedabad, Nashik, the National Capital Region (New Delhi, Gurgaon and Faridabad), Jaipur, Hyderabad, Bengaluru and Chennai.

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