Mahindra Lifespaces plans low-cost houses in Mumbai, Chennai

MUMBAI: Mahindra Lifespaces Developers plans to enter affordable housing segment with projects in cities like Mumbai and Chennai.

"We are seriously looking at entering the affordable housing segment. We have already purchased land in Mumbai and Chennai for this. Wherever we get the approvals first, we will start project there," Mahindra Lifespaces Managing Director and Chief Executive Anita Arjundas told reporters here.

She declined to share further details such as when the company expects to launch the first project and size of the investment involved.

The realty arm of USD 15.4 billion Mahindra Group at present caters to the middle and high--end housing segments. It is developing projects in cities like Chennai, Mumbai, Pune, Nagpur, Jaipur, Gurgaon and Faridabad.

The company's residential and commercial footprint includes completed development of 7.14 million sq ft of space and 9 million sq ft of ongoing and forthcoming projects.

Meanwhile, the company has released a report based on the Global Reporting Initiative (GRI) guidelines.

"The report indicates that the company has maintained the highest level of transparency and voluntary disclosure," Arjundas said.

GRI, a non-profit organisation, works towards a sustainable global economy by providing organisational reporting guidance.