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Mahindra Lifespace Developers Limited, the real estate and infrastructure development arm of the Mahindra group, on Friday launched ‘Ashvita’, its first residential project in Hyderabad.
Spread over 9.25 acres, the project is being developed as a gated community and offers a choice of two, three and four bedroom apartments. It comprises 664 apartments, a club house with gym, multipurpose hall, swimming pool, children's play area, jogging track and a tennis court among other facilities.
Disclosing this at a press conference, Mahindra World City Developers Limited chief executive officer, Sangeeta Prasad, said the project would be completed in 30 months. The minimum price of an apartment would be Rs 48 lakh at the rate Rs 3,900 per sft including Rs 400 per sft towards amenities.
Prasad said Mahindra Lifespace was also mulling over development of "affordable" residential units, the pricing of which would be affordable to the segment of people whose incomes ranged between Rs 5 lakh to Rs 12 lakh a year. The annual income of the company's existing customers was over Rs 10 lakh.
“We hope to launch our first affordable project soon in Tamil Nadu,” she said adding the market potential for this segment was huge and estimated at 25 million units.
Mahindra Lifespace had completed development of 7 million sft residential and commercial projects across eight cities. It has an additional 10 million sft of ongoing and forthcoming projects. The company is stated to be having a networth of Rs 1,500 crore and debt of Rs 570 crore. Its consolidated turnover in 2011-12 stood at Rs 724 crore.