Initially, the company is coming up with two housing projects one at Avadi in Chennai and other at Boisar near Mumbai. It priced each of the apartments between Rs 10 lakh to 20 lakh, targeting the families whose monthly earnings in the range of Rs 20,000 to 40,000 in a month.
The company scheduled to complete in two years, while Chennai project got all the required approvals and Mumbai project is working for approvals.
According to an estimated Indian housing market is expected to have deficit of about 38 million dwellings by the year 2030. It is targeting a clientele from under-served home ownership market.
As urbanization is spreading like wild fire, it is all set to have growing demand for affordable homes and even commercial banks also considering extending loans. Accordingly even the commercial banks are aggressive at the segment. The apartments under Happinest will be of 400-600 square feet.
The company, however, declined to give the details of the investment but said it had invested in innovations to ensure speedy execution and lower costs.
