The focus on affordable housing by the central and state governments appears to have encouraged Mahindra Lifespace and HDFC Capital to enter a joint venture platform (JV) to build affordable housing projects in Indian cities.
“The firm advised Mahindra Lifespace on all aspects related to the structuring of the transaction, nature of investment, land conveyance and development, addressing diligence and liability allocation issues,” said Vishnu Jerome, whose firm, Jerome Merchant + Partners (JMP) served as sole legal adviser.
The Mahindra Happinest Developers JV announced an investment commitment of ₹5 billion (US$77 million) over a period of three years. The first development will be Happinest Palghar in Maharashtra state, which will be launched in the second half of 2017-18 financial year. Mahindra Lifespace will have a 51% stake, whereas HDFC Capital will have a 49% shareholding in the JV.
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