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 5 billion.

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.

Shares of the company gained Rs 0.2, or 0.04%, to trade at Rs 470.55. The total volume of shares traded was 2,287 at the BSE (9.43 a.m., Monday).