Mahindra Lifespace Developers Ltd. and HDFC Capital Advisors Ltd. agreed to invest 5.00 billion Indian rupees over the next three years to construct affordable housing projects across India, Livemint reported.

The parties will undertake the projects via the newly formed Mahindra Happinest Developers Ltd. entity in which Mahindra Lifespace and HDFC Capital will own 51% and 49% equity shareholding, respectively.

Happinest Palghar, which will be the first development under the joint venture, should launch in the latter half of 2017-18.

As of Oct. 17, US$1 was equivalent to 65.03 Indian rupees.