Mahindra Lifespace To Focus On Mumbai, Pune, Bengaluru For Residential Projects
The company launched Mahindra Vista, its new project at Kandivali, which generated Rs 800 crore in sales in its first three days.
Residential projects in Mumbai, Pune and Bengaluru would remain the primary focus for Mahindra Lifespace Developers Ltd.
“We will add more markets if we think it is needed, but there are enough opportunities in Mumbai, Pune and Bengaluru markets,” Amit Kumar Sinha, managing director and chief executive officer at the company, told NDTV Profit.
“We’re putting all the building blocks to get there,” he said. “Our GDV (gross development value) evaluation is rapidly transforming; we're adding more and more land parcels and we are putting that in the market.”
The company launched Mahindra Vista, its new project at Kandivali—a western suburb in Mumbai—which generated as much as Rs 800 crore in sales in its first three days. The project, with a focus on sustainability, continues to witness momentum, according to Sinha.
It will derive 100% of its power supply from renewable sources, he said. “This project is the first in Mumbai to have net zero energy and net zero waste,” Sinha said. “This project will not create waste and not create carbon from an energy perspective.”
Optimistic Outlook
Sinha sounded bullish on the company’s outlook. “The next year’s forecast/projection that we have shared hasn’t changed,” he said, adding that it has aimed for Rs 2,500 crore in residential presales and Rs 500 crore in industrial presales.
"Overall, GDV of Rs 2,600 crore in Kandivali includes Rs 1,200 crore in Phase-1,” he said. The company also plans to launch the Malgudi project in Bengaluru, with an inventory worth Rs 500 crore.
“All the real estate players are doing good, as it is our time. There is a pull towards the dream home with green spaces and right amenities,” he said. “There is also a significant pull towards the builders who can be trusted and who are transparent at their work.”
