Mahindra Lifespace to Expand Its Housing & Industrial Verticals
Realty firm Mahindra Lifespace Developers expects to bag two society redevelopment projects in Mumbai this fiscal and is also looking to develop data centres as part of expansion plans, according to its Managing Director Arvind Subramanian. Mahindra Lifespace Developers Ltd, which is the real estate arm of Mahindra Group, is also keen on doing build-to-suit industrial and warehousing space in its existing large integrated industrial parks and may also look at housing for senior citizens. However, the company has no plans to buy land and develop office complexes and shopping malls. Its mixed-use development projects may have a little bit of commercial space. The company's Managing Director and Chief Executive Officer Arvind Subramanian said it is looking at expanding its housing and industrial verticals. He noted that there is a very big opportunity for society redevelopment in Mumbai. "Lots of societies are coming up for redevelopment again. Many of them have burned their fingers in the past with local developers who have signed agreements with them but have not been able to take the project forward for various financial reasons," Subramanian said. Mahindra Lifespace is in an advance stage of discussion with some of these societies in Mumbai and hopes to conclude one or two "important transactions" in the next six months. Subramanian said the company has so far leased land in its industrial parks at Chennai and Jaipur and is now keenly looking at build-to-suit facilities for clients. The build-to-suit industrial and warehousing is a space that is of interest to us. We have a customer base there. We have a natural advantage to operate in that space," he added. In some of its larger land parcels, Mahindra Lifespace might consider doing mixed use developments. In those projects, he said the company might build offices and retail spaces. In the residential business front, Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to Rs 2,500 crore in the next three years from Rs 1,028 crore in the last financial year. The company has already clocked Rs 600 crore of residential sales during the April-June quarter of 2022-23 fiscal. To grow the housing business, Mahindra Lifespace is looking to acquire land parcels -- through outright purchases as well as forming partnerships with landowners -- that can generate sales worth up to Rs 4,000 crore. Mahindra Lifespace Developers has 32.14 mn sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities. The company also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated industrial parks across four locations.
Tags : Mahindra Lifespace Developers redevelopment projects Mumbai develop data centres Managing Director Arvind Subramanian