 "Mahindra Lifespaces")
Mahindra Lifespaces. Photo: wikipedia.org
Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has said it was planning to invest around Rs 6,000 crore in residential business over the next four years.
The move is to drive its business growth, which is targeted to increase fivefold from Rs 2,268 crore to Rs 8,000 crore in residential business by the financial year 2028. The company is set to come up with a pipeline of projects with a gross development value of Rs 45,000 crore during this time period.
“Nationally, this year has been very good for us and hopefully we will end on a good note. The three focus cities that we are targeting are Mumbai, Pune and Bengaluru. We are targeting a GDV of around Rs 45,000 crore over the next few years,” said Vimalendra Singh, Chief Business Officer (Residential), West, Mahindra Lifespace Developers.
“We have set a target of achieving Rs 8,000 to 10,000 crore by FY28,” he added.
According to him, the company’s focus is in Mumbai, Pune and Bengaluru.
“In the next four years, we may be investing around Rs 6,000 crore,” he said.
The company is planning to go deep into the micro markets. The increase will be through new projects and also new phases of existing projects.
It is also setting sight on housing society redevelopments, and the acquisition of land parcels on an outright basis.
The company recently launched its second plotted development at Mahindra World City in Chennai. “This one is called Green Estates. This follows the first plotted development called Lakefront Estates. In less than a year, we have sold out the entire Lake Front Estates,” he added.
The company is looking to focus on joint developments, housing society redevelopments, and the acquisition of land parcels on an outright basis to augment its gross development value (GDV) during this period in its focus markets of Mumbai, Pune, and Bengaluru.
First Published: Mar 25 2024 | 6:51 PM IST