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: Mahindra Lifespace Developers Ltd (MLDL), formed as a result of a merger between the realty arms of Mahindra and GE Shipping in 2001, has outlined a vision to develop area of 4 million sq ft in the residential real estate space to be launched in the near-to-medium term in Mumbai, NCR, Chennai, and Nagpur. Anita Arjundas, managing director & chief executive officer, Mahindra Lifespace Developers Ltd spoke to FE’s Mona Mehta on how Mahindra Lifespace may end up with more than 50 million sq ft of office space supply this year and will focus on Mahindra World City projects in Chennai and Jaipur which will be followed by other cities later
What are your key real estate projects in the commercial, residential and retail segment?
MLDL has till date completed approximately 6 million sq ft of real estate development, in the residential (spanning 5 million sq ft) and commercial (1 million sq ft) sectors. These have been in Mumbai, Delhi, Gurgaon, Chennai and Pune.
We can also take credit for being the pioneers of SEZ development in the country, with our Mahindra World City Chennai, the first, and as yet, only successful private sector integrated business city including SEZs in the country, spread over 1,550 acres.
Our ongoing projects in the residential segment of 3.5 million sq ft are located in Mumbai, Pune, NCR and Chennai.
Through our Mahindra World City brand of integrated large-scale development, we are currently developing the 3,000 acre Mahindra World City in Jaipur. This is a large-format project, comprising industrial land, ready built IT space, residential and commercial developments. The Grade A IT-office space, called Evolve, involves a development of around 1.5 million sq ft of which the first 2 lakh sq ft is already developed and allotted to Deutsche Bank. Our customers at the World Cities include marquee names like BMW, B Braun, Deutsche Bank, Cap Gemini, ICICI Bank, Infosys, QH Talbros, Timken, TVS Group and Wipro among others.
What is your take on the revival gaining ground in the Indian real estate market?
India as a market with unlimited opportunities is a fact that does not need validation. Home ownership is one of the basic aspirations for us. Moreover, it is a high-value and high-involvement purchase, and therefore, extremely sensitive to the level of ‘feel-good’ among the consumers. The last year, with the ‘feel-good’ factor completely...
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