Page 2 - Mahindra Lifespace Developers

Mahindra Lifespace Developers shifts gear; charts aggressive growth plans

The company, which lagged peers Godrej Properties and Prestige Estates Projects, seeks to invest Rs 500 cr every year in buying land parcels for new projects

Mahindra Lifespace to buy 3.2 acre land in Pune for expansion plans

Mahindra Lifespace Developers has agreed to buy 3.2 acre land in Pune from parent company Mahindra & Mahindra as part of its expansion plan. The company said it has "finalised the terms to purchase approximately 3.2 acres of land in Pimpri, Pune, from Mahindra & Mahindra Ltd". The purchase is expected to be concluded in around six months, subject to the fulfillment of agreed conditions by both buyer and seller. This new project will offer about 3.25 lakh sq ft of carpet area. When it is launched, this will be Mahindra Lifespaces' fourth project in Pune. Arvind Subramanian, managing director & CEO of Mahindra Lifespace Developers Ltd, said, "The proposed acquisition will help us grow our presence in this high-performing micro-market and is in line with our residential expansion strategy." Established in 1994, Mahindra Lifespace Developers Ltd is the real estate and infrastructure development business of the USD 19.4-billion Mahindra Group. The company's development ...

Japanese group Yanmar sets up its first diesel engine making unit in India

With a built-up area of 23,708 sq mt, the facility in Chennai has an annual production capacity of 80,000 engines

Housing sales reviving, end-user demand may strengthen: Mahindra Lifespace

Housing sales as well as enquiries from prospective homebuyers, which were badly hit during April-June due to the COVID-19 pandemic, have started to revive gradually and end-user demand is likely to strengthen in coming months, a top official of Mahindra Lifespace said on Thursday. In an interview with PTI, Mahindra Lifespace Developers MD & CEO Arvind Subramanian said the company did not witness much cancellation of apartments booked by customers as widely feared after the outbreak of COVID-19 and subsequent lockdown. "Just like the economy, businesses were severely challenged in the first quarter of this fiscal year. There was almost a standstill in housing sales and construction activities," he said. However, Subramanian said, "The good news is that our existing customers are committed to their bookings. We are not seeing a large cancellation which could have been one of the outcomes." He said the sales bookings and enquiries from customers in July increased as compared to the .

Mahindra Lifespace to raise $50 mn from IFC to support $210-mn projects

The Mahindra Group's real estate arm Mahindra Lifespace Developers Limited (MLDL) plans to raise $50 million from International Finance Corporation (IFC). The investment will support company's plan to develop three industrial clusters (ICs) in Rajasthan, Gujarat and Maharashtra at a cost of over $210 million.IFC proposed investment is a combination of equity and subordinated debt, with an equal investment from MLDL in a combination of instruments and assets. IFC will invest in one or more special purpose vehicles (SPVs), promoted by MLDL.The three ICs are planned to be developed over the next 4-6 years in a staggered manner, with full project completion by 2025.The IC near Pune will be developed over an area of approximately 511 acres. It will comprise of a domestic tariff area and engineering and auto ancillary units. Around 152 acres has already been purchased by Knowledge Township Limited (KTL), a subsidiary of MLDL.For IC near Jaipur, the SPV would utilise 500 acres from the ...