Mahindra Lifespace pauses Delhi-NCR investment as it chases 'net zero' niche
Subscribe to enjoy similar stories. MUMBAI : Mahindra Lifespace Developers Ltd, the realty arm of the Mahindra Group, will pause fresh investments in the Delhi-National Capital Region (NCR) and narrow operations to markets where it can create a niche as a ‘net zero’ developer. “We have exited two cities completely, Nagpur and Hyderabad, and we are holding back any investment in Delhi NCR right now," said Amit Kumar Sinha, managing director and chief executive at Mahindra Lifespace.
Location and price points matter as the company is focusing on sustainable living and net-zero buildings, he said. Sinha told Mint that success in Mumbai doesn’t ‘easily translate’ to other parts of the country. “Approvals, construction need a lot of local understanding of players, contractors, etc.
so I want to consolidate our market position in three cities," he said. Mahindra Lifespace is, therefore, narrowing its pan-India footprint and will “aggressively" focus on only three cities: Mumbai, Pune and Bengaluru, Sinha said. The company will factor in their sustainability goals for any future acquisitions, besides concentrating on bringing the existing land bank to the market.
“We have a lot of land banks in Chennai and Jaipur. We are bringing them to market as we speak," Sinha said. “We also have some land parcels in Mumbai now, including Thane and Bhandup, which are very large." As for Pune and Bangalore, the company will follow the model of buy, launch, monetize and buy the next one, he said.
“We are a young, upcoming, strong brand, which wants to differentiate in the market. Why not make sustainability a theme and net zero a theme so that we can lead the industry in this area?" Sinha said. “Many of our competitors have taken the lead in
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