Mahindra Lifespace Plans To Launch Five New Housing Projects By March 2019

The company plans to launch five new residential projects with around 2 million sq. ft of development in Mumbai, Pune and Chennai this financial year, said managing director of Mahindra Lifespace.

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Mahindra Lifespace Plans To Launch Five New Housing Projects By March 2019

After a dull year, real estate firm Mahindra Lifespace Developers Ltd plans to ramp up its portfolio through joint ventures and partnerships and has lined up five new housing projects by March 2019, said a top company executive.

The company plans to launch five new housing projects with around 2 million sq. ft of development in Mumbai, Pune and Chennai this financial year, said managing director of Mahindra Lifespace.

Read Also: Mahindra Lifespaces Happinest Launches Palghar Affordable Housing

Regulatory changes and delays in approvals had significantly slowed down new housing projects for several developers in India. Mumbai-based builders faced an additional hurdle after the Bombay high court banned new construction activities in February 2016. The court order came as dumping grounds at Deonar and Mulund in Mumbai had exceeded the permissible limits.

Subsequently, in March 2018, the Supreme Court had lifted the ban. Launches for new housing projects should pick up on an industry level. There was a continuing negative trend in the last few years. RERA (Real Estate Regulatory and Development Act) was one issue as many people were focused on executing and completing ongoing projects.

The three new housing projects that were supposed to be launched in Mumbai were impacted because of the court ban on new construction, she said adding that as those (dumping ground and regulatory) issues get resolved, those projects would soon get launched.

Read Also: Large Developers Staying Away From Building Low-Cost Homes

Unlike in the past, the increasing trend of consolidation within the real estate market post the implementation of RERA has offered the company opportunities to form partnerships and expand its business in its four priority markets, Mumbai, Pune, Bengaluru and the National Capital Region (NCR).

Mahindra Lifespace has signed memorandums of understanding (MoU) for about 2.75 million square feet of development that are in very early stages of diligence. Three of the transactions are in advanced stages of discussions.

Earlier this year, Mahindra Lifespace had launched an affordable housing project in partnership with HDFC Capital Advisors Ltd, under the brand ‘Happinest’ at Palghar on the outskirts of Mumbai. This is the first time that the company entered into low-cost housing where the units were priced between Rs 8 lakh and Rs 20 lakh.

Read Also: Silver Lining In Real Estate Sector: Affordable Housing & Its Challenges

We would like to see a greater number of projects in each of our priority markets. We want to expand significantly deeper into these markets, she said.

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