The real estate arm of Mahindra Group, Mahindra Lifespace Developers, is looking to acquire distressed real estate assets across key property markets, especially the Delhi-National Capital Region.
This would be in addition to the company’s growth strategy to focus on both greenfield and stressed assets in mid-premium and affordable segment to cater to end users.
The company has received a few proposals from the banks that have debt exposure to such projects and realty developers who are keen to restart their stuck projects with the help of the Mahindra brand, said Sangeeta Prasad, the company’s newly-appointed CEO.
“Brand and capital in addition to execution capability are our strengths and we will be using them for our future growth,” Prasad said while adding that the company is currently strengthening the team to look at distressed assets.
While Mahindra Lifespace is keen to enter this segment, the project’s legal status, financial obligations and homebuyers’ demands will be the key considerations before an association is finalised.
“Our mantra is to sell genuinely, build responsibly and deliver on time. This is what our customers expect from us and we are committed to serving them in the best possible manner,” Prasad said while talking about the roadmap for the company.
As part of its next phase of growth, the company wants to strengthen its footprint in key geographies in India.
“For us, primary focus markets will be Mumbai, Pune and Bengaluru and secondary focus markets will be Hyderabad and Gurgaon,” Prasad said.
She believed that the ongoing improvement in a regulatory system through Real Estate (Regulation & Development) Act, 2016 (RERA), Insolvency and Bankruptcy Code, change in accounting standards, etc., is expected to benefit the industry in the long term and help conduct business responsibly and in a transparent manner.
