Mahindra Lifespace- Optimistic about residential real estate growth
Mahindra Lifespace Developers Ltd (A subsidiary of Mahindra and Mahindra) has gone into a buying spree to increase their land inventory. They are anticipating a boom in the real estate sector and hence want to replenish the land bank which will be used in the next three years in the upcoming new projects.
A top company executive stated that the focus is on getting into negotiations with land owners in Mumbai, Bangalore and Pune. In the past few years the demand for residential real estate was shaky and most of the developers were reeling under the pressure of huge debts and shortage of liquid cash. Hence the company did not maintain much of a land inventory, however due to the new sentiments with the swearing in of the new government, the firm anticipates a strong growth in the residential project market.
Anita Arjundas, the managing director and chief executive officer of Mahindra Lifespace mentioned that the company stayed out of the market for the past few years. However now the slump seems to be over and acquisition of the land parcels in the past two years has been steady. She did not disclose the amount which is kept in the budget of the company for land acquisitions, however mentioned that funds raised under a joint venture (JV) with Standard Chartered PLC, could be partly used for this purpose.
Source- Mint
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