MLDL launches projects worth Rs. 2,000cr

Mahindra Lifespace Developers Ltd, which is a real estate and infrastructure building subsidiary of the diversified $14.4-billion Mahindra group, has announced projects involving an investment of Rs. 2,000cr in 10 major cities across the country. The company has already started work on seven housing projects stretching across 10 million sq ft of built up space in the affordable housing segment building accommodation with a price tag of Rs 5 to Rs 15 lakh categories in tier 2 cities of the country but at a later stage in the year it will announce some more projects. The company has already announced its entry into Hyderabad with a proposal to launch Rs 250cr, one-million sq ft housing venture in the busy Kukatpally area close to the IT hub on a 10-acre site in the down stream south. It expects to commence work on the project very shortly and complete it over in the next three years, said, Managing Director and CEO Ms Anita Arjundas.

The MD added that the management recently approved a proposal to generate Rs 500cr through an issue of non-convertible debentures and a part of which is likely to be completed during the current financial year. Currently operating out of six major cities, the company expects to have a presence across 10 major cities by next year. As the company is unfazed of the ups and downs in the real estate market and consider upheavals as a part of the business. The downturn only slows down the sale process but it never halted work on any project during the period, she said claiming that the company was open to taking up large projects in other cities such as Mahindra City venture in Chennai, which is subject to the availability of large chunk of land.