Deepak A Suvarna, Chief Projects Officer, Mahindra Lifespaces Developers
The construction sector has substantial untapped potential to embrace emerging technologies that have brought about disruptive transformation in other fields. It is gearing up to be future-ready by foraying into BIM and VR in design optimization, modular construction, prefab homes and IoT-enabled smart homes.
Market Scenario
The Indian real estate sector has witnessed multiple shifts and turns in the past few years. With the implementation of RERA and GST, there is better regulated markets, more transparency, greater accountability, and a stronger customer-oriented regulatory framework. The markets are increasingly becoming end-user driven, and this, along with reducing interest rates, improved home buyer sentiment and stable prices is reviving the sector. Increasing urbanisation and shortage of quality housing will also drive growth.
At Mahindra Lifespaces, we believe that in the current environment, we must sell genuinely, build responsibly, and deliver on time. This will help us transition into the emerging industry scenario, and bring value to all the stakeholders.
Efficiency & Accountability
While the Indian real estate and construction sector is booming with opportunities, factors such as skilled workforce shortage, regulatory shifts and slow adoption of innovative technologies have meant that the sector is yet to achieve its true potential.
Mahindra Lifespaces has been at the forefront of technology-driven transformation, barring factors beyond control. A recent project evaluated the organization’s operating model and concluded that a tech-driven process overhaul would fast-track future-readiness for the transforming landscape of India’s real estate sector.
Process improvements in project value chain delivered via design elements standardization, streamlined auditable process chains, contracting and procurement processes, which resulted in an upward trend in process adherence and in driving ownership. At the same time, land to launch timelines are reduced. The company has digitally enabled the operational value chain with customized, collaborative cloud-based platforms for project stakeholders. This incorporates automated workflows to promote ‘data-driven decision making’ and accountability.
Artificial Intelligence & IoT
The construction sector, hitherto predominantly unorganized, has been one of the last to digitize. It has substantial untapped potential to embrace emerging technologies that have brought about disruptive transformation in other fields. While embracing AI and IOT wholly, is a long way to go, the sector is gearing up to be future-ready by foraying into BIM and VR in design optimization, modular construction, prefab homes and IoT-enabled smart homes. The automation of operational processes and data-driven detailed project analytics can aid in bottleneck resolutions. Systemized data capture paves the way for Big Data Analysis in the long run.
Order Book
Mahindra Lifespaces launched three mid-premium residential projects in FY’19 - Roots in Kandivali, Mumbai; Lakewoods in Mahindra World City, Chennai; and Centralis in Pimpri, Pune. We also completed 1.84msft of development across various projects. The Integrated Cities and Integrated Cluster (IC & IC) business continued to grow this year as ‘ORIGINS by Mahindra World City’ was inaugurated in Chennai, with Yanmar Engine Manufacturing India and Nissei Electric signed on.
We look forward to continuing the performance momentum with impactful launches, both in our residential business as well as the IC & IC segment; coupled with effective land buying. Our focus markets for residential development are Mumbai, Pune and Bengaluru. Delhi and Chennai are also priority markets. Our plans for the coming quarters include the launch of mid-premium segment residential projects in Mumbai and Pune, and a Happinest (Mahindra’s affordable housing brand) project in MMR. We are also evaluating opportunities for joint ventures.
The Indian real estate sector has witnessed multiple shifts and turns in the past few years. With the implementation of RERA and GST, there is better regulated markets, more transparency, greater accountability, and a stronger customer-oriented regulatory framework. The markets are increasingly becoming end-user driven, and this, along with reducing interest rates, improved home buyer sentiment and stable prices is reviving the sector. Increasing urbanisation and shortage of quality housing will also drive growth.
At Mahindra Lifespaces, we believe that in the current environment, we must sell genuinely, build responsibly, and deliver on time. This will help us transition into the emerging industry scenario, and bring value to all the stakeholders.
Efficiency & Accountability
While the Indian real estate and construction sector is booming with opportunities, factors such as skilled workforce shortage, regulatory shifts and slow adoption of innovative technologies have meant that the sector is yet to achieve its true potential.
Mahindra Lifespaces has been at the forefront of technology-driven transformation, barring factors beyond control. A recent project evaluated the organization’s operating model and concluded that a tech-driven process overhaul would fast-track future-readiness for the transforming landscape of India’s real estate sector.
Process improvements in project value chain delivered via design elements standardization, streamlined auditable process chains, contracting and procurement processes, which resulted in an upward trend in process adherence and in driving ownership. At the same time, land to launch timelines are reduced. The company has digitally enabled the operational value chain with customized, collaborative cloud-based platforms for project stakeholders. This incorporates automated workflows to promote ‘data-driven decision making’ and accountability.
The construction sector, hitherto predominantly unorganized, has been one of the last to digitize. It has substantial untapped potential to embrace emerging technologies that have brought about disruptive transformation in other fields. While embracing AI and IOT wholly, is a long way to go, the sector is gearing up to be future-ready by foraying into BIM and VR in design optimization, modular construction, prefab homes and IoT-enabled smart homes. The automation of operational processes and data-driven detailed project analytics can aid in bottleneck resolutions. Systemized data capture paves the way for Big Data Analysis in the long run.
Order Book
Mahindra Lifespaces launched three mid-premium residential projects in FY’19 - Roots in Kandivali, Mumbai; Lakewoods in Mahindra World City, Chennai; and Centralis in Pimpri, Pune. We also completed 1.84msft of development across various projects. The Integrated Cities and Integrated Cluster (IC & IC) business continued to grow this year as ‘ORIGINS by Mahindra World City’ was inaugurated in Chennai, with Yanmar Engine Manufacturing India and Nissei Electric signed on.
We look forward to continuing the performance momentum with impactful launches, both in our residential business as well as the IC & IC segment; coupled with effective land buying. Our focus markets for residential development are Mumbai, Pune and Bengaluru. Delhi and Chennai are also priority markets. Our plans for the coming quarters include the launch of mid-premium segment residential projects in Mumbai and Pune, and a Happinest (Mahindra’s affordable housing brand) project in MMR. We are also evaluating opportunities for joint ventures.
NBM&CW July 2019
