Mahindra Lifespaces Developers (MLD), the real estate arm of the Rs 30,000 crore Mahindra Group, is eyeing the south and central Mumbai property market. The company, which is into building large housing projects, has until now stayed away from the redevelopment boom in Mumbai.
“Till we acquire land in south Mumbai, we will be looking for local partners who would have either a land bank, or other expertise in south or central Mumbai,” said Pavan Malhotra, managing director and CEO, MLD.
MLD is also looking at projects in New Delhi, though Malhotra did not give further details.
The south and central Mumbai property market has seen heightened activity since the government vacated additional floor space index (FSI) to accomodate taller buildings. Since then, large investments have been made by developers, including Peninsula, Indiabulls, Unitech and DLF.
“We feel that the consolidation among the builders and developers would happen due to synergies between the larger players and the smaller players,” Malhotra said. Smaller builders may not have the financial strength to develop large properties, where larger developers with a lot of cash in their books may come in as partners.
The company has stayed away from densely populated areas because of high costs and a conscious effort to create a branding image, Malhotra said. “We wanted to create destinations. That is the reason why we decided to go out and build in areas outside the city,” he said.
MLD has built all its residential projects as sustainable, green buildings and the cost of commercially sustainable green technologies have started falling as more developers begin designing and building such structures. Sustainable architecture consists of a series of steps that include planning for optimum light and air, least usage of air-conditioning and recycling and reuse of products generated during construction or during occupancy.