Mahindra Lifespaces has officially announced that 5 new residential real estate projects will be launched by March 2019. The company will be developing approximately 2 million sq. ft. across these projects in Pune, Mumbai and Chennai. The company is planning to enhance its project portfolio via partnerships and joint ventures in this financial year. New launches were previously stagnant in the Indian realty market since multiple developers had to combat issues like regulatory and policy changes and approval based delays.
In fact, developers in Mumbai also faced another obstacle after new construction was stopped by the Bombay High Court back in February 2016 since dumping grounds at Mulund and Deonar had outstripped their limits. The ban on new construction was finally lifted by the Supreme Court in March this year. According to industry experts, RERA has improved market sentiments along with the Government’s emphasis on affordable housing. As a result, new launches are expected to go up in the current financial year.
3 Mahindra Lifespaces projects will launch in Mumbai in the near future now that the construction ban has been lifted. Mahindra Lifespaces is also consolidating its presence with partnerships in its major markets, namely the NCR (National Capital Region), Mumbai, Bangalore and Pune. RERA has given the company expansion opportunities since there is lower housing supply in the Indian market. Many land owners and developers have already been selling land parcels and seeking joint ventures for generating revenues. This gives the company more scope for getting land parcels for further growth.
Mahindra Lifespaces has already signed MoUs for approximately 2.75 million sq. ft. which is in the early diligence stages. The company will attempt to close out two projects in the current quarter and the others in the next one. Out of these 5 launches, around 3 projects will be from the landowners who were previously engaged in development. Mahindra Lifespaces has already launched its affordable housing venture under the Happinest brand in a tie-up with HDFC Capital Advisors Limited which is located at Palghar near Mumbai. This is the company’s first low-cost housing project where units are priced in the range of Rs. 8-20 lakh. Some of the top projects by Mahindra Lifespaces include Royale, Iris Court, Aqualily, Sylvan County, Luminare and The Woods.
