Mahindra Lifespaces Developers, the real estate arm of Mahindra Group, is on the lookout to acquire distressed real estate assets across major property markets, especially the Delhi National Capital Region. It is also interesting to note that the company has also been following a growth strategy to focus on greenfield as well as stressed assets in mid-premium and affordable segment to cater to end users.
It is has been brought to light by concerned authorities that the company has divulged a few proposals from the banks that have debt exposure to such projects and realty developers who are aspiring to restart their stuck projects with the Mahindra brand lending assistance to them. They have also asserted that that company’s strengths lie in brand and capital in addition to execution capability, and the company intends to use them for its future growth. It has also been revealed the company is currently strengthening the team to look at distressed assets.
While Mahindra Lifespaces is keen to make a foray into this segment, the key considerations before an association is finalized include, the project’s legal status, financial obligations and homebuyers’’ demands. With regard to the roadmap of the company, insiders have officially reported that the company’s mantra is to sell genuinely, build responsibly and ensure timely delivery. It is committed to extend the best possible service to customers.
As part of its next phase of growth, the company seeks to establish a strong foothold in the key geographies of India. According to reports, the primary focus markets will be Mumbai, Pune and Bengaluru and secondary focus markets will be Hyderabad and Gurgaon. The ongoing improvement in regulatory system through Real Estate (Regulation & Development) Act, 2016 (RERA), Insolvency and Bankruptcy Code, change in accounting standards, etc. is expected to benefit the industry in the long term. Besides, it is also expected to help conduct business in a responsible manner while maintaining transparency.