Mahindra Lifespace eyes stressed realty assets
Mahindra Lifespace Developers, the real estate arm of Mahindra Group, is looking to acquire distressed real estate assets across key property markets, especially the Delhi-National Capital Region. This would be in addition to the company’s growth strategy to focus on both greenfield and stressed assets in mid-premium and affordable segment to cater to end users.
The company has received a few proposals from the banks that have debt exposure to such projects and realty developers who are keen to restart their stuck projects with the help of the Mahindra brand, said Sangeeta Prasad, the company’s newly-appointed CEO. “Brand and capital in addition to execution capability are our strengths and we will be using them for our future growth,” Prasad told media.
While Mahindra Lifespace is keen to enter this segment, the project’s legal status, financial obligations and homebuyers’ demands will be the key considerations before an association is finalised.