Mahindra Lifespace To Acquire Land Parcels

Mahindra Lifespace Developers is actively looking at acquiring four to seven land parcels this fiscal with sales potential of Rs 2,000 crore as land deals have become more attractive. The company is also in talks with investment firms to set up a dedicated platform for development of mid-income housing projects, said Arvind Subramanian, MD and CEO-designate, Mahindra Lifespaces, which is part of the Mahindra Group. He said the company is looking at land deals, both outright purchase and joint development, to strengthen portfolios in three cities where it is focusing -- Mumbai Metropolitan Region (MMR), Pune and Bengaluru. The company has a strong balance sheet with cash reserves. It also has a funding platform with HDFC Capital for affordable housing. “Land acquisitions have become attractive. Landlords have become more flexible now. We are getting quite a lot of proposals. We would like to do 4-7 deals during this fiscal,” Subramanian said. Though it has been mandated that power plants selling power through ‘cost plus’ basis will have to share the gains made from RTM transactions with discoms, regulatory clarity has been sought about the ways of calculating such profits.