Realty arm eyes mid-premium homes
Mahindra Lifespace Developers Ltd., the realty arm of the Mahindra Group, will invest ₹500 crore in land acquisition every year to expand the firm’s affordable and mid-premium housing projects, said MD & CEO Arvind Subramanian.
“Most of the investment over the next three to five years will go into the residential business,” he said.
“Roughly, every year, we will be be spending about ₹500 crore on land acquisitions. if I stick to three to five land parcels being bought,” he added.
The company, which operates its affordable-housing business under the brand name Happinest (prices range from ₹10 to ₹50 lakh) and mid-premium or premium residential business (₹50 lakh-₹4 crore) under the Lifespaces umbrella, said demand for homes in these segments would rise as end users desired to move to better homes.