Mahindra Lifespaces to exit affordable housing by FY30, shifts focus to premium segment: CEO
Mahindra Lifespaces, the real estate arm of the Mahindra Group, has said that the company plans to exit from the affordable housing segment for the time being, stating that it will have zero affordable housing projects on its books by FY30.
Managing Director and CEO Amit Kumar Sinha said the company plans to align its real estate strategy with the broader Mahindra brand, which focuses on premium SUVs rather than affordable or luxury vehicles. Similarly, Mahindra Lifespaces will concentrate on offering premium homes that are positioned between the affordable and luxury segments.
Sinha said the company plans to pause the development of affordable housing projects to concentrate on premium housing instead.
"If you look at Mahindra, it is known for SUVs (cars), not for small cars, not for luxury cars. We have tried both, we have even tried two-wheelers, and it has not been very successful."
Drawing a parallel with Mahindra's core automotive strategy, he said, "If you look at Mahindra, it's known for SUVs, not for small or luxury cars. We've tried both, we have even tried two-wheelers, and it has not been very successful,' he said.
Also Read: Premiumization of Mahindra SUVs holds a mirror to luxury housing: Amit Kumar Sinha, MD, Mahindra Lifespaces
Speaking during the Q4 FY25 investor call, Sinha said, "We have our focus on premium. Premium is defined as more than ₹1 crore to ₹10 crores in NCR and Mumbai, above which the 10 crore market is a threshold for luxury. But in other markets like Pune and Bengaluru, ₹1 to ₹5 crores is mid-premium and premium. So, that is what we want to focus on."
"Affordable has not done well for us, and that is something we want to sunset over a period of time. We have to fulfil our customer commitments, which we will do over time," Sinha said.
The company currently has affordable housing projects under the Mahindra Happinest brand in Palghar and Kalyan near Mumbai, as well as in Chennai.
The company is focusing on outright land purchases, joint development agreements (JDA), and housing society redevelopment.
"We are not yet venturing into slum rehabilitation projects. Maybe in the future, high-risk, high-reward business, but we will see if we can execute well on these deals that we already have, then we will look at slum rehabilitation projects," Sinha said.
"I think we have to do a lot to first change the brand perception. I think we are trying to be a little bit cool, a little bit different, to create that brand appeal. So that is the first part that we are doing.'
In 2024, Sinha told HT.com that the company plans to rebrand itself as a premium housing company and expand further into the Mumbai, Pune, and Bengaluru real estate markets.
Also Read: Mahindra Lifespaces wins redevelopment deal worth ₹950 crore for three Mumbai housing societies
'We now have premium projects and will rebrand ourselves accordingly," Sinha had said. Alluding to Mahindra's SUV cars, Sinha had said that these come with fully loaded features.
"If you look at Mahindra's XUV700, it is a premium car which makes you feel that you got a sweet deal. If you were to buy a GLE or X5 or some car with equivalent features and a powerful engine, it would cost you three times more. We want to give the same feel when it comes to homes. Our projects should have the best space index, greenery, amenities, right price point and social infrastructure," Sinha had said.
The company's profit for Q4FY25 grew by 19.02% year-on-year (Y-o-Y) to ₹85.1 crore, and revenue from operations dipped by 35.4% Y-o-Y to ₹9.24 crore. Its total expenses stood at ₹72.04 crore, down by 3.72% Y-o-Y.
In the pre-sales segment, the company closed sales worth ₹1,055 crore, down by 2.9% year-on-year. On the business development end, the company added projects with a gross development value (GDV) of ₹3,650 crore in Q4FY25 as against ₹2,040 crore in Q4FY24.
Also Read: Mahindra Lifespace targets ₹1200 crore revenue from two housing redevelopment projects in Mumbai
Mahindra Lifespaces was established in 1994 and has a development footprint spanning 41.11 million sq ft (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities.
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