Mahindra Lifespace Developers Limited was incorporated on 16 March, 1999 as a Private Limited Company and on 18 August, 1999, it was converted into Public Limited Company under the name of 'Gesco Corporation Limited'. The Company's name was further changed from Gesco Corporation Limited to Mahindra Gesco Developers Limited on 24 December, 2002 and later was changed from Mahindra Gesco Developers Limited to Mahindra Lifespace Developers Limited on October 25, 2007. AAs on 31st March, 2025, the Promoter and the Holding company i.e., Mahindra and Mahindra Limited (M&M) holds 7,93,19,550 equity shares representing 51.14% of the total paid-up equity share capital of the Company.
Mahindra Lifespace Developers (MLDL) is one of the leading real estate development companies in India. MLDL, a Wholly Owned Subsidiary of Mahindra & Mahindra Limited came into existence with the Demerger of the Property Development Division of Great Eastern Shipping.
The Company along with its subsidiary companies is engaged in the development of residential projects and large formats developments such as integrated cities and industrial clusters. It is running in the platforms of design, development, construction and marketing of residential and commercial projects. In addition, it has a landbank with development potential aggregating around 5.74 msft . Mahindra Lifespaces' development portfolio comprises premium residential projects; value homes under the Mahindra Happinestr' brand; and integrat ...ed cities and industrial clusters under the Mahindra World City' and Origins by Mahindra' brands respectively.
The Company had entered into a Joint Venture with Regus PLC, U.K. during the year 2000-01 and also incorporated one JV Company in India to provide operation of business centres initially in major cities such as Delhi, Mumbai and Bangalore. To have a nationwide presence in the property services sector the company had set up a subsidiary company, i.e. 'GESCO Corporation (South) Ltd., Bangalore, to explore opportunities in the South during the year 2000-01. Dalmia sold their 10.5% stake to Sheth-Mahindra and in lieu of that GESCO became a subsidiary of Mahindra & Mahindra during the year 2001. At Pune, the company launched The Nest' a residential project (about 80000Sq.ft) near Pimpri Chinchwad in the year 2001-02. The Tirupur Water Supply & Sewerage Project, which was started in October of the year 2002. During the year 2003-04, MISL reduced its exposure to commercial property and had increased its activities in the residential segment. The Company received an ISO 9001:2000 certification from Bureau Veritas Quality International (Holding) S.A. London in 19th August of the year 2003.
During the year 2004-05, the company commenced its operations in Chennai with the launch of a commercial complex on a built-to-suit basis for a leading private sector bank Commercial Bank. Also in the same year, MLDL had launched a new residential project covered 5,00,000 Sq.ft at Wakad near Pune. Mahindra World City (Maharashtra) Limited and Mahindra World City (Jaipur) Limited became subsidiaries of the company in the year 2005-06. During the same year Mahindra Industrial Park Limited, which developed the country's first Special Economic Zone (SEZ) in the private sector as a joint venture with the Government of Tamil Nadu was rechristened as Mahindra World City Developers Limited. MLDL had established track record in the development of Integrated Business Cities including Special Economic Zones (SEZs) with Mahindra World City in 2006-07 at Chennai and also in the same year 2006-07, the company launched another prestigious residential project Mahindra Royale' at Pimpri near Pune for which the construction has commenced. The Golden Peacock National Quality Award-2007 came to company's hand and also the company received CNBC Awaaz CRISIL Real Estate Awards 2007 for most transparent system. In 2007-08, the Company made its foray into international; MLDL had signed a MoU with Board of Investments of Sri Lanka.
MLDL had entered into a joint venture agreement between its subsidiary company, Mahindra Residential Developers (MRDL) and ARCH Capital Asian Partners, an affiliate of Ayala Land and Ayala Corporation during April of the year 2008, for the development of a gated residential community together with support, retail and recreational facilities within Mahindra Lifespacess SEZ at Mahindra World City, New Chennai. The Company, along with BE Billimoria & Co (BEBL) had jointly won a bid in May of the year 2008 to develop a residential project over a scheduled land comprising of around 25 acres. As at June 2008, Mahindra World City (MWC) (Subsidiary of the company), Jaipur had signed memorandum of understanding (MoU) with Vamani Overseas to set up 4 acre camps in MWC, Jaipur handicraft zone.
The Company plans to invest in two new subsidiaries, viz. Mahindra World City (Jaipur) and Mahindra World City (Maharashtra), which will develop two new SEZs of 3,000 acres each in partnership with the governments of Rajasthan and Maharashtra for multi product SEZs near Jaipur and Lonavala.On 4th April, 2013, the Company issued and allotted 5,000-Secured Listed Rated Redeemable 10.78 per cent YTM, Non-Convertible Debentures (NCDs) with a face value of Rs.1000000 each for cash at par, aggregating Rs.500 crores vide Series I, Series II, and Series III on Private Placement basis.
In the residential segment, the Company launched two new projects-L'artista and Nova -in the luxury and budget home segments respectively. In addition, fresh inventory in three of its existing projects were also launched during the year. During 2013-14, the Company sold over 700 residential units across its ongoing and newly launched projects, including projects of its subsidiary companies in the residential space.
During the year 2013-14, the Company completed multiple phases of Aqualily' and Phase I of Iris Court in Mahindra World City, Chennai. Two new projects and new phases of 3 existing projects were launched during the year, which are at different stages of construction. The project-wise details are provided below. Eminente' a premium high-rise residential complex in Goregaon, Mumbai, is spread over 5.58 acres covering 0.57 million square feet of saleable area. All units in this project have been sold and the construction of the second and third phase was completed in the previous year. During 2013-14, handover of units in Phase II was completed and was nearing completion for the final phase (Phase III).
During 2013-14, the Company completed the construction of the last three phases of the villas (1B, 1C, 1D) and the first phase apartments (2A), taking the total completed area under the project to 0.61 million square feet. Construction for the next two phases of apartments (2B, 2C) covering 0.78 million square feet is progressing as per schedule. 67 per cent of the total units launched in this project have been sold up to March 2014.
During 2013-14, the first phase of Aqualily' project covering 0.27 million square feet was completed. Construction in the remaining two phases is underway and progressing as per schedule. 82 per cent of the total units launched in this project have been sold up to March 2014.
During the year 2013-14, the second phase (2A and 2C) of the pilot project Bloomdale' in Nagpur, Maharashtra was launched, taking the total saleable area launched to 0.59 million square feet. Construction work for the new phase also started during 2013-14 and is progressing as per schedule. While construction in phase 1 (A, B and C) is in advanced stages, 84 per cent of the total units launched in this project have been sold upto March 2014.
During the year 2013-14, the Company launched the first phase of the Nova' in Mahindra World City, Chennai, the first phase of the project, which has 360 units. The construction work also started along with the launch and is progressing as per schedule. 51 per cent of total units launched have been sold as of March 2014.
During the year 2014-15, the Company sold over 1,400 residential units across its ongoing and newly launched projects, including projects of its subsidiary companies in the residential space.
During the year 2014-15, Mahindra World City (MWC), Jaipur, received a Gold pre-certification for its IT SEZ under the IGBC SEZ rating system. It is the second SEZ in India to receive this distinction.
During the year 2014-15, the company added 13 customers (5 in SEZ, 7 in DTA and 1 in both SEZ and DTA) in the IT/ITeS SEZ, Engineering & Related Industries SEZ and Evolve' - the multi- tenanted IT Park, which is spread over approximately 25 acres within the IT SEZ. At the end of the year, the Company had 64 customers in its business zone - 23 in DTA and 41 in SEZ. 5 existing customers also increased their footprint during the year.
In the residential segment, the Company sold over 1,000 residential units aggregating to 1.16 million square feet of saleable area in 2015-16 across its ongoing and newly launched projects, including projects of its subsidiary companies. The Company launched two new projects - Vivante' and Windchimes', marking its entry in the Bangalore market with the latter. In addition, fresh inventory in four of its existing projects was also launched during the year 2015-16.
In the large format developments, the Company's subsidiary Mahindra World City Developers Limited (MWCDL) signed a JV Agreement with Sumitomo Corporation, Japan to develop an industrial park in North Chennai on the NH-5 (Chennai - Kolkata highway) in FY 2015-16.
Mahindra Industrial Park Chennai Limited was a wholly owned subsidiary of Mahindra World City Developers Limited. During the financial year 2015-16, Mahindra World City Developers Limited had entered into a Joint Venture Agreement with Sumitomo Corporation, Japan to set up an Industrial Park in North Chennai (the NH-5 corridor) on approximately 300 acres. In terms of the Joint Venture Agreement, Mahindra Industrial Park Chennai Limited, which was, a wholly owned subsidiary of Mahindra World City Developers Limited is now a joint venture between Mahindra World City Developers Limited and Sumitomo Corporation in the ratio of 60:40 respectively. Accordingly, Mahindra Industrial Park Chennai Limited is a subsidiary of Mahindra World City Developers Limited and consequently, a subsidiary of the Company.
During the year 2016-17, the company launched the first two phases (I & II) of the Windchimes project, comprising 229 apartments with a total saleable area of 0.44 million square feet. 54 per cent of the total units launched in this project have been sold up to March 2016.
The Board of Directors had at its meeting held on 27 October, 2016, approved Rights Issue upto an amount of Rs. 300 crore. The Rights Issue of 10,273,600 equity shares at a price of Rs. 292 (including face value of Rs. 10 each) per equity share aggregating Rs. 2,99.99 crore in the ratio of 1:4, that is, 1 Right Equity Share for every 4 fully paid-up equity shares of the Company held by the Equity Shareholders on the Record Date i.e. 31 March, 2017. The Rights Issue was opened on 12 April 2017, and closed on 26th April 2017 (both days inclusive). The Rights Issue proceeds are being utilized for the purpose of the Issue, i.e. payment of Rights Issue expenses, repayment of debt and for general corporate purposes. There is no deviation in the use of Rights Issue proceeds from the objects stated in the Letter of Offer dated 27 March 2017. The Right Issue was subscribed 129.18 percent of the Issue size in terms of number of equity shares applied. The Basis of Allotment was finalized on 4 May 2017 in consultation with the BSE Limited, the Designated Stock Exchange. Accordingly, the basis of allotment was approved and 10263388 Equity Shares of face value of Rs10 each, issued at a price of Rs292 per Equity Share (including a premium of Rs. 282 per Equity Share) fully paid up were allotted on 5 May 2017 by the Rights Issue Committee. The said equity shares have been listed on the BSE Limited and National Stock Exchange of India Limited and they rank pari-passu with the existing equity shares in all respects. The allotment of 10,212 Rights Equity Shares have been kept in abeyance pursuant to provisions of the Companies Act, 2013, till such time the title of the bona-fide owner of the shares is certified by the concerned Stock Exchange or the Special Court (Trial of offenses relating to transactions in Securities).
On 30th March 2017, MHPL allotted in its Right Issue 4,11,251 Series A equity shares (with voting rights) of face value Rs. 10 each to the Company. Pursuant to the allotment, the shareholding of the Company in Series A equity shares (with voting rights) of MHPL has increased from 50 percent to 74.99 percent. Basis the overall paid up share capital of MHPL, the shareholding of the Company in MHPL increased from 50% to 74.98%. SCM Real Estate (Singapore) Private Limited holds 25.02% of the paid-up share capital as a joint venture partner in MHPL. Pursuant to the increase in shareholding, MHPL became a subsidiary of the Company, and an indirect subsidiary of the Promoter of the Company, viz Mahindra and Mahindra Limited.
During the year 2017, Company completed the acquisition of 268 acres near Ahmedabad in Gujarat for the development of an industrial cluster.
During the year 2018, the Company also launched its new brand for mid-sized acres industrial clusters called ORIGINS by Mahindra World City'. The first two of these clusters, near Chennai and Ahmedabad, are in various stages of planning and development.
During the year 2018, the Company entered into two partnerships. The first partnership is with International Finance Corporation (IFC), a member of the World Bank Group, for the development of multiple industrial parks across Gujarat, Rajasthan and Maharashtra. This entails an investment commitment of USD 50 million, with the first investment in Origins, Jansali - the 268-acre industrial cluster near Ahmedabad. The second partnership is with a fund managed by HDFC Capital Advisors Limited for projects in the affordable housing space, with joint commitment of Rs500 crore that can deliver development footprint of 5-10 million square feet. Happinest, Palghar (I & II), in the Mumbai Metropolitan Region, which has an estimated saleable area of 1.05 million square feet, is the first project to be implemented under this partnership.
During FY 2018-19, the Company launched three new projects - Roots' in Kandivali, Mumbai Metropolitan Region (MMR), Lakewoods' in Mahindra World City (MWC), in Chennai, and Centralis' in Pimpri, Pune. Additionally, it launched fresh inventory in two of its existing projects Antheia' (Pune), Bloomdale' (Nagpur). In the affordable housing segment, the Company launched fresh inventory in two of its existing projects - Happinest Avadi' (Chennai) and Happinest Palghar' (MMR). It sold 1,678 residential units aggregating 1.69 million square feet of saleable area for an aggregate sales value of Rs. 1,023 crore in FY 2018-19
The Company executed land leases of around 93 acres in FY 2018-19 at MWCs Chennai, Jaipur & Origins, Chennai. The IC & IC business has leased entire industrial land inventory at Mahindra World City, Chennai. Origins, Chennai', the first industrial cluster project launched in FY 2018-19 in partnership with Sumitomo Corporation, signed its anchor customer. Origins, Ahmedabad', the second industrial cluster project has obtained all key approvals for the first phase of the project and the initial development work has already started. It is being developed by the Company's subsidiary, Mahindra Industrial Park Private Limited (MIPPL), in a strategic partnership with International Finance Corporation. The multi-product SEZ notification in FY 2018-19 at MWC Jaipur has enabled the business to engage in new industrial segments.
During the year 2019, consequent to coming into force of the Companies Amendment Act, 2017, effective 7th May 2018, Mahindra Knowledge Park (Mohali) Limited which was an associate company of the Company became a subsidiary of MWCML and consequently, the subsidiary of the Company. Similarly, Mahindra Construction Company Limited, which was an indirect subsidiary of the Company ceased to be a subsidiary of the Company.
In FY 2019, the Company executed three land deals in FY 2018-19 - one each in Pune, Bengaluru and Kalyan in the MMR - with a combined development potential of around 2.29 million square feet.
In FY 2018-19, the integrated cities and industrial clusters business leased 93 acres of land. Chennai signed its anchor client, a leading Japanese diesel engines manufacturer in FY 2018-19.
During FY 2019-20, the Company launched two new projects in the Mumbai Metropolitan Region (MMR) - Vicino, Andheri, in the premium segment and Happinest Kalyan in the affordable segment. In addition, it launched fresh inventory in Happinest Avadi, Chennai. It completed around 40 acres of land leases in the integrated cities and launched a new industrial clusters project with two new customers Nissei Electric and Usui Susira in Origins Chennai.
During 2020-21, the Company launched three new projects - Happinest Palghar and Alcove in the Mumbai Metropolitan Region (MMR) and Happinest Tathawade in Pune. It also launched fresh inventory in two of its existing projects - Vicino in MMR and Happinest Avadi in Chennai. On 16 September 2021, MLDL allotted Bonus Shares in the proportion of 2:1 i.e., 2 Bonus Shares for every existing Ordinary Share of face value Rs. 10/-held on the Record Date of 15 September 2021.
During the year 2021-22, Company launched two new projects, 'Mahindra Happinest' in Mahindra World City, Chennai and 'Mahindra Happinest Kalyan 2' in the Mumbai Metropolitan Region (MMR). It launched fresh inventory in three of its existing projects, Vicino and Alcove in MMR and Happinest Avadi in Chennai. It commissioned Phase 1 and launched Phase 2 - Mahindra TERI Centre of Excellence. As of 31 March 2022, Mahindra Lifespaces and its subsidiaries commissioned projects covering 19.23 million square feet (msft) in the residential segment, including 1.30 msft during the year. The largest integrated city project, Mahindra World City (MWC) Jaipur was implemented under a public-private partnership, in JV between the Company and Rajasthan State Industrial Development and Investment Corporation (RIICO).
During the year 2023, the Company launched three new projects, Citadel and Nestalgia in Pune, and Eden Kanakpura in Bengaluru. It launched fresh inventory in six of its existing projects.
During the year 2023, the amalgamation of Mahindra Integrated Township Limited (MITL) and Mahindra Residential Developers Limited (MRDL) with one of the subsidiaries, Mahindra World City Developers Ltd. (MWCDL) effective from 30th December, 2022, and all assets and liabilities of MITL and MRDL were transferred and vested to MWCDL. Thereafter, the two subsidiaries, Mahindra Integrated Township Limited and Mahindra Residential Developers Limited, consequent to amalgamation with Mahindra World City Developers Limited, ceased to be the subsidiaries of the Company during 2022-23 and AMIP Industrial Parks Private Limited (AMIP), holding 26% stake became an associate Company of the Company.
In 2024, Company launched 5 new projects: Lakefront Estates and Green Estates in MWC, Chennai, Mahindra Vista in Mumbai, Codename Crown in Pune, and Mahindra Zen in Bengaluru. It also launched fresh inventory in three of its existing projects. MWC Chennai became India's 1st Integrated City to be IGBC Stage 2 Platinum certified township in FY 2024.
A key project contributing to FY 2025 was Mahindra Zen, Bengaluru's first Net Zero Waste + Energy residential project, which received over 150 homes booked within the first two days, accounting for 65% of the launched inventory and generating presales worth Rs 350+ crore. Further, it launched India's first metaverse home-buying experience for Mahindra Citadel.
FAQs on Mahindra Lifespace Developers Ltd
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