Mahindra Lifespaces says Mumbai's old apartment redevelopment projects picking pace fast

Irfan Razack, chairman and managing director of Prestige Group, said that the Mumbai market had given 25 percent of the entire Rs 3,000 crore sales in June quarter, and thus they are confident of an uptick in the coming times.

Apart from redevelopment projects in Mumbai, Mahindra Lifespaces MD and CEO Arvind Subramanian said there was strong demand the overall real estate market in Pune and Bengaluru.

"All these three markets are very exciting," he said, adding there is a clear customer preference to do business with more reputed developers who have a track record.

In terms of geographical expansion, he said, “Our strategy is to focus on a few geographies and go deeper into them. Our residential developments over the next few years are going to be focused on Mumbai, Pune and Bengaluru and we are seeing a strong demand.”

The company recorded multi-quarter high levels in terms of sales volumes and bookings in quarter one of FY23. “June has been a record quarter for us both on residential sales as well as industrial bookings,” Subramanian said.

In the June quarter, the company had two successful launches, one in Bengaluru — Mahindra Eden, India’s first net zero energy project — and the second in Gurugram. “Both have contributed to a very strong sales performance on the residential side,” he said.

But Subramanian doesn’t expect every quarter this year to be similar because the future pipeline of launches is more intermittent.