Mahindra Lifespaces

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Mahindra Lifespace Developers Limited
Company typePublic
Key people
RevenueIncrease 659 crore (US$83 million) (2023)
Decrease −110 crore (US$−14 million)(2023)
Decrease 101 crore (US$13 million) (2023)
Total assetsIncrease 3,610 crore (US$450 million) (2023)
Total equityIncrease 1,805 crore (US$230 million) (2023)
Number of employees
300+ (2021)
ParentMahindra & Mahindra

Mahindra Lifespace Developers Ltd. is an Indian real estate and infrastructure development company headquartered in Mumbai, India. The company was founded in 1994 and is part of the Mahindra Group.[2] The company is engaged in residential developments under the Mahindra Lifespaces and Happinest brands;[3] and integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘ORIGINS by Mahindra World City’ brands.[4] The company has developed properties in Mumbai, Pune, Nagpur, Ahmedabad, Delhi NCR, Jaipur, Hyderabad, Chennai, and Bengaluru.[2][5]


GESCO Corporation Limited was incorporated as a Private Limited Company on 16 March 1999 which was converted to a Public Limited Company on 18 August 1999. GESCO was originally the real estate division of Great Eastern Shipping and was spun off into an independent company in April 1999. In 2001, GESCO Corporation and Mahindra Realty & Infrastructure Developers Ltd (MRIDL) demerged the realty and infrastructure divisions of MRIDL and merged it into GESCO.[6] In 2007, the Company name was changed from Mahindra GESCO Developers Limited to Mahindra Lifespace Developers Ltd. (MLDL)[7]

Mahindra World City, Chennai jointly developed by the Mahindra group and the Tamil Nadu Industrial Development Corporation, is corporate India's first operational private special economic zone (SEZ).[8]

Board of directors[edit]

The Board of Directors of the company is headed by Arun Nanda, chairman of Mahindra Lifespace Developers Ltd.[9] and Mahindra Holidays & Resorts (I) Ltd. Other members of the Board of Directors include Arvind Subramaniam,[10] Anish Shah and Ameet Hariani, Bharat D. Shah and Amrita Verma Chowdhury hold the position of independent directors.[11]

Projects (residential)[edit]

Mahindra Happinest Palghar
Mahindra Happinest Boisar
Mahindra Happinest Avadi
Mahindra Roots
Mahindra Luminare
Mahindra Bloomdale

Current Projects

  • Mahindra Luminare is a Pre-certified IGBC platinum rated residential project launched by Mahindra Lifespaces Developers Ltd. in 2015. The project is located in Gurgaon, Sec. 59.[12]
  • Mahindra Bloomdale is a residential project being developed over 25.25 acres of land in the MIHAN area of Nagpur and has been certified by the Indian Green Building Council.[13]
  • Mahindra VICINO is a residential project located in Andheri East, Mumbai and has been certified by the Indian Green Building Council.[14]
  • Mahindra Roots is located in the Kandivali East region in Mumbai and has been certified by the Indian Green Building Council.[15]
  • Mahindra Happinest Kalyan is a project built under Pradhan Mantri Awas Yojana by Mahindra Lifespaces Developers Ltd. The project is spread over 9 acres.[16][17]
  • Mahindra Happinest Palghar is a housing project built under a joint venture between Mahindra Lifespaces and HDFC Capital Advisors. The project is spread over an area of 8 acres off the Basawat Pada Road in Nandore.[18]
  • Mahindra Happinest Boisar is a housing project by Mahindra Lifespaces, located in the Boisar suburb of Mumbai. The project is spread over 14 acres of land.[19]
  • Mahindra Happinest Avadi is a full-fledged housing project launched by Mahindra Lifespaces in compliance with the Pradhan Mantri Awas Yojana. It is located in Chennai, and spreads over 13.22 acres of land.[20]
  • Mahindra Aqualily is a residential project situated inside Mahindra World City, a 1,500-acre township in Chennai. The residences have been planned across four phases.[21]
  • Mahindra Lakewoods is a residential project situated inside Mahindra World City, a 1500-acre township in Chennai located at Chengalpet Taluk, Kancheepuram. The project is developed over 9.33 acres and has a Gold certification from the Indian Green Building Council (IGBC).[22][23]
  • Mahindra Antheia is situated in the Pimpri-Chinchwad region of Pune. This project has received pre-certification with an IGBC gold rating and spans across 16.5 acres. The construction of Mahindra Antheia C3 was successfully completed on March 30, 2023.[24]
  • Mahindra Windchimes is a residential project located near the proposed IIM-Bengaluru and Hulimavu Metro Phase 2 station in Bengaluru. The project is built over an area of 5.85 acres and has a Platinum certification from the Indian Green Building Council (IGBC).[25][26]

Integrated cities[edit]

  • Developed in 2002, Mahindra World City is known as India's first integrated business city. It also happens to be the first IGBC Gold (Stage 1) certified Green Township in the country and corporate India's first operational SEZ. The Mahindra Group promotes it in partnership with Tamil Nadu Industrial Development Corporation (TIDCO). Spanning over 1,500 acres, MWC Chennai comprises multi-sector Special Economic Zones (SEZs), Domestic Tariff Area (DTA), Residential and Social Zones.[22][27]
  • Mahindra World City, Jaipur (MWCJ) is a strategically located integrated business city spread across 3000 acres providing access to North and West markets. It is Asia's 1st and the world's largest project to reach Stage 2 of C40 Climate Initiative, a global benchmark for creating sustainable, carbon positive cities of the future. MWC Jaipur is a joint venture between Mahindra Lifespace Developers Ltd. and the Rajasthan State Industrial Development and Investment Corporation Ltd (RIICO). It consists of a Multi-Product Special Economic Zone (SEZ), a Domestic Tariff Area (DTA) and Social & Residential Infrastructure Zones.[28]

Industrial cluster[edit]

  • ORIGINS by Mahindra World City is a planned industrial cluster that has been developed together by Mahindra World City, Chennai and the Sumitomo Corporation, Japan. The cluster is the first IGBC Platinum Pre-certified project in Tamil Nadu and is being developed over a total area of 600 acres. The project has completed its phase of over 300 acres. The multi-sector industrial cluster will feature large and medium MNCs that operate in multiple domains including automotive, logistics, engineering, medical devices, aerospace and defence among other sectors.[29]
  • ORIGINS by Mahindra World City, Ahmedabad is IGBC Gold Pre-certified Industrial Cluster and is developed by Mahindra Lifespace Developers Limited in strategic partnership with International Finance Corporation (IFC), World Bank. The Industrial Cluster will be developed over an area of 340 acres. The multi-sector industrial cluster focuses on attracting large and medium global companies across engineering, automotive, renewable energy, pharma and medical devices, plastics and packaging, food processing, aerospace & defence and logistics among other sectors.[30]

Awards and recognition[edit]


  • Awarded Mint Strategy Award for construction, real estate and steel[31]


  • Porter Prize For Excellence In Governance by India's National Competitiveness Forum (NCF)[32]
  • Mahindra Lifespaces was also ranked 2nd in Asia, in the ‘Diversified’/’Listed’ category of real estate companies, in the Global Real Estate Sustainability Benchmarking (GRESB) report.[33]


  • Construction World Architect & Builder Awards 2018, One of India's top builders[34]


  • Ranked 17th in the list of Great Places to Work in India, in the ‘Mid-sized Companies’ category by GPTW[35]
  • fDi Global Free Zones of the Year 2019 - bespoke award in deployment of technology[36]


  • fDi Global Free Zones of the Year 2019 - bespoke award in Sustainability[37]
  • One of India's Top Builders at the 15th Construction World Architect & Builder Awards 2020[38]

The Mahindra Teri Centre of Excellence[edit]

The Mahindra Teri Centre of Excellence was developed to reduce the footprint of the real estate industry and to influence the real estate industry and its value chain to move towards innovative and sustainable development.[39][40]

Sustainable Leadership Housing Coalition[edit]

MLDL is one of the founding members of the Sustainable Housing Leadership Consortium (SHLC), a private sector-led consortium founded in 2016.[41]

Green Army Initiative[edit]

Mahindra Lifespace initiated its 'Green Army' initiative in 2014 which aimed to increase awareness of sustainable living habits among children. The program identifies children as primary change agents of the future and educates them on sustainable living habits and choices.[41]

Mahindra World City Jaipur[edit]

MWC Jaipur is a joint venture between Mahindra Lifespace Developers Ltd (MLDL) and Rajasthan State Industrial Development and Investment Corporation (RIICO). In 2015, MWCJ became the first project in Asia to receive Stage 2 Climate Positive Development certification from the C40 Cities Climate Leadership Group (C40).[42]


  1. ^ "IFC to invest $50 mn in Mahindra Lifespace projects". 19 September 2017. Retrieved 9 April 2019.
  2. ^ a b "Mahindra Lifespace plans to acquire land parcels with sales potential of Rs 2,000 crore". Business Line. 14 June 2020. Retrieved 25 September 2020.
  3. ^ Sapam, Bidya (1 July 2019). "Mahindra Lifespace looks to scale up its affordable housing biz". Mint. Retrieved 25 September 2020.
  4. ^ Sapam, Bidya (4 March 2019). "Mahindra Lifespace looks to add strategic investment partners". Mint. Retrieved 25 September 2020.
  5. ^ "Sangeeta Prasad resigns as MD, CEO of Mahindra Lifespaces". The Financial Express. 7 February 2020. Retrieved 25 September 2020.
  6. ^ "Gesco eyes foray into retail, entertainment". The Financial Express. 21 January 2002. Retrieved 9 April 2019.
  7. ^ "Mahindra Lifespace Developers History - Mahindra Lifespace Developers Information". The Economic Times. Retrieved 9 April 2019.
  8. ^ "Archived copy". Archived from the original on 29 January 2018. Retrieved 29 January 2018.{{cite web}}: CS1 maint: archived copy as title (link)
  9. ^ "Mahindra Lifespaces to build affordable housing pilots". Business Line. 16 June 2014. Retrieved 25 September 2020.
  10. ^ "Mahindra Lifespace appoints affordable housing unit head as MD, CEO". VCCircle. 15 May 2020. Retrieved 25 September 2020.
  11. ^ "Mahindra Lifespace Developers Management Information - Details of Mahindra Lifespace Developers Management - The Economic Times". The Economic Times. Retrieved 25 September 2020.
  12. ^ "Mahindra Lifespace tumbles after reporting Q4 net loss of Rs 224 cr". Business Standard India. 15 May 2020. Retrieved 9 November 2020.
  13. ^ "Mahindra Lifespace launches residential project in Nagpur". The Economic Times. Retrieved 9 November 2020.
  14. ^ chundawat (9 October 2019). "Mahindra Lifespace Developers launches new residential project in Mumbai | | Udaipur News | Udaipur Latest News | udaipur local news । Udaipur Updates". Retrieved 9 November 2020.
  15. ^ "Completed projects should be considered while filing the financial report under new accounting norms: Sangeeta Prasad; MD & CEO, Mahindra Lifespace Developers Ltd". Zee Business. 24 April 2019. Retrieved 9 November 2020.
  16. ^ "Mahindra Happinest's affordable housing project is Kalyan's fastest selling". constructionweekonline.
  17. ^ "This affordable housing project in Mumbai's Kalyan has sold 1,000 units amid lockdown". Moneycontrol. 27 August 2020. Retrieved 9 November 2020.
  18. ^ "Mahindra Happinest sells 100+ homes online within a week at 'Happinest Palghar'". constructionweekonline.
  19. ^ Menon, Bindu D. (15 February 2018). "Mahindra Lifespaces-HDFC Capital launch first joint affordable housing project". @businessline. Retrieved 9 November 2020.
  20. ^ "Mahindra Lifespaces commences Phase 1 handover at Happinest, Avadi". Retrieved 9 November 2020.
  21. ^ "Premium, luxury homes coming up at Mahindra World City". @businessline. 9 November 2012. Retrieved 9 November 2020.
  22. ^ a b "Mahindra Lifespace launches 5th residential project in Chennai". @businessline. 23 August 2018. Retrieved 9 November 2020.
  23. ^ "Why choose between having a lake view or open green spaces, when you can have both? - Times of India". The Times of India.
  24. ^ "Mahindra Lifespaces launches Phase 3 of Antheia, Pune". Retrieved 9 November 2020.
  25. ^ "Mahindra Lifespace launches Phase 2 of its premium residential project in Bengaluru". The Economic Times. Retrieved 9 November 2020.
  26. ^ "Mahindra launches Windchimes housing project in Bengaluru". Business Standard India. 23 June 2015. Retrieved 9 November 2020.
  27. ^ "Has The Realty Sector Turned Around? Mahindra Lifespaces' Residential Sales Grows By 76 Pc During The Quarter Vs Q1 FY19". BW Businessworld. Retrieved 9 November 2020.
  28. ^ "Mahindra Lifespace to develop residential project in Jaipur". @businessline. Retrieved 9 November 2020.
  29. ^ "Mahindra Lifespaces launches industrial clusters brand". Moneycontrol. Retrieved 9 November 2020.
  30. ^ "Mahindra Lifespace unveils industrial clusters brand Origins". @businessline. 7 November 2017. Retrieved 9 November 2020.
  31. ^ "Strategy Awards 2015 – Porter Prize". Retrieved 1 December 2020.
  32. ^ "Winners 2016 – Porter Prize". Retrieved 1 December 2020.
  33. ^ "Mahindra Lifespaces among Asia's top 100 most sustainable companies | JNICSR Times". Retrieved 1 December 2020.
  34. ^ "Past CWAB Awards Winners". Retrieved 1 December 2020.
  35. ^ "Mahindra Lifespaces Ranked 17th Among India's Great Mid-Size Workplaces In 2019". BW people. Retrieved 1 December 2020.
  36. ^ "fDi's Global Free Zones of the Year 2019 – the winners". Retrieved 1 December 2020.
  37. ^ "fDi's Global Free Zones of the Year 2019 – the winners". Retrieved 1 December 2020.
  38. ^ "15th Construction World Architect & Builder awards presented". @businessline. 4 September 2020. Retrieved 1 December 2020.
  39. ^ "Mahindra-TERI Center of Excellence". Business Standard India. 20 May 2016. Retrieved 2 November 2020.
  40. ^ "Mahindra-TERI centre of excellence to develop energy-efficient technology for real estate sector". Business Line. 12 June 2018. Retrieved 2 November 2020.
  41. ^ a b "Mahindra Lifespaces launches its 'Green Army' initiative". Architecture Update. 1 October 2015. Retrieved 2 November 2020.
  42. ^ "Mahindra World City Jaipur provides 16 acres to 4 firms for setting up facilities". Moneycontrol. 25 June 2020. Retrieved 2 November 2020.

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