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Mahindra Lifespaces® targets senior living

Mumbai, October 1, 2021 Mahindra Lifespace Developers Ltd., the real estate arm of Mahindra Group, has transferred 15.64 acres of residential land on perpetual lease to Ashiana Housing Ltd., a leading developer of homes for senior living in India. With the proposed development, Mahindra World City (MWC), Chennai, which is already home to more than 2500 families across multi-format residences, will offer a wider array of residential options ranging from value homes to the mid – premium segment, and now senior living.

Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “India’s fast-growing elderly population coupled with rising nuclearization of families means that serviced senior living is currently an underserved and high-growth segment in residential real estate. With ready social infrastructure including a hospital, a retail zone, hotels and restaurants and a world-class club, Mahindra World City Chennai is an ideal destination for senior living amidst natural, suburban, environment-friendly surroundings. This first-of-its-kind planned, integrated city with a thriving business district will enable improved quality of life for senior citizens in a supportive, community environment. We welcome Ashiana to MWC Chennai to address this exciting opportunity.”

Speaking on the partnership, Ankur Gupta, Joint Managing Director, Ashiana Housing Ltd. stated, “We are delighted on the prospect of partnering with Mahindra Lifespaces. With this partnership, it will be our endeavour to continue the legacy built by Ashiana Housing in the space of Senior Living. We were also rewarded the top position for the fifth consecutive year by BrandXReport 2020-21 in the Senior Living Homes category. We are heartened by this opportunity which will help strengthen our development portfolio in Chennai, expanding our footprints in the State. I am confident that with this collaboration, we will be able to provide a superior experience of assisted living to our senior customers and cater to our goal of providing holistic well-being to them. We look forward to a constructive and a successful partnership.”

A cosmopolitan township with multiple environmental firsts to its credit, Mahindra World City, Chennai is today globally acknowledged as an urban destination that is well ahead of its time. Strategically located with an on-site railway station, MWC Chennai is India’s first IGBC ‘Gold’ Certified Township and operational corporate Special Economic Zone. Spanning 1500 acres, this low-congestion city is surrounded by 1000 acres of reserve forests and 7 lakes, and boasts superior air quality* as compared to Indian metros (including Chennai Metropolitan Area). MWC Chennai has created direct and indirect employment for more than 100,000 persons in its industrial zone, which is the preferred business destination for more than 65 transnational companies across Special Economic Zones and a Domestic Tariff Area.

About Mahindra Word City Developers Ltd

Established in 1994, Mahindra Lifespace Developers Ltd. (‘Mahindra Lifespaces’) brings the Mahindra Group’s philosophy of ‘Rise’ to India’s real estate and infrastructure industry through thriving residential communities and enabling business ecosystems. The Company’s development footprint spans 27.4 million sq. ft. (2.5 million sq. m.) of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.

Mahindra Lifespaces’ development portfolio comprises mid-premium residential projects; value homes under the ‘Mahindra Happinest®’ brand; and integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands respectively. The Company leverages innovation, thoughtful design, and a deep commitment to sustainability to craft quality life and business growth.

The first real estate company in India to have committed to the global Science Based Targets initiative (SBTi), all Mahindra Lifespaces’ projects are certified environment friendly. With a 100% Green portfolio since 2013, the Company is working towards carbon neutrality by 2040 and actively supports research on green buildings tailored to climatic conditions in India. Mahindra Lifespaces is the recipient of over 80 awards for its projects and ESG initiatives.

Learn more about Mahindra Lifespaces® at www.mahindralifespaces.com 

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/news-room

About Ashiana Housing Ltd.

Ashiana Housing Ltd. (AHL) is an Indian real estate development company established in 1979 with its head office in New Delhi, India and has been ranked as number 1 senior living space for the 5th consecutive year. Recognized by Forbes as Asia's 200 Best Under a Billion (2010 and 2011), Ashiana Housing is a mid-income housing developer with primary focus on offering premium lifestyle at accessible prices across its 50 + projects in the space of Senior Living, Comfort homes and Kid-Centric Homes. A pioneer in senior living and kid-centric homes, the company has expanded its reach from group housing to facility management, retail and hotels, as well as maintenance and resale of property. With presence across 9 cities in India, Ashiana Housing has constructed and delivered over 23 million square feet serving over 15000+ happy families. The company manages and maintains over 19 million square feet area under lifetime service contract showcasing the trust and confidence towards its high quality of construction.

For further enquiries please contact:

Ruzbeh Irani Chief Group Communications and Ethics Officer and Member of the Group Executive Board Mahindra Group Phone: +91 22 2490 1441 Email: [email protected]
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