Mahindra Lifespace enters the new luxury segment


Intends to install villas in his first project under the brand “The Serenes” in Alibaug, a popular beach destination near Mumbai.

The Mahindra Group, which ventured into the affordable housing segment through its subsidiary Mahindra Lifespace Developers (MLDL) last year, has now announced plans to tackle a new segment on the other end of the spectrum: luxury weekend homes.

MLDL intends to install villas in its first project under the brand “The Serenes” in Alibaug, a popular beach destination near Mumbai. Spread over 12 acres, the closed project will offer two formats – Courtyard and Patio – with villas of three and four bedrooms.

Anita Arjundas, Managing Director and CEO of Mahindra Lifespace Developers, said: “There is more and more a trend for a buyer who wants to own a property and needs to take a break from the cities. Weekend getaways were born from a vision to create a luxurious living experience for the most demanding. ”

Speaking to this correspondent, Om Ahuja, CEO of Residential Services, JLL India, a leading real estate consultancy, said there had been “a surprising recovery in the luxury segment after the elections, even though the middle segment is still in trouble “.

Ms Arjundas said that in the first phase 49 villas will be built and are due for delivery by the end of 2016. The 3 BHK units will cover 3,000 to 3,100 square feet while the 4 BHK properties will cover 3,400 to 3,500 square feet. . Their price is said to be between Rs 2.50 and 3.50 crore.

A second phase covering five acres for 25 additional units was planned, “but there would be more clarity in the next six months. MLDL’s investment in the project would total around Rs 100 crore, ” Ms. Arjundas said, adding that more projects were planned but “the benchmark would be that the location be around a four hour drive from the city. ‘a city and presents a picturesque environment “. ‘

The first organized entrant into the luxury weekend home segment was the Kalpataru group with its Amoda reserve with units starting at Rs 3.50 crore, and, according to Mr Ahuja, units from Lonavala, a resort mountains near Mumbai, have been well received. during launch.

“The weekend or vacation home segment is new and unique and buyers are not looking for price appreciation. Alibaug is a prime destination with no reputable organized developer to date. This is a smart move on the part of the Mahindras, and should elicit a favorable response, ” Ahuja said.


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