Released on: May 7, 2008, 1:17 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: Mahindra Lifespaces Developers (MLDL), the housing and real
estate arm of the $ 7.5 billion (Rs 30,566 crore) Mahindra Group, is planning to
enter the business of building low-cost houses for the middle-income group.

Press Release Body: Mahindra Lifespaces Developers (MLDL), the housing and real
estate arm of the $ 7.5 billion (Rs 30,566 crore) Mahindra Group, is planning to
enter the business of building low-cost houses for the middle-income group. Low-cost
houses have become a fad among young people, as they are available at an affordable
cost of Rs 25-30 lakh. The company has tied up with BE Billimoria and Co (BEBL),
which specializes in construction technology, to bring down construction costs in
the long run.

This means, in a horizon of five years, MLDL might be building flats or apartments
targeted at the middle-income group. Though the group's current focus is firmly on
luxury and premium properties, the company is keenly watching these lower segments.
"We are currently studying the opportunity, and we believe that is where the growth
will come from," Pawan Malhotra, MD and CEO, MLDL told reporters.

The tie-up with BEBL would be expanded to future projects and at the same time, MLDL
would be open to other similar tie-ups in construction technology that would enable
them to bring their costs down. "While most sectors in India have constantly
upgraded their technological capabilities, real estate firms have lagged behind. We
feel that is where the costs can be brought down by at least three to seven per
cent," Malhotra added.........
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