Mahindra Lifespaces sets a new benchmark in Indian Real Estate
Becomes the 1st Real Estate Company to publish GRI compliant Sustainability Report
Mumbai, October 16, 2012: Mahindra Lifespace Developers Ltd., the real estate and
infrastructure development arm of the $15.4 billion Mahindra Group, released its triple
bottom-line focused Sustainability Report today, based on the Global Reporting Initiative
(GRI) guidelines. The report has been assessed at A+ as per the GRI – G3 guidelines,
indicating the highest level of transparency and voluntary disclosure. Mahindra Lifespaces is
the first company in the Real Estate Sector in India to publish a GRI compliant Sustainability
Report.
Mahindra Lifespaces has always been conscious of the need to strike a harmonious balance
between the inevitable need for urbanization, the responsibility towards sustainability, and a
healthy bottom line. This ‘Business with a Purpose’ focus of Mahindra Lifespaces is aligned
with the Mahindra brand’s Rise philosophy of driving positive change through alternative
thinking and accepting no limits.
Photo Caption: From L to R: Mr. Amit Pal, Sr. General Manager, Quality Assurance &
Innovation Initiatives, Real Estate Sector, Mahindra Group, Ms. Anita Arjundas, Managing
Director & CEO, Mahindra Lifespaces Developers Ltd & Member of the Group Executive
Board, Dr. Aditi Haldar, Director – GRI Focal Point India, Mrs. Beroz Rumie Gazdar, Sr. Vice
President – Group Sustainability, Mahindra & Mahindra Limited.
The first standalone Sustainability Report explores how Mahindra Lifespaces’ defines and
implements its strategy, identifies material issues and addresses its responsibilities not only
to all stakeholders but more importantly to the environment. It highlights the Company’s
economic, environmental, social and governance performance across all aspects of the
business and organization.
Commenting on the achievement, Ms. Anita Arjundas, Managing Director & CEO, Mahindra
Lifespaces Developers Ltd & Member of the Group Executive Board, said, “We recognize
that urban growth is inevitable; but it needs to be tempered by a strong responsibility
towards scarce resources and environmental conservation. Our endeavor has been to adopt
business strategies that meet the needs of our organization and our stakeholders while
protecting, sustaining and enhancing human and natural resources. Be it Green Homes from
Mahindra Lifespaces or new Urban Centers from Mahindra World City, our focus has always
been on Sustainable Urbanisation. We are proud to be the first organization in the real
estate industry to have embraced the triple bottom line approach to sustainability and to
present the first GRI A+ rated Sustainability Report of Mahindra Lifespaces”.
Mahindra Lifespaces has followed the Global Reporting Initiative (GRI) Sustainability
Reporting G3 Guidelines which is the most widely adopted non-financial reporting
framework in the world and used to help communicate sustainability performance while
encouraging transparency and accountability. Third party assurance has been given by
KPMG after having audited the disclosures. The Mahindra Lifespaces ‘Sustainability Report’
has achieved an A+ rating for meeting the requirements of GRI – G3 guidelines. Once
published, this report can be viewed worldwide in GRI’s ‘Sustainability Disclosure Database’.
GRI (Global Reporting Initiative) is a non-profit organization which works towards a
sustainable global economy by providing organizational reporting guidance. The Framework
enables all organizations to measure and report their economic, environmental, social and
governance performance – the four key areas of sustainability. A sustainable global economy
should combine long term profitability with social justice and environmental care, and GRI
has pioneered and developed a comprehensive Sustainability Reporting Framework that is
widely used around the world. This transparency and accountability builds stakeholders’
trust in organizations, and can lead to many other benefits.
Mahindra Lifespaces has been at the forefront of ‘Transforming urban landscapes by
creating sustainable communities’. It has done this by making its residential and integrated
business city developments environment friendly, reducing the carbon footprint and
enabling communities to reduce theirs. Thoughtful master planning, adopting best practices
in development, and building trust based community relationships while ensuring financial
prudence has allowed Mahindra Lifespaces to continuously create self sustaining
environments.
About Mahindra Lifespace Developers Ltd.
Mahindra Lifespace Developers Ltd., the real estate and infrastructure development arm of
the $15.4 billion Mahindra Group, is a leader in sustainable urban development, through the
creation of Residential developments and Integrated Business Cities across eight Indian
cities – including Mumbai, Pune, Nagpur, Jaipur, Gurgaon, Faridabad, Chennai and Nagpur.
The Company’s residential & commercial footprint includes completed developments of 7
million plus sq.ft. of space, and 9 million sq.ft. of ongoing and forthcoming projects.
Mahindra Lifespaces has pioneered the concept of an integrated business city at the
‘Mahindra World City’ developments in Chennai and Jaipur. These developments cover
4,600 acres and house over 100 reputed global companies, providing occupants with a
convenient ecosystem.
Mahindra Lifespaces consistently focuses on the right balance between people and the
environment and has pioneered green living concepts, such as topsoil conservation (38,940
Sq. mtrs. in 2011-12) and reduction of CO2 emissions through the use of fly ash (15,372 MT
reduction in 2011-12). Since 2007-08, the company has been endorsing the GRI (Global
Reporting Initiative) objective of improving the international comparability of reporting
results as a part of the Mahindra Group’s reporting.
Thus far, nine Mahindra Lifespaces projects have received Platinum or Gold ‘precertification’
from the Indian Green Building Council (IGBC). Chloris in Faridabad, is a
Platinum certified Green Building, under the CII – IGBC green home rating system and is
India’s second completed residential development to achieve this highest rating in the multidwelling
units category.
The Company’s ‘Green’ homes, pan-India presence and the development of India’s first
integrated business city have all contributed to Mahindra Lifespaces being recognised as a
developer with a pioneering spirit.
In addition, Mahindra Lifespaces has received industry recognition as a trend setter and
innovator, winning a host of awards over the years, such as inclusion among India’s Top 10
Builders, by Construction World for the 3rd successive year; the Economic Times ACETECH
Real Estate Award 2010, for excellence in Mid-segment (Exterior Architectural design); the
CNBC AWAAZ CRISIL CREDAI Real Estate Award, in the category ‘Best Residential Property
in the Western Region’ for its project Eminente; Green Project of the Year: Jury Special
Commendation Award awarded for Chloris at Construction Week India Awards 2012; the
Realty Plus Excellence Award as the ‘Best Integrated Township of the Year’ for Mahindra
World City, New Chennai and the ‘American Society of Landscape Architects 2008’ Award for
Excellence in the Planning and Analysis Category (for Mahindra World City Community
Development Plan).
About GRI
GRI (Global Reporting Initiative) works towards a sustainable global economy by providing
organizational reporting guidance. A sustainable global economy should combine long term
profitability with social justice and environmental care. This means that, for organizations,
sustainability covers the key areas of economic, environmental, social and governance
performance.
GRI’s Sustainability Reporting Framework enables all companies and organizations to
measure and report their sustainability performance. By reporting transparently and with
accountability, organizations can increase the trust that stakeholders have in them, and in
the global economy.
GRI is a network-based organization. A global network of approximately 30,000 people,
many of whom are sustainability experts, contribute to its work. GRI’s governance bodies
and Secretariat act as a hub, coordinating the activity of its network partners.
About The Mahindra Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key
industries that drive economic growth, enjoying a leadership position in tractors, utility
vehicles, information technology and vacation ownership. Mahindra has a presence in
the automotive industry, agribusiness, aerospace, components, consulting services,
defense, energy, financial services, industrial equipment, logistics, real estate, retail, steel
and two wheelers.
A USD 15.4 billion multinational group based in Mumbai, India, Mahindra employs more than
144,000 people in over 100 countries. In 2011, Mahindra featured on the Forbes Global 2000
list, a listing of the biggest and most powerful listed companies in the world. Dun &
Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top
500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow.
In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.
www.mahindra.com
For further enquiries
Roma Balwani
Senior Vice President – Group Communications
Mahindra & Mahindra Ltd.
Phone: +91 22 2490 1441
Email: balwani.roma@mahindra.com
Mahindra Lifespaces sets a new benchmark in Indian Real Estate Details
Mahindra Lifespaces sets a new benchmark in Indian Real Estate Details
