Annual Integrated Report FY2021 22 Page No 94

Crafting Life
Shaping Futures
2021-22
Annual Integrated Report
Net Zero Pledge
We have taken the pledge, that we’ll

develop only Net (Energy, Waste,
Water) Zero buildings from the
year 2030 onwards, as part of
our commitment to the Mahindra
Group’s 2040 Carbon Neutrality
goals.
We envision an urban future where

all buildings will craft healthy and
balanced lives that are one with
nature.
Contents
About the Report 2
Crafting Life. Shaping Futures 4
About Mahindra Lifespaces 6
Key Operational Highlights 12
Awards & Accolades 14
Key Highlights Across Six Capitals 16
Message from the Chairman 18
Message from the
Managing Director & CEO 20
Governance and Compliance 22
The Operating Context 32
Our Value Creation Process 34
Our Value Creation Model 36
Our Strategic Objectives and Priorities 40
Materiality Matters 46
Engaging with our Stakeholders 48 Statutory Reports 184
Managing Risks 52 Financial Statements 298
Financial Capital 60 Business Responsibility and

Sustainability Report 456
Human Capital 68
Annexure 518
Social and Relationship Capital 94
GRI Index 521
Manufactured Capital 118
Assurance Statement 533
Intellectual Capital 130
Natural Capital 142
The Road Ahead 182
To view this report online &

to know more about us,
Please visit: https://www.mahindralifespaces.com/
Annual Integrated Report 2021-22
Board of Directors
Mr. Arun Nanda Chairman
Mr. Ameet Hariani
Ms. Amrita Chowdhury
Dr. Anish Shah
Ms. Asha Kharga
Mr. Arvind Subramanian Managing Director & Chief Executive Officer
Leadership Team
Mr. Arvind Subramanian Managing Director & Chief Executive Officer
Mr. Vimal Agarwal Chief Financial Officer
Mr. Viral Oza Chief Marketing Officer
Mr. Rajaram Pai Chief Business Officer - Industrial
Mr. Vimalendra Singh Chief Sales & Service Officer
Ms. Parveen Mahtani Chief Legal Officer
Mr. K R Sudharshan Chief Project Officer
Ms. Krity Sharma Chief People Officer
Mr. Jitesh Donga Chief of Design
Mr. Ashvin Iyengar Chief Business Development & Liaising Officer
Assistant Company Secretary & Compliance Officer
Mr. Ankit Shah

Auditors
M/s. Deloitte Haskins & Sells LLP, Chartered Accountants
Bankers
Kotak Mahindra Bank Limited
HDFC Bank Limited
Axis Bank Limited
Yes Bank Limited
Legal Advisors
DSK Legal, M.T. Miskita & Co, Dhaval Vussonji and Co.
Registrar and Share Transfer Agent
Corporate Office: Investor Relation Centre:
KFin Technologies Limited, KFin Technologies Limited,

Selenium, Tower B, Plot Nos. 31-32, 24 B, Rajabahadur Mansion,
Gachibowli, Financial District, Ground Floor, Ambalal Doshi Marg,
Nanakramguda, Hyderabad 500032. Fort, Mumbai 400 023
Tel: 91 40-67162222 Tel: 022-66235453
Registered Office
5th Floor, Mahindra Towers, Worli, Mumbai 400 018.

Email co-ordinate: investor.mldl@mahindra.com
About Financial and Non-Financial

Reporting
the rules made thereunder), Indian
Accounting Standards, the Securities
the Report
and Exchange Board of India
The Report is prepared mainly to
(Listing Obligations and Disclosure
provide relevant information to the
Requirements) Regulations, 2015 and
shareholders. The Report extends
the applicable secretarial standards.
This is Mahindra Lifespace beyond financial reporting and
Developers Limited’s first includes non-financial performance, Board Responsibility
Annual Integrated Report opportunities, risks, and outcomes Statement
published for Financial Year that may impact our ability to create
The Board of Directors takes
ending 31st March, 2022. value and may have an influence on
responsibility for the integrity of this
The Report provides detailed the decisions of our stakeholders. The
Report. The Board of Directors review
disclosures on our strategy, financial information is balanced with
the material issues and Mahindra
governance, and prospects, a commentary on the most material
Lifespaces strategic orientations
through which we have brought sustainability matters, opportunities,
and oversees its implementation.
in greater transparency in and risks.
The Report addresses all material
sharing information on our
issues and presents the integrated
material issues and strategic Reporting Frameworks performance of Mahindra Lifespaces
performance. It contains This Report has been developed in and its impact in a fair, accurate and
information and disclosures that accordance with the guiding principles transparent manner.
are aimed at enabling investors and content elements of the Integrated
to make an informed assessment Reporting <IR> framework from the Reporting Principles and
of Mahindra Lifespaces ability to International Integrated Reporting Approach
create and deliver holistic value. Council (IIRC) and Global Reporting The Report considers the guiding
Initiative (GRI) Standards: Core Option. principles of strategic focus and
It has also been aligned with the future orientation, consistency
recommendations of the Task Force on and comparability, reliability and
Climate-related Financial Disclosures completeness; and connectivity of
(TCFD) framework. information. Stakeholder relationships
and materiality form the foundation
The detailed statutory statements of our reporting process. The KPIs
and Financial Reports are also a measured against each capital
part of this document and are in are in alignment with the GRI and
line with the requirements of the IIRC Standards.
Companies Act, 2013 (including
Mahindra Vicino,
Andheri
2
About the Report
Materiality This Report covers Mahindra Defining Report content

We have applied the principles Lifespaces operations under the The content of this Report depicts both
of materiality in assessing what brands of ‘Mahindra Lifespaces’ quantitative and qualitative disclosures
information is of interest to our for premium residential projects; on how our business and strategy is
stakeholders and should be included value homes under the ‘Mahindra aligned to create long-term value for
in our Integrated Report. In this Report, Happinest®’ brand; and Integrated all our shareholders and Mahindra
we have focused on the issues, Cities and Industrial Clusters under the Lifespaces performance on the
opportunities and challenges that have ‘Mahindra World City’ and ‘Origins by material issues for the period 1st April,
a material impact on our business, Mahindra’ brands respectively. There 2021 - 31st March, 2022. Through the
and our ability to deliver sustained have been no significant changes Report, we aim to provide an insight
value to our shareholders and key from the previous reporting period in into our strategy and how it enables
stakeholders. We consider an issue to reporting scope and boundary. The us to create value in short, medium,
be material if it can substantively affect Report excludes details of the following and long term. It also highlights
the organization’s ability to create value subsidiaries and joint ventures. the alignment of our strategy to the
over the short, medium, and long term. • Mahindra World City global agenda and our contribution
(Maharashtra) Ltd. to the United Nations Sustainable
Scope and Boundary • Industrial Township Development Goals.
The information covered in the Report (Maharashtra) Ltd.
External assurance
is for the period of 1st April, 2021 - • Anthurium Developers Ltd.
31st March, 2022, and encompasses The content and data disclosed in this
• Knowledge Township Ltd. report has been externally assured
all key facets of Mahindra Lifespace
Developers Limited primary • Mahindra Infrastructure by KPMG India as per International
operations. The key material Developers Ltd. Standard on Assurance Engagement
aspects identified and discussed • Mahindra Water Utilities Ltd. (ISAE) 3000 (Revised) – limited
are relevant to the operations of assurance criteria and AA1000
• Moonshine Construction Pvt. Ltd.
Mahindra Lifespaces, as well as its Assurance Standard v3.
• Deep Mangal Developers Pvt. Ltd.
value chain partners, customers, We welcome your feedback on our
communities, and other stakeholders. • Mahindra Construction
Report and performance at
We have detailed Mahindra Lifespaces Company Ltd.
mldl.sustainability@mahindra.com
performance trend to give investors • Mahindra Knowledge Park
a clear understanding about the Key (Mohali) Ltd.
Performance Indicators (KPIs) that are
contributing to value creation.
Mahindra Lifespaces 3
Crafting Life
Shaping Futures
Mahindra Roots, Kandivali
4
About the Report
We understand how well-designed spaces

are enabler of health, holistic well-being, and
success. Our new brand promise revolves
around this understanding.
At Mahindra Lifespaces, our new brand promise

“Crafting Life” reflects how the built environment
ensures improved outcomes for individuals,
families, and businesses. Our environment-
friendly, self-contained developments are replete
with category-defining features and amenities,
ready services for end use, and strategic
alliances for ease of living and working.
Our projects are all about looking at end-to-

end processes in design and construction
through the lens of sustainability. Our projects
are engineered to bring out some of the finest
life experiences by balancing beauty and
purpose. With a long-term view of design
and development, we remain committed to
crafting spaces that can positively influence life
outcomes for generations to come.
We are redefining real

estate as a category
across our portfolio
of urban residences
and integrated cities
& industrial clusters
by harnessing
technology, innovation,
climate-responsive
design thinking and
sustainability.
About Mahindra Lifespaces
Mahindra Lifespace Developers Limited – by the Numbers
25+ 2 Business 6 Cities

Years of Legacy
Verticals Presence in Residential
Business
Residential and Integrated Cities and
Industrial Clusters (IC & IC)
3 Cities
Presence in IC & IC
43
Residential Projects
100%
Green Portfolio
189
IC & IC clients
3
locations
14,000+ 5,000+ Acres across
Happy Residential
Customers
Development footprint of IC & IC
Business
15+
countries
30 Msft
Development footprint of
19.2 Msft
Development completed in
90+
Awards
Residential Business Residential Business
500+
Employees
Msft = Million Square Feet

Mahindra Lakewoods, Chennai
About the Report
Who We Are
Established in 1994, Mahindra
Lifespace Developers Limited
(‘Mahindra Lifespaces’) brings the
Mahindra Group’s philosophy of ‘Rise’
to India’s real estate and infrastructure
REAL
industry through thriving residential
communities and enabling business
ESTATE
ecosystems. Mahindra Lifespaces’ SECTOR ORIGINS
Mahindra
development portfolio comprises by Mahindra
Lifespaces
premium residential projects; World City
Premium
value homes under the ‘Mahindra Industrial
Housing
Happinest®’ brand; and integrated Clusters
cities and industrial clusters under the
‘Mahindra World City’ and ‘Origins
by Mahindra’ brands respectively. Mahindra Mahindra
We leverage innovation, thoughtful Happinest World City
design, and a deep commitment to Affordable Integrated
sustainability to craft quality life and Housing Cities
business growth.
Learn more about

Mahindra Lifespaces® at
www.mahindralifespaces.com
Mahindra Lifespaces-Residential integrated developments/industrial (Global Reporting Initiative) framework

Our development footprint spans 29.9 clusters across four locations. and its first Integrated Report in
million sq. ft. (2.78 million sq. m.) of FY 2022. Mahindra Lifespaces
In addition to residential business,
completed, ongoing and forthcoming has a ‘Sustainability Roadmap
Mahindra Lifespaces has pioneered
residential projects across six 2020-2025’ to track the progress
the concept of integrated city built on
Indian cities. against its sustainability commitments
philosophy of ‘Livelihood-Living-Life’,
aligned with the Carbon Neutrality
and industrial clusters which offers
Our projects uphold sustainable living (CN) target of 2040. It has signed
specialized services creating an
and espouse green design, with to be part of ‘net zero mission’ of
ecosystem that foster development.
projects across multiple city-clusters IGBC in line with the CN target and
in India. Business responsibility the efforts are reflected through
Our Commitment
and sustainability are part of its ‘Climate Responsive Design
DNA as evident from high degree of A pioneer of the green homes (CRD)’ considerations for all its
transparency and disclosures. We movement, Mahindra Lifespaces® residential portfolio.
upholds philosophy of sustainable is the first real estate companies in
urbanization to build, promote and India to have committed to the global
maintain dynamic, inclusive, and Science Based Targets initiative (SBTi).
environment-friendly ecosystems. Our developments are characterized
Concurrently, we also seek to achieve by thoughtful design and a welcoming
highest possible returns, to strengthen environment that enhance overall
the faith reposed by shareholders. quality of life for both individuals
and industries.
Mahindra Lifespaces-Integrated
With 100% green portfolio, Mahindra
Cities & Industrial Clusters
Lifespaces is the first Indian real
Our IC & IC development footprint
estate company to have voluntarily
spans over 5,000 acres of ongoing
released its triple bottom-line focused,
and forthcoming projects under
externally assured Sustainability
development/management at its
Report in FY 2011 based on the GRI
What Defines our Developments

Our 100% green-certified developments are characterized by thoughtful design, green features, and a welcoming environment
that enhances the quality of life for individuals and industries. We are a pioneer in Sustainable development with several firsts
under our belt. We are committed to this path and are continually raising the bar on ESG efforts in Real Estate Sector
2013-14
• Materiality mapping
for business verticals
2012-13 • MWC Jaipur - Stage
• Sustainability 2 Climate Positive
roadmap and Development
developed annual Certification from
2016-17
targets in four areas C40 Group
• Launched Green • Industrial parks
• First Green
Army - Aim to in Chennai
Township in India
create 1 million and Ahmedabad
– Mahindra World
caring citizens • Strategic partnerships
City Chennai
2014-15 like the Mahindra
• First Green SEZ in
– TERI Centre
India – Mahindra • Capacity building,
of Excellence
World City Jaipur collaborations,
institutionalizing
2011-12 best practices,
• Sustainability and knowledge
Roadmap around the sharing
triple bottom line
• Construction of 2015-16
green buildings
• Sustainability
• Suppliers and
Roadmap 2020
Contractors to
cascade sustainability • Founding signatories
of Sustainable
• 1st Real Estate
Housing Leadership
Company to publish a
Consortium (SHLC)
Sustainability Report
8
About the Report
2017-18 2020-21
• ‘Joyful Homecomings’ • Roadmap 2025
as the customer • Climate-responsive
2019-20
value proposition design & nature-
• Approved Science- based actions
based targets
• MWC Chennai - India’s
• Roadmap to become first and World’s 2nd 2021-22
carbon neutral Integrated City to
by 2040 • India’s First Net Zero
be Zero Waste to Energy Residential
• Supplier and Landfill Certified Homes
Contractor Code • Restructured customer
of Conduct • Launched business
value proposition charter for
• Site Sustainability • Only Real Estate in decarbonizing
Maturity Assessment
2018-19 India with Leadership the building and
• ESG and Climate Risk (A-) rating - Carbon construction sector
• Building Beyond
Integration into ERM Disclosure Project (CDP)
Tomorrow – • Signed the GRI
Climate Change Charter on Sustainability
Sustainability 2.0
• Leadership rating Imperatives
• Sustainability Policy
– CDP Supply • Initiated Sustainability
• Making Sustainability Engagement Leader Integration across
Personal
• GRESB - value chain
• Mahindra TERI Public disclosures, • Standardized
Centre of Excellence 1st in Asia, Development, customer
came to life 2nd in Asia, Standing value proposition
Investment, 3rd in Asia
• Concluded Phase 1
and launched Phase 2 –
Mahindra TERI
Centre of Excellence
Our Genesis Three pillars of the Mahindra Group

We belong to the Mahindra Group,
which commenced as a steel business Accepting no limits Alternative thinking Driving positive change
in 1945, and today encompasses
operations spread across 12 business
verticals. Guided by its three pillars, Our Purpose Our Mission Our Vision
Mahindra Group strives to build
To bring Crafting the To enable a million
not just products and services, but
alive spaces. future with people to live, smile
also new possibilities for a truly
environmentally and prosper by
sustainable future.
and socially 2026 by building
responsible homes homes, industrial
The Group enjoys a leadership position
and industrial parks and cities that
in farm equipment, utility vehicles,
developments. provide integrated
information technology and financial
ecosystems through
services in India and is the world’s
design, experience
largest tractor Company by volume.
and acceleration.
It also has a strong presence in
renewable energy, agriculture, logistics
and hospitality.
Mahindra Happinest Kalyan
10
About the Report
Our Values Our Key Differentiators
Strong brand and parentage
Good Corporate Citizenship Quality Focus

Consistent positive cashflows
As in the past, we continue to Quality is the key to delivering
seek long-term success that is value for money to our customers.
in alignment with our country’s We continue to make quality a
needs. We continue to do this driving value in our work, in our Diversified geographies
without compromising on ethical products and in our interactions
business standards. with others.
Access to capital at low cost
Good corporate governance

Professionalism Customer First and transparency
We have a qualified, experienced, We exist and prosper only

and dedicated management team, because of our customers and Strong execution focus
which is supported by a capable their satisfaction continues to be
and motivated pool of employees. our priority.
We will support innovation and Differentiated products and
well-reasoned risk-taking, but will customer experience
demand performance.
Sustainable development
Dignity of the Individual

We value individual dignity, uphold
Strong collection visibility
the right to express disagreement,
and respect the time and efforts
of others. Through our actions,
we nurture fairness, trust
and transparency.
Ownership Structure
Promoters
51.3%
MF 18.8%
FII 9.8%
Others
20.1%
Key Operational Highlights

Residential
Total Sales
Number of Residential Units Saleable Area Sales

(Million square feet) (` Lakh)
1,408 1.28 102,765

1,259
1.07
69,519
2020-21 2021-22 2020-21 2021-22 2020-21 2021-22
Collection Construction completed Units handed over

(` Lakh) (Million square feet) (Units)
115,300 1.30 925
75,800 605
0.39
2020-21 2021-22 2020-21 2021-22 2020-21 2021-22
Project Snapshot (As on 31st March, 2022)

Location Completed Development Current Development Future Development
MMR* 3.98 2.52 3.25
Pune 3.47 0.69 1.20
Nagpur 1.04 0.52 -
NCR** 3.90 - 0.43
Bengaluru 0.87 - 0.79
Chennai^ 4.50 0.31 1.05
Hyderabad 1.08 - -
Jaipur^ 0.40 - -
Total 19.24 4.04 6.72
* MMR includes Mumbai, Boisar, Palghar, Thane, Kalyan and Alibaug

** NCR includes Delhi, Gurugram and Faridabad
^ Includes residential and commercial developments inside MWC Chennai and Jaipur
12
Integrated Cities &
5,066 3,620 2,147 128

Acres Acres Acres Total Number of
Operational Industrial
Combined Gross Area Leasable Potential Cumulative Area Leased
Customers
55.6 110.6 `12,870 `29,750

Acres Acres Lakh Lakh
Land leased in FY 2020-21 Land leased in FY 2021-22 Lease premium generated Lease premium generated
in FY 2020-21 in FY 2021-22
`295 `280
Lakh Lakh
Average price per acre Average price per acre
in FY 2020-21 in FY 2021-22
Mahindra World City, Chennai

Awards & Accolades

Entity
MWC Jaipur
Name of award
Gold Award in the Service Sector/
4th National Safety Practice Competition -
CII - For excellence in workplace safety
Facilitator name
CII National Safety Practice Awards
Entity Entity
Mahindra Lifespaces MWC Jaipur and MWC Chennai
Name of award Name of award
‘One of India’s Top Builders 2021’ in Ranked as ‘Leaders’ and among
the National category India’s top 13 Special Economic
Facilitator name Zones (SEZ), in the Industrial Park
Construction World Architect And Rating System report (IPRS 2.0)
Builder (CWAB) Awards 2021 Facilitator name
Entity DPIIT (Department for Promotion of
Mahindra Lifespaces Industry and Internal Trade), GOI
Name of award
Ranked 1st in Asia in Public Disclosure
(2nd year in a row)
Facilitator name
Global Real Estate
Sustainability Benchmark
Entity
Mahindra World City, Chennai, SEZ
Name of award
Export Excellence Awards for the years
2016-17 and 2017-18*
Facilitator name
MEPZ SEZ & HEOUs, Office of the
Development Commissioner, Chennai
Entity
Mahindra Integrated Township Limited Entity
Name of award Mahindra Lifespaces
Developer Of The Year Name of award
Residential Chennai
“Supplier Engagement Leader 2021”
Facilitator name
Facilitator name
Real Estate Infrastructure Summit &
Carbon Disclosure Project (CDP)
Awards 2021
14
Awards & Accolades
Entity
Mahindra Lifespaces
Name of award
‘Leadership’ status ‘A-’ band in the 2021 Global Climate
Change report by CDP
Only real estate company from India - ‘Leadership’ ranking
One of only ten Indian companies: ‘A-‘band for Climate
Change in 2021
Facilitator name
Carbon Disclosure Project (CDP)
Entity
Mahindra World City, Jaipur
Name of award
Gold Award in Real Estate &
Construction Sector for Outstanding
achievement in Occupational Health
& Safety
Facilitator name Entity
Sustainable Development Foundation Mahindra World City - Jaipur
& Chennai
Name of award
Entity “Chairman’s Commendation Award”
Mahindra Lifespaces Facilitator name
Name of award Construction Industry Development
‘Plaque Award’ for “Special Recognition” Council (CIDC) Vishwakarma Awards
in Category II - Climate Change of
“ICAI International Sustainability
Reporting Awards 2020-21”
Facilitator name
ICAI International Sustainability
Reporting Awards
Entity
Mahindra Lifespaces
Name of award Entity
1 position in “Sustainability
st
Mahindra World City – Chennai
Performance Award” category in 12th
Name of award
edition of Corporate Governance &
Sustainability Vision Awards – 2022 Best Smart City/Sub City Projects
(3rd year in a row) Facilitator name
Facilitator name Construction Industry Development
Indian Chamber of Commerce (ICC) Council (CIDC) Vishwakarma Awards
Key Highlights Across Six Capitals

A Quick Reckoner
Financial Capital Manufactured Capital
` 30,650 Lakh 100%

Total Income Green portfolio since 2014
` 4,289 Lakh 1.28 Msft

Net Profit Total residential area sold
` 1,49,130 Lakh 2,147 Acres

Net Worth Cumulative area leased in
IC & IC segment
Intellectual Capital
100%
digital sales and customer
onboarding platform
Mahindra TERI Centre

of Excellence (MT CoE):
More than 150 construction
materials tested till date,
including over 30 emerging
building materials
Approved science-based
targets: Enabler for Carbon
Neutrality by 2040
Net Zero Developments

by 2030: Launched India’s
first Residential Net Zero
Energy building
Climate Responsive
Design approach – base for
Net Zero Buildings
16
Key Highlights Across Six Capitals
Natural Capital
` 2.01 Lakh
Revenue per GJ of
energy consumed
0.00019
Specific Scope I & II GHG
emissions at Residential
(tCO2e/sq.ft.)
` 3,547
Revenue per m3 of
water consumed
Human Capital
10,094 hours
of training conducted for
Social and
permanent employees
Relationship Capital
19.67%
Total CSR expenditure of new hires are Females
stood at
94%
` 133.26 Lakh employees trained on human
rights aspects
Introduced LifeSlice, a
customer research initiative
providing consumer insights
Introduced M-Life, a mobile

app for customers which
helps them contact dedicated
teams for administrative tasks
during the pandemic
Message
from the Chairman
Dear Stakeholders
The home has taken renewed
importance in recent times, as the
aftermath of COVID-19 established
the importance of a familiar and safe
space. While the purchase of a new
home is often perceived as the delivery
of a physical structure, in reality it is
the starting point of a new life journey.
Similarly, new factories and offices are
markers of a change in the trajectory of
the business. At Mahindra Lifespaces,
we have always viewed our purpose,
strategy, and culture as instruments
to create sustainable value through
crafting spaces that seek to constantly
satisfy evolving customer preferences.
This year, our first Integrated Report

brings to the fore our shared values
and furthers our new brand promise,
‘Crafting Life’.
Today, we have a built portfolio of over

30 million sq. ft. of completed, ongoing
and forthcoming residential projects
across six Indian cities; and over
Sustainability is embedded
into our projects right from
land acquisition through
design, planning, construction,
and operations.
Arun Nanda
Chairman
18
Message from the Chairman
5000 acres of land under development deeply aspirational yet low, and as methods and new materials are helping
at our Integrated Cities and Industrial India breaks the shackles from a us realise our potential and contribute
Clusters across four existing locations. low-income economy and graduates to a better world.
Our thoughtfully designed homes to a mid-income demography, most
boost mental and physical health, offer observers expect rapid acceleration Strengthening our capabilities
nourishment the mind needs, and a in home ownership. Continued policy With our strategic building blocks
plethora of social avenues to nurture push, revival in economic activity, in place, we hope to become even
social health. The Mahindra World enhanced household savings and low sharper on cost, efficiency, quality,
Cities and Origins have become the mortgage rates are driving residential and value-accretive development.
benchmark of well-planned integrated growth. The regulatory environment With good corporate governance
cities and industrial clusters with state- has evolved rapidly over the past few as the bedrock of everything we do,
of-the-art infrastructure and operations. years, bolstering consumer confidence we are always looking for areas of
in the category. Today, the sector is improvement to keep pushing the
Shaping sustainable brimming with new product concepts, envelope with regards to transparency,
urbanisation innovative solutions and efficient ethics, and values. Being a people-
Sustainability is an important goal practices. We are also witnessing a focused and professionally run
in our promise of ‘Crafting Life’. We new investment cycle in manufacturing, enterprise and operating in a multi-
are harnessing advances in science, triggered in part by shifting geo- cultural environment, we are committed
technology, and innovation to political alignments and the to increase our social equity. We
accelerate the pace of change, drive regionalization of supply chains. Here are also leapfrogging to the next-
new and disruptive ways of doing too, favourable industrial investment generation scalable technology
business, and shape sustainable promotion policies are bearing fruit. platforms to improve business
urbanization in the Indian context. As processes and deliver a differentiated
early adopters of the Science-Based Leading with responsibility customer experience.
Targets Initiative (SBTI) and with a At Mahindra Lifespaces, as demand
100% green-certified built portfolio, for practical, safe, and resource- I take this opportunity to thank
we have an ambitious decarbonization efficient habitats increases, we are our customers, communities,
roadmap and are keen to pave the way unlocking its growth potential through shareholders, vendors, partners and
to a global Net Zero energy system. rapid innovation and digitalisation. other stakeholders for their support
Going forward, we will continue to in this journey. I also compliment our
Sustainability is embedded into our benefit from and contribute to the leadership team and associates for
projects right from land acquisition government’s continued focus on weathering the vicissitudes of these
through design, planning, construction infrastructure development and past two years. I do believe we have
and operations. We are adopting industrial growth. emerged stronger and more hungry
climate-responsive design strategies to grow and to challenge established
and thoughtfully-curated features. Being a pioneer in the development norms in our category.
Our homes and workplaces offer our of integrated cities and industrial
customers a life with more meaning clusters, we are present in some of the My colleagues and I hope you will
and productivity and enhance their most important industrial corridors in join us in shaping a world that is
physical, mental, and social wellness. India. Our strategy is to offer multiple healthier, more productive, and
destinations that provide plug-and-play more sustainable.
Catalysing growth infrastructure based on customers’
needs and catering to major Wishing you all good health.
The impetus for infrastructure
development in India will further industrial sectors.
Regards,
economic growth, create more jobs
With a well-positioned development
and help build supply chain resilience.
pipeline and an unwavering sense
Despite the onset of the pandemic
of responsibility, we are set to
affecting the real estate sector, it
remained largely resilient and is
transform habitats through sustainable Arun Nanda
urbanisation, innovation and design, Chairman
now set on a strong footing showing
technology and digitalisation. Smarter
signs of revival across segments –
products built on deep consumer
residential, commercial, and industrial.
insight coupled with rapid construction
Home ownership continues to be
Message from the

Managing Director & CEO
Dear Stakeholders
I am pleased to present to you our
first Integrated Report highlighting
the key milestones and significant
developments over the past financial
year. This Integrated Report
showcases business practices that we
are confident will result in continued
healthy business and operational
performance and significant beneficial
social and environmental impact.
Shrugging of the impact of a severe

second wave of COVID at the start
of the year, FY 2021-22 has been a
year of strong growth at Mahindra
Lifespaces across our residential
and industrial businesses. Taking
inspiration from our vision and values,
we embarked on a journey to introduce
a new brand promise – “Crafting Life”.
Taking a long-term view on design and
development, we remain committed
to crafting sustainable, resilient, and
vibrant spaces, that deliver positive
outcomes over a long term. The
integrated reporting process was
initiated within Mahindra Lifespaces in
Arvind Subramanian FY 2020. It helps investors understand
MD & CEO the performance of the Company
across the six capitals and materiality
of ESG issues, providing a fuller picture
We will continue to drive
of the way in which we create value.
innovation in and shape India’s Adopting integrated thinking is helping
built environment. us prepare better for the future.
20
Message from the
Year in brief segments, as we seek to deepen optimistic about charting a course for
Despite the ever-present shadow of the our footprint in the chosen cities of profitable growth.
pandemic, India’s real estate sector Mumbai, Pune and Bengaluru. In our
IC & IC business, our strategy will At Mahindra Lifespaces, our corporate
witnessed marked improvement in
be to offer multiple destinations to governance is the touchstone that
consumer sentiment and business
prospective customers with plug-and- embodies our culture, policies and our
confidence as the year progressed.
play infrastructure and ease-of-doing- relationship with all stakeholders. Our
Historically low interest rates combined
business. We believe our born-green multiple checks and balances, strong
with enhanced household savings
industrial parks should be the pre- internal controls and governance
bolstered affordability in the residential
eminent choice for forward-thinking assures asset quality and create a
segment. Some states provided
multinational and domestic companies platform for sustainable value creation.
support to the sector in the form of
seeking to expand their manufacturing We are fortunate to have passionate
development cost and duty waivers.
presence in the country. leaders and industry-leading talent
These demand and supply side
that is charged with our purpose and
actions, taken together, provided
a much-needed fillip to pre-sale of Net Zero plan committed to deliver ongoing value
Sustainability is a core part of creation to all stakeholders.
apartments in all major cities. With
the shifting geo-political tides and our product differentiation and is
*****
redesign of global supply chains, woven into projects right from their
manufacturing investment in India also conception. Being India’s first real
In closing, I extend my sincere
witnessed an upswing. estate company to have approved
gratitude to our customers for reposing
Science-Based Targets (SBTi), we aim
their faith in us. Our associates have
Timely investments in talent, process to become carbon neutral as a part
been instrumental in achieving our
and technology of the past few years of our commitment to the Mahindra
business goals. Our consultants,
helped Mahindra Lifespaces deliver Group’s 2040 Carbon Neutrality
partners, suppliers and other
superior performance on all operational Goals. As part of this commitment, we
stakeholders have provided the wind in
and financial parameters over the year have taken a pledge to develop only
our sails as we voyage on.
gone by. We are proud to have taken Net Zero (energy, waste, and water)
important strides, clocking record buildings by 2030, a full 20 years
We will continue to drive innovation and
pre-sales and leasing in the Residential ahead of the Paris agreement.
shape India’s built environment. We
and Industrial Parks businesses
stand firm in our commitment to build a
respectively. This accomplishment has Moving forward
sustainable business, deliver value to
been underpinned by differentiated Our residential land acquisitions all our stakeholders and contribute to
products, high-quality infrastructure, over this past year, with a combined India’s vibrant economy. Together, we
disciplined sales and an improved development potential of 3.08 million hope to move ahead on our mission of
customer experience. sq. ft. and an estimated Gross crafting life and shape futures, creating
Development Value of around ` 3,800 value for the environment and the
Strategic thrust crore sets us up well for growth over society at large.
We are committed to accelerating the coming years. We are building the
growth in our residential business. organizational muscle for significant Warm regards,
Our strategy in this business is growth in the residential business
built on four key pillars – design and gearing up for multiple launches
differentiation, a technology-enabled across our priority markets. Similarly,
scalable sales model, rapid and our leasing pipeline for the industrial Arvind Subramanian
high-quality construction and optimal segment also continues to be strong. Managing Director & CEO
cost, and orchestrating an enhanced With both business engines poised
living experience. We will continue to to fire over the coming years, we are
serve the affordable and mid-market
Governance and Compliance

At Mahindra Lifespaces, we believe that sound and effective corporate governance practices serve
the long-term interest of our stakeholders. We continue to operate with the highest standards of
ethical conduct and in compliance with all the laws and regulations. In this pursuit, we are guided by
our governance philosophy, policies, and codes.
Sustainability is a cornerstone of our business and key to all our long-term goals. Our Sustainability
Roadmap 2020-25 progress on goals aligned with governance for residential and IC & IC
businesses is as follows:
22
Sustainability Roadmap progress for Residential - Governance
Impacted Sustainable Development Goals

Long Term - Target Status
Material Topic Goal Target Outcomes
Business Goal 2021-22 2021-22
Achieved
Governance and Achieve gold 1. ESG Risk Achieved Target 9.1: Develop 1. Climate and ESG
Compliance standard in Identification, sustainable, resilient, and risks integrated
Governance Monitoring and inclusive infrastructures into Enterprise Risk
1. Create an Mitigation plan Build resilient Target 9.4: Upgrade Management (ERM)
organization that is 2. Financial infrastructure, all industries and Framework
resilient impact of promote inclusive infrastructures for 2. All the risk due
Climate and sustainability to climate change
2. Mitigate
Risks and sustainable and other ESG risk
business risk Target 9.A: Facilitate
Opportunities – industrialization are quantified and
due to Corporate sustainable infrastructure
Reassessment and foster part of the ESG risk
Governance development for
and updating innovation register
issues and non- developing countries
compliance Target 9.5: Enhance
3. Mitigate research and upgrade
business risk due industrial technologies
to Public Policies Take urgent
Target 13.3: Build
and exploring action to combat
knowledge and capacity
opportunities climate change
to meet climate change
and its impacts
Target 13.B: Promote
mechanisms to raise
capacity for planning and
management
15% of Balance In Target 9.1: Develop Sustainability is
Scorecard Progress sustainable, resilient, and integrated into our
(BSC) inclusive infrastructures balance scorecard,
integrated with Build resilient Target 9.4: Upgrade and linked directly
sustainability infrastructure, all industries and and indirectly with
goals & promote inclusive infrastructures for every parameter
commitments and sustainable sustainability
of the industrialization
Target 9.A: Facilitate
organization and foster
sustainable infrastructure
innovation
development for
developing countries
Target 9.5: Enhance
research and upgrade
industrial technologies
10% of In Target 9.1: Develop
Goal Sheet Progress sustainable, resilient, and
integrated with inclusive infrastructures
sustainability Build resilient Target 9.4: Upgrade
goals & infrastructure, all industries and
commitments promote inclusive infrastructures for
of the and sustainable sustainability
organization industrialization
and foster
innovation
development for
Target 9.5: Enhance

Achieved
Compliance In Target 9.1: Develop Risk monitoring and
Digitization Progress sustainable, resilient, and mitigation is part of
inclusive infrastructures the risk management
Build resilient Target 9.4: Upgrade policy, but yet to be
infrastructure, all industries and digitized
promote inclusive infrastructures for
and sustainable sustainability
industrialization
and foster
innovation
development for
Target 9.5: Enhance
Sustainability, Achieved Target 9.1: Develop Sustainability
compliance sustainable, resilient, and related initiatives,
risk and action inclusive infrastructures actions, updates,
updates, Build resilient Target 9.4: Upgrade risk and impact are
Quarterly to infrastructure, all industries and communicated to
board and promote inclusive infrastructures for leadership monthly
Monthly to and sustainable sustainability (Management team
leadership industrialization updates), and to
team and foster the board quarterly
innovation (through board
development for
notes)
Target 9.5: Enhance
Policies on In Target 8.5: Full Human Rights is
human rights Progress employment and decent part of our code of
work with equal pay conduct, and we
Promote Target 8.6: Promote youth are in the process
sustained, employment, education, of exploring an
inclusive and and training independent Human
sustainable Rights policy
Target 8.8: Protect labor
economic
rights and promote safe
growth, full
working environments
and productive
employment and
decent work
for all
Participation Achieved Target 17.2: Implement all Engaged with
in Solar development assistance number of
Decathlon, commitments sustainability
BEE star rating, Strengthen Target 17.16: Enhance partners such
Reside Post the means of the global partnership for as BEEP, Solar
Occupancy Implementation sustainable development Decathlon, Reside
Engagement, and revitalize Post Occupancy
DST project, the global Engagement, and
BEEP project partnership for many others to
Sustainable develop strategies
Development for our Net Zero
Energy, Water
and Waste and
other sustainability
commitments and
allied activities
24
Sustainability Roadmap progress for IC & IC - Governance

Achieved
Governance and Achieve gold 1. ESG Risk Achieved Target 9.1: Develop 1. Climate and ESG
Compliance standard in Identification, sustainable, resilient, and risks integrated
Governance Monitoring and inclusive infrastructures into Enterprise Risk
1. Create an Mitigation plan: Build resilient Target 9.4: Upgrade Management (ERM)
organization that is 100% projects infrastructure, all industries and Framework for 100%
resilient covered promote inclusive infrastructures for IC & IC projects
2. Financial and sustainable sustainability 2. All the risk due
2. Mitigate
impact of industrialization to climate change
business risk Target 9.A: Facilitate
and foster
due to Corporate Climate Risks & sustainable infrastructure and other ESG risk
Opportunities - innovation are quantified and
Governance development for
issues and non- measuring & developing countries part of the ESG risk
compliance monitoring: register for 100% of
Target 9.5: Enhance
60% projects IC & IC projects
3. Mitigate research and upgrade
covered Take urgent
business risk due industrial technologies
to Public Policies action to combat
Target 13.3: Build
and exploring climate change
opportunities and its impacts
mechanisms to raise
management
10% of BSC Achieved Target 9.1: Develop Sustainability is
integrated with sustainable, resilient, and integrated into key
sustainability inclusive infrastructures responsibility areas
goals & Build resilient Target 9.4: Upgrade across functions
commitments infrastructure, all industries and aligned with the
of the promote inclusive infrastructures for sustainability
organization and sustainable sustainability roadmap 2025
industrialization
and foster
innovation
development for
Target 9.5: Enhance
10% of Achieved Target 9.1: Develop
Goal Sheet sustainable, resilient, and
integrated with inclusive infrastructures
sustainability Build resilient Target 9.4: Upgrade
goals & infrastructure, all industries and
commitments promote inclusive infrastructures for
of the and sustainable sustainability
organization industrialization
and foster
innovation
development for
Target 9.5: Enhance
Key elements of our governance philosophy
Complete transparency
Compliance with corporate
and adequate
governance standards
disclosure practices
Compliance with laws of the Trusteeship of

geographies in which shareholder capital rather
we operate than ownership
Corporate success Communicate externally,

much above how we run internally
individual preferences
Our Governance Framework

Governance Structure
Our multi-tiered governance structure has well-defined roles and responsibilities of different groups within the organization.
The Board of Directors are at the helm and are responsible for overseeing the formulation and implementation of our
strategy and direct our affairs in an ethical manner. The management of our day-today activities rests with our MD & CEO
and other members of senior leadership. As on 31st March, 2022, our Board comprises six members, including one woman
Director. More details on the Board, Board Committees, its composition, responsibilities, and nomination process can be
read in the Report’s Corporate Governance section.
Our Committees
Committee for
Corporate Social Investment In
Risk Management Share Transfer &
Responsibility Residential Joint
Committee Allotment Committee
Committee Venture/Large Format
Development
Loans Nomination Stakeholder

& Investment & Remuneration Relationship Audit Committee
Committee Committee Committee
26
Our Board Expertise

Skills/Expertise/Competence of The Board Of Directors
The list of core skills / expertise / competencies identified by the Board of Directors required in the context of our business
for it to function effectively and those available with the Individual Board members are as under:
Arun Ameet Amrita Anish S. Arvind Asha

Nanda Hariani Chowdhury Shah Durgashankar Subramanian Kharga
Industry Knowledge/Experience
Experience of real estate business

and market dynamics
Awareness of applicable laws
International experience in
managing business
Experience in managing risks

associated with business
Governance Skills
Practical experience in
best practices pertaining to
transparency, accountability, and
corporate governance
Technical Skills/Expertise
Knowledge of relevant technology

and innovation
Specialized knowledge in an area

or subject such as accounts,
finance, auditing, marketing,
construction, legal, strategy,
engineering, etc.
Behavioral Competencies
Values, mentoring abilities, ability

to positively influence people
and situations, leadership skills,
communication, and interpersonal
skills, decision-making abilities,
conflict resolution, adaptability, etc.
Ms. Asha Kharga appointed as an Additional Director of Mahindra Lifespaces in the category of Non-Executive Non-Independent Director effective
13 th May, 2022.
Mr. S. Durgashankar, consequent to his retirement from the services of Mahindra & Mahindra Limited, resigned as a Non-Executive Non-Independent
Director of Mahindra Lifespaces effective from the conclusion of the Board Meeting held on 13th May, 2022
Board Composition, Status, Attendance at Board Meetings and at the last Annual General Meeting
As on 31st March, 2022, our Board comprised six members. The Chairman of the Board is a Non-Executive Non-
Independent Director. The Managing Director & Chief Executive Officer is an Executive of Mahindra Lifespaces.
Two members of the Board are Non-Executive Non-Independent Directors and remaining two members are
Independent Directors.
Corporate Codes and Policies

Our corporate policies and codes form a key component of the governance framework. They guide our employees and
other stakeholders across the value chain to uphold our commitment to ethics, transparency, and sustainability. All our
policies are published on our website and disseminated to employees and supply chain partners during induction and
onboarding to enhance transparency. The policies are also translated into local languages, wherever required. Further,
refresher trainings are provided through the internal communication portal.
Sustainability Environment, Occupational Green Supply Chain

Policy Health, & Safety Management Policy
Supplier and Contractor Quality Corporate Social

Code of Conduct Policy Responsibility Policy
Code of Conduct Equal Policy on Prevention of

for Senior Management Opportunity Policy Sexual Harassment
and Employee
Whistle Policy on Remuneration

Blower Policy of key Managerial Personnel
and Employees
The four key pillars of our Sustainability Policy are Sustainable Products, Sustainable Sites, Sustainable Offices, and
Sustainable Communities. These pillars help us in realizing our mission and creating greener, safer, and healthier buildings
for all. These sustainability-related policies provide a foundation for assessing ESG and climate-related risks and integrating
sustainability into our operations. Our Green Supply Chain Management Policy and Supplier Code of Conduct strengthen
our commitment to reduce environmental and social impact across the supply chain.
28
Pillars of our Sustainability Policy
Sustainable Sustainable Sustainable Sustainable

Products Sites Offices Communities
Our endeavor to have We strive towards We aim to create a We are committed to drive
100% green certified sustainable construction safe, nurturing and a positive change in the
portfolio and deliver to ensure resource inspiring workplace neighborhood around our
products on time to conservation, biodiversity for all our employees project sites through CSR
our customers conservation, climate and stakeholders interventions. We also
change abatement, and endeavor to promote the
contractual worker welfare sustainability agenda within
our stakeholders
Business Ethics and Compliance

At Mahindra Lifespaces, we are A strict adherence is ensured (benchmarked with peer industry
committed to conduct our business to conducting compliances and practices) facilitating the customer’s
ethically and with integrity. The Code of a project is launched only after response related to cancelations,
Conduct for our Independent Directors, relevant approvals are received. We defaults, and other transaction-
Directors, Senior Management and understand the legal obligations that related decisions
Employees communicates our stance apply while executing our duties and • Digitization of legal-handled
of “zero tolerance” to bribery and/or responsibilities on the job. This is also litigations, providing a macro-level
corruption to the employees. Our Code supported by an inhouse regulatory view of region-wise litigations
of Conduct guides us on: risk management process that maps (associated with forfeiture or defects
emerging regulations. With this, we in projects) and enabling root cause
• Recognizing and dealing with
ensure a seamless transition in the analysis to inform business or
ethical issues and fostering a culture
regulatory regime. management perspective
of honesty and accountability
• Conflicts of interest and The implications of anti-competitive We are advocates of good
appropriate disclosures practices on the business and governance, enhanced transparency
• Involvement in political activities reputation of Mahindra Lifespaces are and accountability. However,
• Dealing fairly with customers, well understood by us. We seek to governance practices require
suppliers, competitors, regulators, compete fairly, ethically and within the constant improvement as the external
and employees framework of applicable competition circumstances change. Therefore,
laws. We streamlined the processes we regularly evaluate and refine our
• Protection and use of our assets,
related to contractual obligations processes and policies to remain
confidential information, and
to customers and litigations to relevant and up-to-date
intellectual property (IP) rights,
strengthen our legal accountability and
including respecting the IP rights
implemented the below measures: We conduct a periodic review and
and trademarks of third parties
evaluation of policies internally through
• Behavior and conduct at • Streamlined and standardized The Mahindra Way (TMW) as well
the workplace processes related to customer as through Integrated Management
• Reporting violations relationship management System (IMS).
All stakeholders can freely remotely due to COVID-19 lockdown

communicate their concerns and restrictions, we upgraded our time
grievances through vigil mechanism management skills to enhance our
set down in our Whistle Blower Policy. productivity and act as a catalyst
Our Corporate Governance Cell for growth.
periodically reviews the efficacy of
the codes and policies and suggests Furthermore, the team provides legal
amendments on the basis of market advice with a deep understanding of
trends, global good practices, and the goals, risks, competitive landscape
We identify ourselves as a group
feedback provided by stakeholders. and nuances of the business, mutually
that focuses on raising the bar.
respectful relationship with other
We work on the principle of
Acting as Crisis Managers departments within our company.
being trust-based and operate
The legal team believes in Being approachable and solution-
with a “can do” spirit. We used
demonstrating integrity, accountability, oriented, we are viewed as a sounding
the pandemic time to move
empathy and positivity in the work board and a collaborator for business.
from adversity to advantage by
that we do and the way we conduct Our team has spent considerable
building new capabilities.
ourselves. This attitude has led the time in document management and
team to close several complex deals has set up scheduled discussions
– Parveen Mahtani
within stretched timelines and achieve with departments to reduce the
Chief Legal Officer
successful launches. During the time spent, thereby seeking to
pandemic, the legal team acted as streamline communication.
crisis managers. With teams working
Key Sustainability Topics presented to Board
Strategic Initiatives Sustainable Products Sustainable Sites Sustainable Offices Sustainable Communities
• Integrating • Green • Zero Waste to • Energy efficiency • Mahindra TERI Centre

Sustainability certifications Landfill • ‘Make the of Excellence
in Business for projects Surveillance Switch-Energy • Industrial Customer
• Climate scenario • Customer Benefit • Site Sustainability Conservation’ Engagement sessions:
analysis - Quantification Maturity • Sustainable Energy & Waste
Impact Assessment Assessment Office Guidelines • ‘The Green Army’
• Water Risk • Water workshop for our
Assessment for Resilient Site residential customers
specific locations #MakingGroundwater
• Capacity building Visible
Climate Responsive
Design Workshop
Sustainability Governance at Mahindra Lifespaces

We have integrated sustainability into our existing governance structure. This helps us enable strategic oversight of
sustainability issues and facilitate long-term value creation. Working closely with the Board of Directors, our senior
leadership oversees the implementation of sustainability initiatives by different functions. We also leverage the
Enterprise Risk Management (ERM) framework to identify and mitigate ESG and climate-related risks and capitalize on
the opportunities.
30
Sustainability governance structure
Board of Directors
• Formulate vision & aspiration of • Sustainability performance reviews-

• Quarterly
Mahindra Lifespaces Board Note (risk and initiatives)
MD & CEO
• Review and Approve strategic • Project Basis
sustainability initiatives*
• Integrated into Business Dashboard • Annually for investor disclosure,
(*sustainability disclosures, strategy
and the roadmap of the organization) SBT and Carbon Neutrality
Chief Financial Officer/ Chief of Design/Chief of Projects/

Head - Sustainability
Chief of BD Chief of Sales and Marketing
• Identify initiatives to embed
• Guide strategic sustainability
sustainability in all aspects of • Review the risks and opportunities initiatives
business (Investor/Customer/ including ESG and climate-
Associates) related risks • Review sustainability disclosures of
Mahindra Lifespaces
• Deployment of sustainability strategy • Review strategic priorities and
& roadmap sustainability roadmap • Review sustainability strategy
and roadmap
• Identify ESG and climate-related risks • Review sustainability disclosures of
& opportunities Mahindra Lifespaces • Review and communicate customer
value proposition
• Monitor sustainability performance
• Sustainability initiatives progress

review
• Climate risks & opportunities review
• Sustainability performance review • Sustainability MOR
with Senior Management • Sustainability strategy & Roadmap
review • Customer value proposition and
consumer awareness
• Weekly with Chief of Marketing • MOR – Monthly Operational Review

• As per Investor Disclosure Cycle
• Project basis with MD & CEO • Project basis reviews (sustainability
and as per land acquisition
• Monthly Management team updates maturity)/GTM
Project Manager/Sustainability & CSR Champions/

Corporate Sustainability Team
Architects/Sales and Marketing Managers
• Identify and implement sustainability initiatives
• Evaluate innovative materials & technologies to enhance • Identify and implement sustainability initiatives
green portfolio
• Define project specific sustainability goals & targets
• Respond to all sustainability, ESG/Investors
• Establish project specific sustainability data management
related disclosures
• Maintain periodic Sustainability data
• Analyze project level sustainability data/trends,
Maturity assessment • Identify and drive CSR initiatives
• Support communication team to drive sustainability • Design, develop and maintain green buildings
communication for customers • Drive sustainability communication for customers
• Drive structured Associate engagement initiatives, Trainings
• Progress review meetings with Head of Sustainability • Scorecards of sustainability maturity assessment
• Progress review meetings with Senior management • Progress review meetings on CSR initiatives
• Periodic engagement with Project Manager/ Architects, • roject review meetings with Chief of Design/Chief of
P
Sales & Marketing Team and Sustainability/CSR champions Projects/Chief of Sales and Marketing
• Monthly, Quarterly and Annual engagements • Quarterly engagements

• Project basis reviews • Project basis reviews
Responsibilities Mode of Engagement Frequency
The Operating Context

The world is currently experiencing noticeable effects of climate change and accelerated
biodiversity loss. Rising ESG awareness amongst investors and regulatory authorities has
resulted in increased scrutiny and reporting requirements. However, as businesses recover
post COVID, the real estate sector has seen an impressive growth. Upheaveal caused by
recent geopolitical events have impacted commodity prices in the sector. This has temporarily
disrupted the supply chain.
On the brighter side, eco-consciousness amongst consumers has seen increased demand for
green products. However, increased consumer interest and demand for our green products are
positive indication for the year ahead.
Turnaround in global growth

Global economic activity witnessed an impressive turnaround in performance in 2021, recovering from the
COVID-19 induced slowdown. World output grew by 6.1% in 2021, compared to 3.1% contraction in the
previous year.
Geo-political tensions
Economic risks intensified due to the Russia-Ukraine war, which disrupted global supply chains, triggering
spiraling inflation in global commodities including energy, food, fertilizers, metals, and minerals.
India’s rising GDP growth

India registered a sharp turnaround in performance, emerging as the fastest growing large economy. Its
Gross Domestic Product (GDP) grew at an impressive 8.9% in 2021-22, after a contraction of 6.6% in the
previous year.
COVID-19 disruption
COVID-19 related risks declined due to high penetration of vaccines globally, infrastructure to
deal with hospitalizations and related emergencies and preparedness to deal with the pandemic-
induced lockdowns.
Growth in construction sector

The construction sector, which accounts for around 7.5% of GDP, grew at an impressive 10% in 2021-22,
compared to a decline of 7.3% in 2020-21.
Strong demand momentum

Demand for residential development recovered as lockdowns were lifted. Improved momentum was
witnessed due to strong consumer sentiment, housing affordability, well-identified needs and declining
interest rates.
Preference for established developers

An increased preference was noted for established developers with a good track record and strong
balance sheet, which helped developers achieve better traction among home-buyers, opening up
significant opportunities.
Read more in the Management Discussion and Analysis section of the report
32
Mahindra Happinest Palghar
Our Value Creation Process

Our value creation process is at the heart of integrated thinking. The key purpose of our value
creation model is to create and deliver value for our stakeholders and shareholders. We strive to
achieve this, while driving our business towards profitability in a sustainable manner.
Key Inputs Our Competitive Strengths Our Business Approach

Financial strength Best-in-class platform We are built on a robust foundation
We derive our financial strength We are the pioneers in creating anchored on core values of the
from execution excellence and India’s best built platforms. We Mahindra Group. Good Corporate
timely delivery of projects. We have integrate sustainability, technology Governance, Professionalism,
conceptualized the inclusion of new and innovation within our projects Customer Centricity, Quality, and
market developments like Net Zero for crafting healthy and sustainable Transparency are the core values that
and climate resilient infrastructural living spaces. the Group thrives on. We operate in a
aspects into our project portfolio. Our regulated sector which has undergone
Unique locations a drastic shift in regulatory norms and
internal and statutory auditors ensure
market dynamics. These changes
efficient implementation of our project We choose unique locations for
have been instrumental in providing
targets and also our financials. Our our projects to ensure a refreshing
customers with provisions for taking
low borrowings, robust sales outlook experience for the habitants with
legal actions against infringement of
and cash flow contributes to our world-class amenities to promote
their rights. For us, the impact of such
financial strength. healthy living.
changes has been minimal. We remain
committed to sustainable business
Strong relationships Attractive development pipeline
practices and ethical values, and
Through our streamlined and Our project pipeline consists of continue to drive a positive difference
standardized process, we facilitate projects satisfying emerging market in our stakeholders and communities.
fruitful stakeholder engagement where needs of sustainable homes, aspects
their key concerns are well captured like consumer’s increased interest Delivering Value to our
and addressed. We conduct special for climate resilient and Net Zero Stakeholders
initiatives for the internal stakeholders developments. Our new projects in the
Our value creation process is based
like skill enhancement and various pipeline combine the key aspects of
on the key pillars of our Sustainability
celebration meet-ups, which affordability and sustainability.
Policy - Sites, Products, Offices and
encourages them in developing strong Communities. It incorporates all the
relationships with the management. We Innovation
stakeholder requirements and enables
also extend our initiatives to our value We consider several innovation-related us to focus on material issues for the
chain partners and create platforms aspects during our project design organization’s long-term sustainability,
for mutual interaction on ESG matters, stage. Use of eco-friendly colors, while mitigating risks and leveraging
such as supplier meets. Through green surroundings, facilities for health opportunities. Determining the nature
development programs, we proactively and mental well-being are a few of of our stakeholders and understanding
engage with communities for driving these. The deployment of various the importance of engaging with
positive impact. state-of-the-art technologies fosters them is crucial to decide on issues
better customer experience easing our material to Mahindra Lifespaces and to
People strength customers’ home-buying journey. create value.
The essence of our business lies
in inspiring people and purposeful Long-term commitment to ESG Customers
galvanization of human capital towards We are exploring all the opportunities At Mahindra Lifespaces, we prioritize
our business purpose. We will continue in the real estate sector to integrate customer health and safety, customer
to formulate working models for ESG considerations into the operations satisfaction and land remediation. By
modulating a fair and safe environment – right from land acquisition to way of customer satisfaction surveys
and generate long-term value. management of assets. An ESG (CSS), we periodically engage with
governance framework is streamlined our residential customers to gauge
into the Board’s agenda and existing and understand their requirements
governance systems. and experience.
34
Our Value Creation Process
Communities Sustainability Framework of Building Employee well-being

We build long-term relationships Enduring Business, while Rejuvenating Employee wellbeing is key material
with the communities around our the Environment, and Enabling focus area. During Covid we ensured
project sites and strive to create a Stakeholders to Rise. We have aligned our associates are vaccinated and
lasting change in their lives. This this to our economic performance. received adequate support to tide the
helps us understand their needs and pandemic waves through key initiatives
expectations, plan CSR activities and Economic performance such as life insurance, meeting with
policy advocacy. These actions help us Our presence in residential and doctors, health and wellbeing sessions.
to achieve environmental conservation, industrial sectors has been a significant
skill development, improved source of comfort during the slowdown We continued to augment capacity
livelihoods, and women empowerment. in our economic performance. It is building through customized need
crucial to the stakeholders and our based training programs on various
Partners and Suppliers Company for revenue generation. topics for technical skill improvement,
Our suppliers and partners are On the residential side, our presence safety, environment health and
essential stakeholders in the business. across product segments, including wellbeing topics. Worker welfare is
We proactively engage with them to affordable housing, coupled with taken care through various initiatives
create further value by addressing a customer-centric approach, has at site taken up by projects team.
their concerns. helped mitigate product-market risks.
Supply chain
People Environmental well-being Our green supply chain management
Our employees and contractual Environmental well-being is a policy guides our procurement actions.
workers are core to the business. key material focus area. It covers We ensure that the project activities
At Mahindra Lifespaces, we seek to energy, water, waste, emissions and carried out on site by our contractors
attract, groom, and retain the best green buildings during all stages of and the products and services
and brightest talent. By engaging development of our products. We provided by our suppliers adhere
with our people, we develop and ensure through design, construction to guidelines outlined in ESG code
empower them, allowing them to learn and use phase environmental well of conduct.
and develop as the business grows. being is maintained. Pollution mitigation
Through our business, we also ensure measures during construction ensures Community well-being
gender and generational diversity we adhere to all norms and regulations Our CSR strategy is to contribute to
within the organization. This helps us such that the impact created on the the local communities that we operate
with a productive workforce, higher environment is minimal. in. We enable this by focusing on
retention rates, zero fatalities at the education, skill development, health,
workplace, and employee well-being. Customer well-being environment, and sustainability. Every
We prioritize customer health and year, in line with the Companies
Shareholders safety, customer satisfaction through Act, 2013, we pledge to spend a
Creating value for our shareholders is development of thoughtful and minimum of 2% of the average net
central to our business. By conducting sustainable green products. We profits made during three immediately
ethically aligned with our values and engage with customers periodically preceding financial years on CSR
keeping abreast of ESG context to gauge and understand their initiatives. During FY 2021-22, we
we ensure derisking our business. experience and satisfaction through conducted education and skill
We focus on increasing sales, customer satisfaction surveys (CSS). development initiatives, environment
earnings, and free cash flow to create Our industrial developments are and sustainability initiatives, and
shareholder value. based on principles of sustainability health-related initiatives for the under-
and our residential homes are climate privileged community members.
Our Approach to Value responsive, close to nature homes
Creation ensuring customer health and well-
being through ample natural light
Our value creation is based on RISE
and ventilation.
philosophy guided by Sustainability
Policy of our Company. It follows the
Mahindra Rise principles and Core
values and is aligned to the Group
Our Value Creation Model

The key purpose of our value creation model is to create and deliver value for our stakeholders and
shareholders. We strive to achieve this while driving our business towards profitability in a sustainable
manner. Our value creation process is at the heart of integrated thinking.
Inputs Role Across the Value Chain Linkage to Material Issues
Financial Capital • Manufacturing • Economic performance

• Net borrowings - ` 16,481 Lakh • Construction (revenue)
• Operating expenditure - ` 22,921 Lakh • Owners (Investors, Shareholders)

• Cash flow - ` 18,010 Lakh • Occupants
• Working capital – ` 84,490 Lakh • Deconstruction
• Paid-up capital - ` 15,452 Lakh
• Equity - ` 149,130 Lakh
Manufactured Capital • Deconstruction • Sustainable construction

• Number of ongoing projects: • Manufacturing (Green buildings)
1. 4 under IC & IC • Construction • Statutory compliance
2. 13 residential projects • Socio-economic compliance
• Number of forthcoming projects: • Anti-competitive behavior
1. 3 residential projects
2. 1 under IC & IC
• Incentives received from government urban
local bodies for green buildings
• 79% of materials sourced from local suppliers
Natural Capital • Construction • Energy

• Total Energy Consumption (direct and • Occupants • Water
indirect) – 15,238.35 GJ • Deconstruction • Emissions
• Total Water Consumption (IC & IC and • Effluent and Waste
Residential) – 864,017.33 m3 Management
• Total consumption of recycled materials – • Sustainable construction (Green
27% buildings)
• Total expenditure on Environmental Initiatives • Land remediation
– ` 985 Lakh
• Sustainability Maturity model for project
management
36
Our value creation model presents our valuable resources and relationships (inputs), leading to visible results (outputs
and outcomes). The objective of presenting our value creation model is to give our stakeholders an idea about the
impacts our business creates, which further act as inputs for our onward progress. This provides us with a tool to
connect our purpose and strategy, for creating and delivering value across the six capitals.
Outputs Value Retained Value Delivered Linkage with

UN-SDGs
• Proposed Dividend - ` 3,090.68 Lakh • Growth of assets • Long-term value

• Return on capital employed – 2% • Infrastructural growth generation for stakeholders
• Salaries & benefits paid to employees - for the management of • Net worth per employee –
` 7,255 Lakh projects ` 270.65 lakh
• Community investment - ` 133.26 Lakh • Climate resilient
infrastructure development
• Asset turnover ratio – 0.2
• Revenue generated - ` 30,650 Lakh
• Revenue generated per employee –
` 55.63 Lakh
• 125% increase in revenue
• Indirect jobs created at IC & IC – 62,121 • Learnings into the market • Owned O&M during the
• Completed developed area dynamics with the project construction and
completion of projects 24 months post project
1. 192.3 lakh sq. ft. of residential development
• Value retained with the handover
2. 2,131 acres at IC & IC
employment of ESG • Sustainable buildings
• All projects are green building certified practices • Best-in-class infrastructure
(IGBC/GRIHA)
• Resource Efficiency
• Zero liquid discharge • Brand reputation • Enhanced indoor air

• Waste diverted away from landfill • Resource efficiency quality
(Residential) – 99% • Community trust • Monetary benefits from
• Waste diverted away from landfill (IC & IC) – 97% resource efficiency
• Improved environmental
• Energy intensity (Residential) – 0.0010 GJ/sq.ft. stewardship • Sustainable construction of
infrastructures
• Renewable Energy Intensity (IC & IC) -
0.243 GJ/acre • Transition to Low carbon
infrastructures
• Non-renewable Energy Intensity (IC & IC) -
3.38 GJ/acre • Climate resilient
developments
• Energy intensity (IC & IC) – 3.37 GJ/acre
• Water consumption intensity – 0.05 m3 per sq.
ft. at residential; 208.05 m3 per acre at IC & IC
• Revenue per GJ of energy consumed -
` 2.01 Lakh
• Reduction in Scope 1 & 2 GHG Emissions –
0.52%
• GHG Emission Intensity – Residential: 0.00019
(tCO2e/sq.ft.) IC & IC: 0.73 (tCO2e/acre)

Inputs Role Across the Value Chain Linkage to Material Issues
Intellectual Capital • Manufacturing • Customer satisfaction

• Expenditure on Mahindra TERI Centre of • Deconstruction • Customer health and safety
Excellence - ` 40 Lakh • Construction • Sustainable construction (Green
• Investment at innovation and digitalization • Occupants buildings)
• Leveraging technologies for construction and
sales management
• Collaborations/associations with
13 organizations
Human Capital • Construction • Employment

• Number of employees - 551 • Manufacturing • Occupational health and safety
• Strength of contractual workforce - 2,636 • Deconstruction • Training and education
• Investment in learning and development • Occupants (Employees) • Non-discrimination
programs • Human rights
– 10,094 hours of training to permanent
employees increased by 16.73%
– 268,693 hours of safety training to
contractual workers
• KPIs linking ESG/performance to rewards
• Specialized domain training
Social and Relationship Capital • Owners • Customer health and safety

• Community investment - ` 133.26 Lakh • Occupants (Customers) • Customer satisfaction
• Suppliers/contractors reached through • Manufacturing (Suppliers) • Supply chain management
trainings - 67% • Construction (Suppliers and • Local communities
• Timely engaging with customers and Contractors) • Resettlement of displaced
addressing their specific requirements population
38
Outputs Value Retained Value Delivered Linkage with

UN-SDGs
• Materials tested at Mahindra TERI CoE - 150 • Technological innovations • Bridging the knowledge
materials • Digital solutions gap for market-ready,
• Studies published - 7 scalable, and viable
• Economic benefits owing
technologies and
• Material database made available as a tool on to the use of sustainable
materials.
the CoE website materials and digital
solutions • Enable informed decision-
• Outreach to developers by developing design
making for selection of
and incorporation in building/construction • Highly motivated and
energy efficient material
codes and bye-laws skilled employees for
assemblies
better execution of
upcoming projects • Short turnaround time
• Diversity ratio – 15.79% • Highly skilled and • Enhanced productivity via

• Attrition rate – 29% motivated employees increased learning and
• Healthy, safe and fair development
• 2 cases of fatalities or reportable injuries
workplace • Fair and safe working
• Revenue per employee – ` 55.63 Lakh
practices
• Expenditure per employee – ` 13.17 Lakh
• Scope I & II GHG emissions per employee –
5.48 tCO2e
• Paper consumption per employee reduced
by 7.5%
• 100% employees availed employee benefits
• Direct beneficiaries through CSR activities – • Customer trust and • Community development
11,242 satisfaction • Upskilling the suppliers on
• Sessions for customers on Green Army – 100% • Sustainable and long- ESG aspects
• Supplier compliance to code of conduct lasting relationship with • Tangible and Intangible
suppliers and contractors benefits to the customers
• Customer satisfaction score – 39
• Extending ESG best for the sustainable use of
• >79% materials sourced from local suppliers
practices for the value materials
chain partners
Our Strategic
Objectives and Priorities
Sustainability is about long-term growth in a manner that nurtures the entire eco-system. While the
pandemic affected the normal course of business, we were changing gears in FY 2021-22 to cater to
ever-evolving consumer preferences not just for wholesome homes, but also for better quality of life
with strong communities.
Four factors that have helped us to deliver strong business outcomes are:
Consumer shift Ability to attract lower Focus on innovation Economic tailwinds

towards corporate- cost of capital due to and technology, in both residential
backed real strong governance particularly in areas and industrial asset
estate developers and adherence to such as construction classes, precipitated
ethical practices and sustainability by the gradual
return to pre-
pandemic normalcy
We are now poised to grow industrial parks. Our performance in making. Moreover, we are also
aggressively with significant investment FY 2021-22 has helped lay a strong investing in innovative construction
earmarked each year for acquiring foundation to achieve the goal. technology and materials that would
new assets (land parcels for residential help us build faster, cheaper, and
development) and the aim to further To further enable the organization to better. We have also invested heavily
increase market share in our focused meet its long-term objectives, we have in sustainability, which we believe will
markets of Mumbai, Pune and strengthened our leadership team and be a key differentiator for Mahindra
Bengaluru. By the year 2025, we have modified our business processes over Lifespaces and will help us play a key
set ourselves a target of ` 2,500 crore the past year, while also investing in role in long-term decision-making.
of sales in our residential business digitalization and data analytics for
and ` 500 crore of leasing value in our better consumer insights and decision-
Mahindra Bloomdale, Nagpur
40
Our Strategic Objectives and Priorities
Our Strategic Framework

We have analyzed our entire ecosystem to assess the risks and opportunities, external environment, and our
long-term goals to determine which matters are most material to our ability to create value in the short, medium,
and long term. As such, we have identified strategic objectives (SO) that enable creation of sustained value and
help us in achieving our ambition.
Material Topics Long-term Business Goals Value Chain Strategic Objectives Linkage to
SDGs
Customer Well-Being
1. C
ustomer health • To be recognized among • Product Handover & Use • Customer acquisition
and safety the most trusted brands in and engagement
the markets we operate • Customer centricity
2. Customer satisfaction through reputable • Product Handover & Use
• Ahead of time delivery
survey(s)
3. Land remediation • Site Selection & Land with best-in-class and
Acquisition quality
Employee Well-Being
1. Employment • To ensure a safe • GTM* (Planning and • Increased employee

workplace - Design) engagement
Improved productivity by • Ensure the highest
2. O
ccupational health providing safe work • GTM* (Planning and
standards of site
and safety environment Design)
and workmen safety
• To ensure an inclusive • Construction
and fair workplace
3. Training and education • GTM* (Planning and
Design)
• Construction
4. Non-discrimination • GTM* (Planning and

Design)
• Construction
5. Human rights • GTM* (Planning and

Design)
• Construction
Community Well-Being
1. Local communities • To create sustainable • Site Selection & Land • Increased employee
communities Acquisition engagement
• GTM* (Planning and
Design)
2. Resettlement of • Site Selection & Land

displaced population Acquisition
3. Anti-competitive behavior • Site Selection & Land

Acquisition
• GTM* (Planning and
Design)
* Go-To-Market
SDGs
Economic Performance
1. E
conomic performance • Sustained economic • GTM (Planning and • Increased operational
(revenue) performance Design) throughput
• Value creation for all key • Product Launch and effectiveness
stakeholders • Raw Material and Labour • Land acquisition for
future growth
• Reduction in time
of New Product
Development cycles
• Explore opportunities
and new growth
avenues in line with
our strategic intent and
value system
Supply chain management
1. S
upply chain • To reduce emissions due • GTM (Planning and Increased operational
management to materials Design) throughput and
• To work only with • Raw Material and Labor effectiveness
vendors and partners, • Construction
maintain high standards
• Product Handover & Use
of governance and
compliance
Governance and compliance
1. Statutory compliance • To create an organization • Site Selection & Land Increased operational
that is resilient Acquisition throughput and
• To reduce business • GTM (Planning and effectiveness
risk due to corporate Design)
governance issues, non- • Product Launch
compliance and public
• Raw Material and Labor
policies
• Construction
• To maintain the highest
standards of governance • Product Handover & Use
and ethical practices and
2. Socio-economic • Site Selection & Land
be the industry leader in
compliance Acquisition
these
• GTM (Planning and
Design)
• Product Launch
• Construction
42
SDGs
Environmental Well-Being
1. Energy • To further augment our • Site Selection & Land Increased operational
green portfolio Acquisition throughput and
• To achieve carbon • GTM (Planning and effectiveness
neutrality by 2040, Design)
achieve SBT targets by • Raw Material and Labor
2033
• Construction
• To make our development
water secure by 2030
2. Water • To achieve zero waste • Site Selection & Land
to landfill for offices and Acquisition
homes by 2030 • GTM (Planning and
Design)
• Construction
3. Emissions • Site Selection & Land

Acquisition
Design)
• Construction
4. Effluents and waste • Site Selection & Land

management Acquisition
Design)
• Construction
5. Sustainable construction • Site Selection & Land

(Green buildings) Acquisition
Design)
• Construction
Sustainability Integration Strategy

What has helped us, is deeper integration of ESG into all functions and all aspects of business decision-making.
The three pillars of integration that we have leveraged are:
Strategic integration means incorporating sustainability into the core business strategy.
Each business function has specific sustainability responsibilities and strategic integration
Strategy involves enhancing and leveraging business processes in delivering sustainability goals.
Purpose,
Our business growth pillars of Business Development, Product Standardization, Sales,
priority, goals,
First Time Right, Construction Management and Customer Experience are aligned with
and competitive
sustainability and deeply integrated in all business activities involving site selection,
advantage
planning and design, product launch, material selection, construction management
to handover.
Operation Operational integration means executing and reviewing of performance of sustainability

Processes, strategies and understanding operational effectiveness. We have institutionalized the same
policies, in our Standard Operating Procedures (SoPs), policies and processes and are monitored
practices using our Sustainability Maturity Model.
Cultural integration means leveraging the existing strengths, perspectives,

Culture relationships, and values of unique culture for collaboration, synergies, and innovation.
Identity, Through our unique induction program, associate trainings, initiatives on ‘Making
strength, value, Sustainability Personal’, and ‘In conversation’ series, we have created a culture of
relationship sustainability within the organization.
44
We have mapped out the value chain and integrated sustainability across all functions aligned with our business
growth pillars.
Residential ` 2,500 crore annual sales by 2025

Target Integrated Cities &
` 500 crore in annual lease by 2025
Industrial Clusters
Crafting Future with environmentally and socially responsible homes and industrial developments
Growth Business Product First Time Construction Customer

Sales
Pillars Growth Standardization Right Management Experience (CE)
Business Business Design, Procurement, Projects (Quality, CE, Facility

Sales
Function(s) Development Marketing Contracts Safety & others) Management
Value Site Selection & GTM (Planning Raw Material Product Handover
Product Launch Construction
Chain Map Land Acquisition and Design) and Labor & Use
Site (Climate • Climate • End-to-end • Vendor • Sustainability • Product

and ESG) Risk responsive product onboarding Maturity Handover SOP
Assessment design (CRD) sustainability (code of Assessment • Compliance
• Environmental • Energy features conduct - ESG • SOP (EC, CTE,
Impacts Simulation, handholding to parameters) development CTO) and other
Solar/wind sales • Raw material and training handovers to
• Ethical land
acquisition analysis, Water • Product related sourcing • Site level RWAs
and use (Rainwater sustainability (aligned measures • Resident Assist
harvesting), & benefits for with design (Energy, water
Sustainability Site Finalization • Customer care
Waste (RRC in customers guidelines) and waste
Integrated & grievance
• Environmental design) • Strict adherence reduction)
Activities support
Impact • Material to labor • Product level
Assessment • Customer
specifications compliance measures
(EIA) – Engagement
as per design • Training & skill (RWH,
Environmental – Make The
guidelines development STP, Waste
Clearance Switch
• Green Building of workers & Management)
Precertification contractors • Final
Certification
Materiality Matters
The construction industry faces numerous risks and opportunities across the value chain. Several of
these risks are volatile in nature and require due importance and effective strategies to manage them
and nullify their adverse effects on the business. We, at Mahindra Lifespaces, apply an integrated
thinking approach to identify the matters influencing the short, medium and long-term goals. The
materiality assessment process is aligned with changing regulatory requirements, market needs,
customer preferences, evolving sustainability and climate discourse, commitment to Science based
Targets initiative, and Mahindra Group commitments.
Materiality Determination Process
Assessing the importance

of topics by extensive
engagement exercise Prioritization of material
Identifying the potential
with internal and external topics in consultation with
material topics
stakeholders (customers, senior leadership
employees, senior leadership,
suppliers and contractors etc.)
Materiality Matrix
It highlights topics that have a direct or indirect impact on the organizational potential for value creation.
Economic performance
1 1. E
conomic perfomance
High
(revenue)
5 Supply chain management
1. Supply chain management
1 3 1 1 Governance and compliance
Important to Stakeholder
3 2 2 2 1. Statutory compliance
1
Medium
2. Socio-economic compliance
4 5
3 Enviromental well-being
1 3 1. Energy
2 4 2. Water
1 3. Emissions
2 4. E
ffluents and waste
Low
management
5. Sustainable construction
(Green buildings)
Low Medium High

Important to Leadership
Customer well-being Employee well-being Community well-being

1. Customer health and safety 1. Employment 1. Local communities
2. Customer satisfaction 2. Occupational health and safety 2. Resettlement of displaced
3. Land remediation 3. Training and education population
4. Non-discrimination 3. Anti-competitive behaviour
5. Human rights
46
Material Matters
Materiality Matters
Embedding Material Issues in Business

Integrating sustainability into various aspects of the business is guided by the material issues. Our Roadmap covers
material areas embedded as functional KRA that drive business decision-making.
Benchmarking
relevant real
estate companies
Classify
Embed
material topics
sustainability
(High, Medium,
into business
Low, People,
Planet, Profit)
Process of materiality Check suitability of

Develop KRAs
assessment and material topics for
and roadmap in
embedding sustainability residential and IC &
alignment with
into business IC business
material topics
Align items from Conduct materiality

benchmarking assessment survey
and survey for prioritization
Identify of top
material issues
Symbol denotes the stages where stakeholders were consulted
Way Forward
Our Sustainability Roadmap 2025 for residential and IC & IC businesses are in line with the key material issues as enlisted
in this section. The roadmap targets set in conjunction with our sustainability commitments and aligned with our carbon
neutrality action plan, helps us monitor, track, and measure the progress against these targets. The progress against
the targets under each material aspect has been presented in the respective capital section in this report. With our new
commitments on Net Zero developments by 2030, we have initiated refining our key performance indicators against the
material aspects aligned with the new commitments and would update our Roadmap to cover the 2030 timeframe.
Engaging with our Stakeholders

Our stakeholders are essential to our current and future success. At Mahindra Lifespace Developers
Limited, we recognize the importance of maintaining strong relationships with our varied stakeholder
groups for long-term value creation, fulfillment of purpose and business goals. We devise a systematic
approach to actively engage with relevant stakeholders to integrate their ideas and concerns into
strategic decision-making. We strive to embrace our stakeholder relationships through various
mechanisms and make informed decisions to deliver an impact for them as well as our Company.
We have identified 9 key important stakeholder groups on the basis of their ability to influence our
business and vice versa. We have divided the stakeholder groups into inner coterie and outer coterie
and our stakeholder engagement mechanism is summarized below:
Media
Community Consultants
Suppliers/
Contractors Employees
Investors/
Customers
Shareholders
Government Partners/Think tanks
48
Engaging with our Stakeholders
List of Stakeholder Groups Engagement Channels Key Concerns Linkage to Material Topics Impact on Capitals
Investors/Shareholders • Quarterly held • Sustainable growth of • Economic performance • Financial Capital

presentations and business (revenue) • Manufactured
earning calls • Timely receipts of Capital
• Investor conference financial disclosures • Intellectual Capital
and meetings with • Timely receipts of • Social and
analysts dividends and shares Relationship Capital
• Sound corporate • Natural Capital
governance
mechanisms
• Business resilience
and green recovery
Customers • Newsletter & • Product quality and • Customer health and • Social and
Brochures safety safety Relationship Capital
• Customer satisfaction • Adequate information • Customer satisfaction • Natural Capital
surveys on products • Energy
• Resident assist: • Green building • Water
Guidance document certifications
• Emissions
for our customer • Amenities related to
• Effluents and waste
• Meetings and events ventilation, natural
management
lighting, space for
work-from-home, • Sustainable
use of IoT and other construction (Green
technologies buildings)
• Timely delivery
• Maintenance
of privacy/
confidentiality
• Fair and competitive
pricing
Employees • Making Sustainability • Nurturing work • Employment • Human Capital

Personal environment • Occupational health • Financial Capital
• Annual ‘MSpire’ • Career growth and safety
leadership conclave prospects • Training and education
• Communication • Personal • Non-discrimination
meets development
• Human rights
• Employee • Diversity and equal
engagement activities opportunity
• Monthly mailers • Health and well-being
informing special • Transition to work-
offers from-home
• Mahindra Group • Job security
newsletter
• Fair and competitive
• Annual surveys of pricing
‘MCARES’
• Quarterly Pulse
Surveys
• Various trainings held
throughout the year
• MSPIRE and key
festival celebrations
• Celebrating moments
• Annual Team Day
• MLDL LIFEcast and
MLDL Lifepost
List of Stakeholder Groups Engagement Channels Key Concerns Linkage to Material Topics Impact on Capitals
Suppliers/Contractors • Annual Suppliers and • Inclusion of local • Supply chain • Social and
Contractors’ meet suppliers/contractors management Relationship Capital,
• Tool box talks • Timely payment • Manufactured
• Trainings for suppliers • Raw material costs Capital
on ESG • Labor productivity • Financial Capital
• Labor welfare
• Skilling and training
• Health and safety of
workforce
Community • Community • Livelihood • Local communities • Social and

development and opportunities Relationship Capital
well-being • Develop impactful
CSR programs
for community
development
• Access to affordable
and quality
healthcare, especially
during COVID-19
pandemic
• Mitigate impact of
construction activities
Consultants • Project design and • Capacity building on • Sustainable • Social and

execution discussions requirements of green construction Relationship Capital
at frequent intervals building certifications (Green buildings) • Human Capital
and other sustainable
• Intellectual Capital
construction
technologies
Partners/Thinktanks • Meetings and • Advocacy and • Sustainable • Human Capital

conferences held at collaboration construction (Green • Intellectual Capital
frequent interval buildings)
Government • Conferences • Statutory compliance • Statutory compliance • Financial Capital

organized by CII, • Transparency in • Socio-economic • Natural Capital
FICCI, and other disclosures compliance • Social and
bodies
• Tax revenues • Anti-competitive Relationship Capital
• Policy advocacy behaviour
• Sound corporate
initiatives with TERI
governance
and WRI
mechanisms
• Environmental
impacts of business
Media • Press conference, • Transparent and • Statutory compliance • Financial Capital

round tables, accurate disclosures • Natural Capital
road shows, press
• Social and
releases throughout
the year
• Manufactured
Capital
50
Mahindra Vicino, Andheri
Managing Risks
De-Risking Our Journey neutral by 2040 and making all new Our Climate Resilience
Towards Net Zero developments Net Zero by 2030 Climate change being an urgent and
are an opportunity to de-risk our emerging risk to our business, we are
World Economic Forum’s Global
business. We leverage the globally cognizant of the significance of its
Risk Report 2022 ranks Climate
recognized reporting frameworks and impact on financial and non-financial
Action Failure, Extreme Weather, and
disclosures such as Carbon Disclosure sectors and have surfaced a demand
Biodiversity Loss as the top 3 risks
Project (CDP), Global Real Estate for appropriate disclosure information.
encountered globally. At Mahindra
Sustainability Benchmark (GRESB), This becomes more evident with
Lifespaces, we are cognizant of
and Task Force on Climate related the number of assessments on ESG
the changing scenarios as well as
Financial Disclosures (TCFD) to aspects of the business in FY 2022
the risks the business faces from a
include the coverage of climate-related conducted through third-party by
global perspective. We define risks
risks and opportunities as well as the our investors. In the last two financial
as events that may impact our ability
impact these risks would have on the years, we carried out extensive
to deliver sustained value creation
business from a financial perspective. climate risk assessment and scenario
to stakeholders. The complexities
We also identify short, medium, and analysis to consolidate our climate-
in the post-pandemic period are long-term climate and ESG risks for our
ever-changing and ever-evolving related disclosures aligned to the
operations, suppliers, and customers. TCFD reporting framework. These
which elicits a strong and timely Financial planning is conducted
response to identify and act on the measures in stepping up our corporate
based on these risks and their impact reporting demonstrates our resilience
threats without jeopardizing the on business continuity. We explore
direct interests of our stakeholders. and decision-making through climate
opportunities to chart out a recovery accounting of risks & opportunities
We have adopted, and are guided plan incorporating mitigation of ESG
by, an enterprise-wide approach available to Mahindra Lifespaces.
risks. Areas we are actively exploring Broadly, TCFD focuses on climate
to risk management, which means and implementing and totally aligned change and related potential risks of
that every identified material risk is with the transition actions as derived financial impact in the following ways:
included in a structured and systematic from the scenario analysis include:
process of risk management. The • Financial Impact owing to extreme
Enterprise Risk Management (ERM) • Interventions and initiatives weather events such as high
framework identifies, monitors, on energy demand reduction, temperature leading to reduced
and mitigates business risks from use of renewable energy, use productivity and associated delays,
operations, compliance, strategy, of energy-efficient appliances, infrastructural damage owing
and procurement of green to floods, etc. These risks are
financials, governance, reputation, and
construction material categorized as ‘Physical risks’
processes. This is driven by a Risk
Management Committee, consisting of • Mitigating water stress at our larger • Financial Impact on the reporting
two Directors and the Chief Financial formats, i.e., IC & IC. At Mahindra organization owing to transition
Officer, that periodically reviews the World City, Chennai, we have to a low-carbon economy, such
risk management plan and oversees conducted hydrological studies to as from a Company adopting
the complete process. The ERM inform our interventions, reduced advanced technologies to mitigating
framework for Mahindra Lifespaces stormwater discharge, strengthened exposure to potential adverse
is dynamic and has evolved with the infrastructure for grey water, climate scenarios. These risks are
integration of climate and other ESG and rejuvenated Kolavai lake at categorized as ‘Transition risks’
risks for improved risk mitigation. the location
• Enhancing productivity and
Our commitments and actions operational costs related to worker
oriented towards becoming carbon stress due to heat and exhaustion
52
Managing Risks
Development of Our Climate Risk Management Approach
Mitigation measures List of comparative

Updated Risk List of financial &
including innovation in indicators for benchmarking
Register & Risk strategic indicators
building design and project analysis for emissions and
Management Plan for monitoring
site climate-preparedness disclosure-related risks
Embed climate Monitor Maintain

Build Adaptive
risk into Enterprise Early Warning Benchmarking
Capacity
Risk Management Indicators Analysis
Our Enterprise Risk Management (ERM) Framework
Identification Site Level Corporate level

• Cash management, contractor performance • Climate, ESG, and
and compliances, financial reporting, risks identified
quality, safety, supply chain, technology, through materiality
and project planning and execution • Identified by cross-
• Identified by Risk Champions functional teams
Categorization Categorization Risk rating

• Strategic • Low
• Operational • Medium
• Financial • High
• Compliance
Migration Migration strategies

Measures • Developed at the site level for Board’s approval
• Specific action plans prepared for critical risks
Monitoring • Project-level risks are reviewed by regional managers on a monthly basis and
presented to the top management during quarterly reviews
• Risk audits are conducted across locations
Climate and ESG Risk
Risk Description Mahindra Lifespaces’ Mitigation Strategy Capitals impacted
ACUTE (CATASTROPHIC EVENTS)
Extreme weather events such as heavy rains • Monsoon preparedness plan • Manufactured TH
leading to flooding • Financial
• Disruption to construction activities PFI
• Costs to repair/replace damaged assets
CoM
CHRONIC (CHANGE IN WEATHER PATTERNS AND RESOURCE AVAILABILITY)
Change in climate patterns and extreme • Diversification of Suppliers • Manufactured TH

variability in weather events • Climate Responsive Design • Financial
• Increased Cost - Supply Chain Disruption PFI
• Beat the Heat • Human
Physical Risk
• Damage to assets and revenue generation

CoM
• Heatwaves – High cooling demand & poor
working/living conditions
• Increased insurance costs - Flooding • Disaster Management Plan - • Manufactured TH

during construction stage Emergency Response Plan • Financial
PFI
CoM
• Inadequate Rainfall • Hydrogeological Studies • Manufactured TH

• Decreased Groundwater levels • Rainwater Harvesting • Financial
PFI
• Sewage Treatment Plant • Human
• Low Flow Fixtures CoM
CURRENT REGULATION
• Non-Compliance to Environmental & Social • ESG Risk integrated into ERM • Natural TH
regulations, & SEBI mandated BRSR • Institutional monitoring and mitigation • Manufactured
plan PFI
• Financial
CoM
Transition Risk
EMERGING REGULATION
• Mandatory ECO Niwas Samhita (ENS) - • ESG Risk integrated into ERM • Natural TH
Energy Conservation Building Code for • Institutional monitoring and mitigation • Manufactured
Residential Buildings (ECBC-R) by Ministry plan PFI
• Financial
of Power, India
• Sustainable Design Guidelines • Human
• Stringent building bylaws CoM
• Climate Responsive Design • Social &
• Mandatory Green Building certification
• Mahindra TERI Centre of Excellence Relationship
• Enhanced criteria to meet – IGBC/GRIHA (MTCoE)
TH: Time Horizon PFI: Potential Financial Impact CoM: Cost of Mitigation
Short – 0-1 year Low – up to ` 10 lakh Low – up to ` 10 lakh
Medium – 1-5 years Medium – ` 10 lakh - 100 lakh Medium – ` 10 lakh - 100 lakh
Long – 5-15 years High – Greater than ` 100 lakh High – Greater than ` 100 lakh
54
Managing Risks
• Carbon pricing mechanisms • Pilot Carbon pricing - WRI • Natural TH

• Carbon tax by government • Deployment of internal carbon • Manufactured
pricing PFI
• Financial
CoM
LEGAL
• Litigation - Flooding, Water demand, • Risk integrated into ERM • Social & TH
Energy source, and building structural • Institutional monitoring and mitigation relationship
quality plan • Manufactured PFI
• Financial
CoM
• Land acquisition risk - Flooding, • Site risk assessment by sustainability • Natural TH

Contamination, Water stress, Proximity to team • Social &
CRZ, etc. • Sustainability maturity assessment relationship PFI
• Non-compliance to E&S regulations • Manufactured
Com
• Financial
TECHNOLOGY
Transition Risk
• Rising cost of ownership (for customer) for • IGBC/GRIHA Certification • Intellectual TH

buildings and maintenance • Climate Responsive Design • Manufactured
PFI
• Financial
CoM
• Transition to low emission technology by • Peer review • Intellectual TH

competitors • Customer Survey (Perception) • Manufactured
PFI
• MTCoE • Financial
• Natural CoM
• Risk to sustainability commitments • Carbon Neutrality Action Plan • Intellectual TH

• Sustainability Roadmap • Manufactured
PFI
• Natural
CoM
MARKET
• Erosion of shareholder value and market • Transparent and Complete • Financial TH

capitalization disclosures
PFI
CoM
• Reduced demand for products and • Go-To-Market (GTM) and Market • Social & TH
services analysis Relationship
• Shift in consumer preference • Product diversification and • Manufactured PFI
penetration • Financial
CoM
• Customer Value Proposition standard
template
• Challenges in access to new and emerging • Dynamic product portfolio to match • Social & TH
markets changing customer preference Relationship
• Manufactured PFI
• Financial
CoM
• Increased cost of raw materials • Procurement as per Green Supply • Natural TH

Chain Management (GSCM) policy • Manufactured
PFI
• Financial
• Intellectual CoM
REPUTATION
Transition Risk
• Increased stakeholder concern or negative • Compliance monitoring • Social & TH

stakeholder feedback • Stakeholder Survey Relationship
• Manufactured PFI
• Sustainability assessment & third
party assurance/audits • Financial
CoM
• Changing customer behavior • Customer Value Proposition • Manufactured TH

• Green Partnerships • Financial
PFI
• Awareness and Training (Internal) &
Customers
CoM
SOCIAL
• Worker unrest and unskilled worker • Sustainability Maturity Assessment • Social & TH
• Worker skill development programs/ Relationship
trainings • Manufactured PFI
• Mission BOCW • Financial
CoM
• Community unrest • Environmental quality monitoring & • Social & TH

mitigation Relationship
• Community Engagement – Training & • Financial PFI
Awareness • Natural
CoM
56
Managing Risks
Understanding the implications of climate scenarios on the business value
With increased investor and Panel on Climate Change’s (IPCC) 3) Energy efficiency & electrification
stakeholder interest on the climate Representative Concentration of transportation & buildings
and ESG-related risk, impact, and Pathways (RCPs) and the Shared - Including retrofitting of
mitigation measures by businesses, Socioeconomic Pathways (SSPs). old infrastructure
which is evident from the recent The RCPs cover the range of GHG 4) Population & economic growth -
ESG assessment by our investors emissions, while the SSPs represent Mimics UN population scenario
across 3 locations, use of climate the socioeconomic impacts. Based on
scenario analysis becomes important. compatibility between RCPs and SSPs 5) Land & industry emissions -
Climate scenario analysis helps in Related to deforestation & GHG
as closely representing our operational
understanding the adequacy of the
environment, we considered 2 6) Carbon removal - Using Carbon
organization’s risk mitigation strategies,
scenarios, sinks & carbon dioxide removal
and to project business growth in the
context of rising global temperatures 1. Best-case scenario - Global
Below 2°C scenario (B2DS) involves
over a time horizon. Under the Paris average temperature increases by GHG emissions peaking in 2020s, &
Agreement, corporate action on climate less than 2°C (RCP 2.6 and SSP1, then declining linearly & become net
mitigation has identified scenarios in “Sustainability-Taking the green negative before 2100 & points to our
limiting rise in global temperatures road”) and transition to low-carbon economy.
to around 1.5°C and 2°C above Other scenario (2 - 3.7°C) involves
preindustrial levels. TCFD recommends 2. Intermediate scenario - Global
temperatures increase between GHG emissions peak in 2060 &
use of at least 2 scenarios - one decline leading up to 2100 with less
aligned with Paris Agreement limiting 2° and 3.7°C (RCP 6.0 and
stringent measures (resource & energy
global temperature rise to below 2°C corresponding SSP4, “Inequality”)
use) & severe physical impacts. This
above pre-industrial levels, & other that by the 2100
is aligned with our business growth
exceeds the 2°C goal (business-as- scenario. The scenarios cover our
usual scenario) to help companies with Transition actions used as input
direct operations - offices, buildings,
better climate change assessment & variables & assumptions for the
project sites, transportation. Policies
planning. This allows the reasonable selected scenarios include,
governing energy efficiency & emission
assessment and mitigation planning mitigation are limited to organizational
1) Energy supply - Shift from fossil
for a range of potential outcomes, boundary. BAU scenario directly
fuels to clean energy, Heavy tax
because of mapping climate-related impacts our work through damage,
imposition on Coal, Oil, natural
risks and opportunities. work stoppage, resource unavailability
gas, & Subsidies on renewables
due to extreme weather events leading
In 2021, we identified two scenarios 2) Carbon price - Carbon tax per to increased costs impacting our
based on the Intergovernmental MT CO2 business continuity plan.
Intermediate Scenario (RCP 6.0 and SSP4 - “Inequality”) Best-Case Scenario (RCP 2.6 and SSP1: Sustainability - Taking the green road)
In a move towards greater climate risk to determine its value. The validation related physical and transition risk on
transparency, TCFD’s recommended of the same would be analyzed in the the business value and would continue
disclosure pillar on strategy requires upcoming year, and we will continue to to deploy the required transition
organizations to describe how resilient evaluate the outcomes and alignment actions and verify the methodology
their strategies are to climate-related with the 1.5 degree or 2 degree world, too on a periodic basis. In the context
risks and opportunities, taking into based on implementation of derived of a real estate business, impacts of a
consideration a transition to a lower- transition actions and measure the business-as-usual scenario (aligned to
carbon economy consistent with a 2 progress yearly. a 3.6-degree scenario or higher) can
degree scenario (2DS) and a below be anticipated to include:
2 degree scenario (B2DS). Using Climate-induced business valuation
• Direct impact to the construction
the scenarios (BAU/1.5 DS/ 2 DS) is a strong proposition for enhancing
industry because of damage to
we determine the potential impacts business resilience. Building on this
assets and disruptions to work, due
on our business and our response provides insights for the investor
to extreme weather phenomena
and business strategy towards the community as well as TCFD’s recent
same. In FY 2022, we extended our changes emphasizes on how financial/ • Constraints related to resource
earlier work on scenario analysis and climate metrics can inform financial availability and increased
required transition actions, to account materiality of the organization. So, in production costs (energy, fuel,
for mitigation efforts of actual and FY 2022 we went a step ahead and carbon taxation etc.) would
potential risk faced by the business calculated the impact of the climate challenge business continuity plans
Our Climate risk related mitigation measures comprise our transition actions and inform our climate change mitigation
strategy. Briefly, we have implemented the key transition actions that would contribute to Mahindra Lifespaces transition to a
low carbon economy (2DS or lower), as shown below:
Transition Actions aligned with 2DS and lower Initiatives by Mahindra Lifespaces
• Widening adoption of renewable energy at our residential and
IC & IC projects
Energy supply
• Waste to Energy project at Mahindra World City, Chennai
• Green power procurement
• Exploring the use of internal carbon price as a tool for
pollution abatement
Carbon price
• Green-certified buildings and net zero buildings

Energy efficiency & electrification • Building energy demand reduction based on climate
responsive design
• Energy-efficient processes and influencing customer behavior
• Creation of long-term sustainable urban forests with 4 lakh

trees at MWC Chennai and 15,000 at ORIGINS projects, to
Land & industry emissions
restore tree cover
• Adoption of a nature-positive approach in design (10-point
Naturesolution) and construction of buildings
• Partner with relevant stakeholders to identify measures to
decarbonize cement and concrete
Carbon removal
• Use of low-embodied construction material in our projects
• Procurement aligned with Green Supply Chain Management
(GSCM) policy
58
Managing Risks
Physical Risk Scenario Analysis – Application at Mahindra Lifespaces
Use of forward-looking scenarios in assessing risk, has helped us strengthen our climate mitigation methodology
and resilience planning by incorporating both transition and physical risks using scenario analysis. This is evident
from the mitigation measures that have been undertaken in FY 2022 for one of our projects in Mumbai. The project
location and its adjoining developments had experienced critical flooding events in recent past. Also, there was
an adjoining Nallah which could overflow into the site during floods. Based on our preliminary analysis, we carried
out a detailed flood mitigation study with help of external experienced partners. We considered 3 scenarios
for the analysis – Present, Future, and Sea Level rise scenarios along with a certain magnitude of rainfall return
periods – 2, 5, 10, 25, 50, and 100-year period. Present scenario considered the land use in the project location at
present situation. Future case considered land use to be densely populated, and sea level rise used 2 scenarios
– lower end RCP 4.5 and extreme scenario RCP 8.5. Based on these scenarios, the grade elevation level of the
development was analyzed to mitigate the impact of flooding. The risk pertaining to each scenario was analyzed,
and associated mitigation measures were recommended with the final decision of elevating the site grade through
filling. Thus, scenario analysis has helped us mitigate the huge impact of extreme weather events such as heavy
rainfall leading to floods.
Expected outcome: aligned with our committed climate mitigation measures are paramount
Alignment of our climate goals. Business decisions related to the sustainable operations at
strategy to TCFD to capital allocation for each site Mahindra Lifespaces, and thereby aid
are aligned with these climate goals in future proofing our risk management
With a futuristic approach across
and roadmap. framework. One of the recent examples
its operations, Mahindra Lifespaces
of geo-political risk rippling through
signed up itself as a TCFD supporter
Brand value: All the preceding the global economy was the Ukraine-
in February 2021, making us the first Russia war conflict. The housing and
steps ultimately helps us design a
real estate sector brand from the real real estate market was no exception,
resilient and future-ready product.
estate management and development which experienced the impact of
Transparency and completeness of
industry in India to do so. By being rising raw material costs. This was
our disclosures on climate and other
a TCFD supporter, we express our due to rise in energy prices, crude
risk with mitigation measures provides
belief towards its recommendations oil, packaging material, rise in US$,
for increased brand reputation and
as a useful framework to increase and many more. Rise in diesel and
investments. This is evident from our
transparency on climate-related risks petrol prices, impacted our business
leadership ratings for investor and
and opportunities within financial due to increased transportation cost
public disclosures like CDP (A- rating
markets. We have already started of construction material, increase in
and A rating – Supplier Engagement)
to realize the benefits of utilizing the gas prices impacted our value chain
and GRESB (1st rank in Public
TCFD principles in our operations partners (requiring fuel for heating
disclosure in Asia).
through the below mentioned areas: to manufacture goods) such as
Future Proofing the ERM manufacturers of steel, cement, tiles,
Risk assessment: Through integration CP Fittings, etc., increased dollar
of climate-related risks in the ERM,
framework
rates caused increase in cost of
the TCFD framework has helped us Like Climate and other ESG risk are imported materials. Similarly, another
streamline the process and act quicker. deeply integrated into our Enterprise risk experienced across sectors post
Risk Management Framework, we take the pandemic was the rise in attrition
Strategic planning: We have already cognizance of other risks impacting due to opening of new and better
identified the climate and other risks our value creation process, and devise opportunities for the workforce. The
and developed mitigation strategies for measures to mitigate the same. Few of impact of attrition was increased cost
them based on the short, medium, and these risks include geopolitical risks, of hiring, and time invested in hiring
long-term impacts. This enables early risk due to data privacy, inefficient and capacity building of the workforce.
detection of a potential ESG risk across systems & processes, rapidly changing Our significant outlook towards every
our project locations. regulatory landscape for the built risk type helps align the mitigation
sector, increased attrition across measures thereby future proofing
Capital allocation: Our Sustainability industries, supply chain crisis, etc. our risk management process and
Roadmap and climate action plan are Considering these risks and related our business.
Mahindra Lakewoods, Chennai
Financial
Capital
Creating sustained
value and delivering a
balanced performance
Prudent management and utilization
of financial capital is fundamental for
our ability to create sustained value for
the stakeholders. Maintaining sound
credit metrics and managing total cost
of capital drives financial sustainability
and permits fund expansion of
our distributable income-earning
assets base.
Material topics Key Pillars of Stakeholder group
• Economic Performance Sustainability Policy • Investors/Shareholders
• Sustainable Communities • Employees
• Sustainable Products
• Sustainable Sites
• Sustainable Offices
Key Outcomes
` 3,856 Lakh
Fixed Assets
0.70%+
Sales Share
10.9% 102,770 Lakh

Residential
Operating Margin
500% 29,750 Lakh

IC & IC
` 16,481 Lakh
Borrowings
` 18,010 Lakh
32.41% Cash Flow
45.96%
` 38 Lakh
Payments to Providers of Capital ` 7,255 Lakh
Salaries & Benefits Provided to Employees
52.63%
9.98%
0.2
Asset Turnover Ratio
100%
Increase over previous year Decrease over previous year
All figures are for the reporting year. Mahindra Happinest Palghar
Financial Capital
Roadmap 2020-25 progress on goals aligned with economic performance for residential and IC & IC businesses as follows:
Sustainability Roadmap progress for Residential – Economic Performance

Achieved
Economic Increase As per On Track Promote sustained, Annual Sales in
Performance shareholder value Business inclusive and FY 2022
by significantly Scorecard sustainable Residential -
enhancing Annual economic growth, Target 8.1: Sustainable ` 102,770 Lakh
return on capital Sales by full and productive economic growth
employed while 2025 employment
setting and Residential - and decent work
upholding the ` 2,500 crore for all
highest standards
of ethics &
transparency with
all our stakeholders
Roadmap progress for IC & IC segment

Achieved
Economic Increase As per On Track Promote sustained, Annual Sales in
Performance shareholder value Business inclusive and FY 2022
by significantly Scorecard sustainable IC & IC -
enhancing Annual economic growth, Target 8.1: Sustainable ` 29,750 Lakh
return on capital Sales by full and productive economic growth
employed while 2025 employment
setting and IC & IC - and decent work
upholding the ` 500 crore for all
highest standards
of ethics &
transparency with
all our stakeholders
After a challenging and eventful favorable factors that expanded growth pushing the growth of real estate in
period and business disruptions in the sector. the country. The emergence of nuclear
posed by COVID-19, the real estate families and rising household incomes
sector registered a healthy rebound As per data from IBEF, India’s real continue to be the key drivers for
in FY 2022. Supported by strong estate sector is projected to grow growth in all spheres of real estate. An
economic growth, the sector quickly to a market size of US$ 1 trillion by ideal mix of robust demand, attractive
picked up momentum, catalyzed by 2030, from US$ 200 billion in 2021. opportunities, policy support and
low interest rates, affordability, rising By then, it will account for 18-20% increasing investments are likely to
demand for bigger homes and other of India’s GDP. Rapid urbanization is help the country achieve this pursuit.
Projected growth in market size of India’s Real Estate Sector
US$ 200 Billion US$ 1 Trillion 18-20%

CY2021 CY2030 Contribution of real estate to India’s
GDP by CY2030
Performance Trends
We acknowledge that financial capital translated into total sale of `102,800
– as a stock of value – enables value lakh, compared to ` 69,500 lakh in the
creation, directly and indirectly, across earlier year. Despite the challenges
all other capitals. Managing our faced during the year, we completed
financial capital prudently enabled construction of 1.30 million sq. ft. in
in securing better access to funding FY 2021-22 and handed over 925 units
capital, navigating risks, building on to homeowners. The IC & IC vertical
future opportunities and contributing to saw an increase in land leased at 110.6
a strong balance sheet during the year. acres in FY 2021-22 as compared to
We have implemented a
During FY 2021-22, our net revenues 55.6 acres in FY 2020-21. The lease
business model that is not
increased to ` 30,650 lakh, compared premium generated was ` 29,750 lakh
only agile, it is adaptable to
to ` 13,639 lakh in the earlier year. in FY 2021-22 as compared to ` 12,870
the dynamic requirements of
Profit After Tax stood at ` 4,289 lakh lakh in FY 2020-21.
the stakeholders, regulators
vis-à-vis a loss of ` 5,225 lakh earlier.
and investors. We have Leveraging capital input costs such
Return on Capital Employed (ROCE)
managed to post excellent as working capital, cash reserves,
stood at 2%.
numbers in the past financial borrowings and shareholder equity
year, marking a clear recovery A key achievement has been the to build our products; and promoting
from the pandemic-induced addition of the stock in the MSCI India innovation, research and development
business disruptions. We Small Cap Index during the year. Also, helped enhance the productivity of
remain focused on driving India Ratings has affirmed a long-term human capital and make investment in
improvements in our portfolio issuer rating of IND AA/Stable, with socially responsible initiatives. This is
by keeping an eye on business a “Stable” outlook. Our share prices aimed towards our achieving our goal
and ESG risks. We are performance has been improving of sustainably increasing shareholder
contributing to India’s pledge since the past few years, indicating value and return on capital, while also
of Net Zero 2070 by setting up good buying. During the year under measuring and limiting our impact on
a strong risk management plan review, the share price performed the environment and social spheres.
through our TCFD disclosures well on the stock exchanges and is
to mitigate climate risks across at an all-time high – almost doubling We have set an ambitious target of
the value chain. from its 52-week low level. Our market achieving ` 2,500 crore of revenue
capitalization stood at ` 612,500 lakh by FY 2025-26. In order to achieve
– Vimal Agarwal our goal, we have set a clear
as on 31st March, 2022.
Chief Financial Officer strategy in place to work cohesively
Sale of 1,408 residential units was and produce a sustainable and
registered during the year, aggregating balanced performance.
1.28 million sq. ft. of saleable area. This
Business Model
Our robust and structured business & Industrial segments. The demand raising of funding capital. Finally, our
model helped us in faster recovery for affordable housing in particular has focus on timely and efficient project
from the challenges posed by the been robust, given the onset of the execution, operational excellence
COVID-19 pandemic. Firstly, our pandemic and with the burgeoning and an uncompromising quality
diversified product portfolio is a unique middle-class segment looking to buy management system, at par with the
and distinctive mix of affordable, their first homes. Adding to this, the Mahindra brand, helped us create
mid-premium and luxury projects in long-standing partnerships forged with and deliver long-lasting value for
residential as well as Integrated Cities investors over the years have eased our customers.
64
Financial Capital
Built Strong Execution

Portfolio Partnerships and QMS
Gaining Easy Access to Capital

The strong governance of Mahindra already in the process of fortifying disclosures; complete availability to
Lifespaces and its unparalleled brand our existing partnerships, while the authorities whenever required; and
value provides for access to cost- building new ones. Our objective is to maintaining the highest standards of
effective funding. Our well-balanced strengthen our existing platforms and corporate governance.
business model and judicious financial also create new platforms to effectively
management helped us navigate engage with our shareholders, To ease tax-related compliances,
the pandemic. We also leveraged targeting a higher return on equity. advanced technological developments,
Mahindra Lifespaces strong credentials specifically at the base level
to raise capital either via debt or equity. As the economy opens up post- transactions, were inculcated. These
In a market where the risk for the real COVID, there are expected to be resulted in significant improvement
estate industry continues to be high, significant risks of rising inflation and in data capturing for GST purpose,
we managed to sustain our cost of increased labor costs. Nonetheless, statutory compliance using data
development within single digits. The we expect to grow in the commercial analytics and data-based MIS. Some
Board has been equally supportive leasing segment, and also projects of our recent challenges included
of our endeavors, while our top rising demand in the residential transfer pricing (international taxation),
shareholders have been completely sector, which had been suppressed which, if not represented aptly, would
aligned with our business operations for two years due to the COVID- have led to adverse situations. Having
and futuristic vision. related challenges. integrated SAP with the GST portal
through a compliance platform, thus
Strong demand potential Our Commitment to Tax eliminating manual processing of GST
Our well-balanced business model and At Mahindra Lifespaces, our key returns, we are currently in the process
judicious financial management helped emphasis continues to be on of automating TDS returns. To better
us navigate the pandemic. Even as full compliance and continuous enable document management, we
the COVID-19 period was tough for improvement of tax processes with are in the process of implementing a
everyone, it helped people understand automation and digitalization. Our litigation management portal where
the need to have bigger homes for self. strategy revolves around conducting all orders, appeals and submissions
The residential real estate sector looks an in-depth analysis before will be archived and made accessible
promising from here on. There is also responding to even the smallest of to everyone.
a significant pent-up demand over the queries; solid preparation to ensure
previous year. As Mahindra Lifespaces it builds trust and transparency with
realizes the requirement for an arsenal the authorities through adequate
of funds with future growth, we are
Key Performance Indicators
FY 2020-21 FY 2021-22 FY 2020-21 FY 2021-22
-4.24% 1.64% 0.0026 -0.0138

Return on Capital Employed (%) Net Debt/Equity (No. of Times)
FY 2020-21 FY 2021-22 FY 2020-21 FY 2021-22
-3.39 2.78 -3.55% 2.92%

Basic Earnings Per Share (`) Return on Average Net Worth (%)
Financial Performance (` Lakh)

KPI FY 2020-21 FY 2021-22
Economic Value Generated 13,639 30,650
Economic Value Distributed
Operating Costs 8,132 22,921
Other Expenses 4,911 7,544
Employee Wages and Benefits 6,531 7,255
Payments to providers of Capital 18 38
Payment to Government (Tax) -1,742 -2,039
Community Investments 208.4 133.26
Economic Value Retained* -4,419.4 -5,202.3
*Economic value retained = economic value generated – economic value distributed
Value Creation – Future Priorities

Despite pandemic exigencies, the markets of Mumbai and Pune remain opportunities for acquiring stressed
sector continued to show resilience our top priority, while the markets assets, redevelopment projects
and steady growth. In the post- in Bengaluru and Jaipur are in the and asset-light models through joint
pandemic era, improving economic process of facing consolidation with development, joint ventures and
activity will lead to a growing interest most of the inventories getting sold development management routes with
in bigger, independent homes for self- out. Mumbai being a land-starved city, landowners, our focus on Mumbai
occupancy purpose. Our meticulous we remain particularly focused on it. continues to be high.
and continued focus in the key With a well-devised strategy to identify
66
Human
Capital
Creating shared
value for our
employees
People are core to our business. We
believe that achieving sustainability in
day-to-day operations is guaranteed
through the support of our best-in-
class, agile and motivated workforce.
We provide our employees with a
dynamic and productive environment
for holistic growth by bringing
sustainability into action and leading to
a positive environment.
We care for professional growth

prospects of our people through our
performance improvement programs.
Our objective is to contribute
positively towards the betterment of
their personal lives through several
initiatives and by providing an enriching
work environment full of safety,
productivity, equal opportunity and
zero discrimination. Consistent training,
development and upskilling of the
workforce will contribute to create a
better organization and also benefit
our stakeholders.
Material topics Pillars of Stakeholder group
• Human capital sustainability policy • Employees
• Training and education • Sustainable sites
• Non-discrimination • Sustainable offices
• Employment
• Occupational health
and safety
• Human rights
Key Outcomes
5.48 tCO2e ` 55.63 Lakh

Scope I & II GHG emissions per employee Revenue earned per employee
8.5% 106.79%
27.66 GJ 10,094 hours

Energy used per employee Training to permanent associates
3% 16.73%
6.72 hours 21 hours

Average safety training per contractual worker Average training per employee
No Change 23.3%
All figures are for the reporting year. Clubhouse@Mahindra Happinest Kalyan
Human Capital
Sustainability Roadmap progress for Residential – Employee Well-Being

Roadmap 2020-25 progress on goals aligned with employee well-being for residential and IC & IC businesses is as follows:

Achieved
Employee Ensure a safe Zero - Not Target 3.8: Achieve 2 fatalities in
Well-Being workplace Injury rate Achieved universal health coverage FY 2022
- Improved Target 3.9: Reduce
productivity Ensure healthy illnesses and deaths from
through providing lives and hazardous chemicals and
safe work promote pollution
environment well-being
for all at
all ages
1. 7 h of Achieved Target 4.4: Increase the 1. Environment,
training/labor/ number of people with Occupational Health
month relevant skills for financial and Safety training
2. Basic EOHS Ensure inclusive success provided to all
training for and equitable Target 4.5: Eliminate stakeholders - both
offices quality education all discrimination in internal and external
and promote education 2. ~6.72 hrs of
lifelong learning training provided
Target 4.6: Universal
opportunities per worker
literacy and numeracy
for all
Target 4.7: Education for
sustainable development
and global citizenship
Number of Achieved Target 3.8: Achieve 1. Regular Audits
audits and universal health coverage and inspections
inspections Target 3.9: Reduce done by project, and
4 by BH/Yearly. Ensure healthy illnesses and deaths from safety team
2 by PH/ Per lives and hazardous chemicals and 2. External
month promote well- pollution assurance
4 by PM/ Per being for all at conducted as part
month all ages of sustainability
6 by PE/ Per process
month
3. Internal
quarterly audits by
sustainability team
- Sustainability
maturity assessment
Ensure an inclusive Progressively Achieved Target 10.2: Promote MCARES score
fair workplace improve the universal social, increased to 4.23
employee economic and political in FY 2022 as
engagement Reduce inclusion compared to 4.11 in
levels - inequality within Target 10.3: Ensure equal FY 2021
MCARES and amongst opportunities and end
recognition countries discrimination
score

Achieved
Employee 100% In Target 4.4: Increase the 1. Sustainability
Well-Being coverage of Progress number of people with theme-based
all Executives relevant skills for financial trainings such as
(specialized Ensure inclusive success Climate Responsive
theme-based and equitable Target 4.5: Eliminate Design, Energy
training) quality all discrimination in Efficient Offices,
25 average education and education Sustainable
hours of promote lifelong Office Guidelines
training per learning conducted for 100%
employee opportunities executives
for all Target 4.7: Education for
2. 18 average hours
of training per
employee across
the organization on
varied topics
40% associates In Target 10.2: Promote 1. Diversity and
sensitized on Progress universal social, Inclusion committee
D&I economic and political is in place
Reduce inclusion 2. Sensitization
inequality within Target 10.3: Ensure equal of associates on
and amongst opportunities and end D & I and related
countries discrimination activities/programs
is in progress
100% Achieved Target 4.4: Increase the 1. Sustainability

mandatory number of people with trainings are
sustainability relevant skills for financial provided as part of
training for all Ensure inclusive success induction for all new
new Joinees and equitable Target 4.5: Eliminate joinees
quality all discrimination in 2. Separate topical
education and education trainings conducted
promote lifelong for relevant
learning stakeholders
opportunities covering 100% of
employees
72
Human Capital

Achieved
Employee 2 Sustainability Achieved Target 9.1: Develop 1. Sustainability
Well-Being idea/project sustainable, resilient, and Initiatives
per site inclusive infrastructures are planned,
suggested and Build resilient Target 9.4: Upgrade implemented and
implemented infrastructure, all industries and tracked by each
by associates promote inclusive infrastructures for project per quarter
and sustainability 2. Assessment
sustainable of the initiatives
industrialization
sustainable infrastructure done through site
and foster visits and quarterly
development for
innovation sustainability
maturity assessment
Target 9.5: Enhance
research and upgrade 3. More than 2
industrial technologies initiatives were
planned and
implemented across
projects such as
replacement of
conventional lights
with LEDs, use of
curing compound to
save water, use of
wastewater for dust
suppression, and
many others
Sustainability Roadmap progress for IC & IC – Employee Well-Being

Achieved
Employee Ensure a safe Zero - Achieved Target 3.8: Achieve Maintained a Zero
Well-Being workplace Injury rate universal health coverage injury rate
- Improved Target 3.9: Reduce
productivity Ensure healthy illnesses and deaths from
through providing lives and hazardous chemicals and
safe work promote well- pollution
environment being
for all at all ages
1. 7 h of Achieved Target 4.4: Increase the 1. Environment,
training / labor/ number of people with Occupational
month relevant skills for financial Healthy and Safety
2. Basic EOHS Ensure inclusive success training provided
training for and equitable Target 4.5: Eliminate to all stakeholders
offices quality all discrimination in - both internal and
education and education external
promote lifelong 2. ~13.93 hrs of
learning training provided
opportunities per worker

Achieved
Number of Achieved Target 3.8: Achieve 1. Regular Audits
audits and universal health coverage and inspections
inspections Target 3.9: Reduce done by project, and
4 by BH/ Yearly. Ensure healthy illnesses and deaths from safety team
2 by PH/ Per lives and hazardous chemicals and 2. External
month promote well- pollution assurance
4 by PM/ Per being conducted as part
month for all at of sustainability
6 by PE/ Per all ages process
month
3. Internal
quarterly audits by
sustainability team
- Sustainability
maturity assessment
Ensure an inclusive Progressively Achieved Target 10.2: Promote MCARES score
fair workplace improve the universal social, increased to 4.23
employee economic and political in FY 2022 as
engagement Reduce inclusion compared to 4.11 in
levels - inequality within Target 10.3: Ensure equal FY 2021
MCARES and amongst opportunities and end
recognition countries discrimination
score
100% In Target 4.4: Increase the 1. Sustainability

coverage of Progress number of people with theme-based
all Executives relevant skills for financial trainings such as
(specialized Ensure inclusive success Climate Responsive
theme-based and equitable Target 4.5: Eliminate Design, Energy
training) quality all discrimination in Efficient Offices,
25 average education and education Sustainable
hours of promote lifelong Office Guidelines
training per learning conducted for 100%
employee opportunities executives
2. 18 average hours
of training per
employee across
the organization on
varied topics
40% associates In Target 10.2: Promote 1. Diversity and
sensitized on Progress universal social, Inclusion committee
D&I economic and political is in place
Reduce inclusion 2. Sensitization
inequality within Target 10.3: Ensure equal of associates on
and amongst opportunities and end D & I and related
countries discrimination activities/programs
is in progress
100% Achieved Target 4.4: Increase the 1. Sustainability
mandatory number of people with trainings are
sustainability relevant skills for financial provided as part of
training for all Ensure inclusive success induction for all new
new Joinees and equitable Target 4.5: Eliminate joinees
quality all discrimination in 2. Separate topical
education and education trainings conducted
promote lifelong Target 4.6: Universal for relevant
learning literacy and numeracy stakeholders
opportunities Target 4.7: Education for covering 100% of
for all sustainable development employees
74
Human Capital
fairly maintain a stable diversity ratio

and there were no complaints on
discriminatory employment.
The International Women’s Day was

The key essence of our business lies in purposeful galvanization of celebrated on March 8 across the
human capital towards our business purpose. We believe in an inclusive organization and was themed “Spark
work environment that helps attract and retain the best talent. The New Thinking”. The discussions were
pandemic has taught us that there is no monolithic style of working. conducted on “How Workplaces -
Using our three pillars of engagement strategy – Career, Connect Not Women - Need to Change to
and Care, we will continue our zest towards ensuring that employee’s Improve Equality”.
direct day-to-day experience and their perception of organization-wide
support are positive. Our organizational work culture is about respecting We are an equal opportunity
everyone and supporting the expression of individual perspectives in employer. We strive to ensure there
way that create belonging and empowerment for all. is no difference in the remuneration
of a male and female employee, and
– Krity Sharma the remuneration is solely based
Chief People Officer on performance. We are trying to
improvize the gender mix in our
workforce by employing women not
only in corporate roles, but also as
site engineers, quality management
Advancing Diversity & Inclusion
executives and finance functions.
The need to promote D&I amongst Historically, real estate and We strongly believe that a diverse
the workforce is an imperative to construction has always been workforce brings out greater efficiency.
make our business more sustainable considered to be a male-dominated Young women hires at the base level
and profitable. A rich and diverse domain. Though in recent years have a good appetite for fast growth
employee base leads to productive women have made inroads in the and bring in loads of energy and
interactions, strong work culture and real estate sector. We are taking all commitment to achieve our set targets.
better decision-making. We completely efforts to increase gender diversity We also have in place a D&I council
abide by the Human Rights Charter in the business through a roadmap. to inculcate the essence of D&I in
of the United Nations (UN). Thus, we The roadmap guides us to create daily operations.
do not differentiate people based awareness on D&I, review targets
on color, creed and gender. People within a set timeframe, ensuring 100%
from all ethnic groups and cultures accountability on SDG 5. We ensure Total Employees (by Gender)
receive an equal opportunity in Employee Sensitization is cultivated
recruitment, location, promotion, or during the induction program. We
464
any matter related to employment, also circulate mailers and newsletters 422
and this is based solely on individual for continuing the good vibes
performance. We also promote a across the organization. This year,
strong culture of gender diversity our gender diversity ratio stood at
through policy design and project 15.79%. Gender diversity among the
implementation. We have implemented Board of Directors was 16.67% (one
policies to attract and retain talent and female director among 6 directors). 85 87
to ensure a supportive environment Among the Senior Management
in the workplace. Supporting women Personnel, gender diversity was
to become agents of change and to 18.18% (2 female members out of
2020-21 2021-22
challenge cultural and social norms in 11). As compared to the earlier year’s
their environment is our key ethos. ratio, this ratio indicates we could Male Female
Promoting a Productive and Dynamic Workplace
Value Creation Story: Diversity & Inclusion as a Key Growth Driver
Strategic Objective Alignment with SDGs

structures and policies into place
To ensure Diversity & Inclusion in for an inclusive work environment
the workforce and for exploring the full potential
Target Area of employees
Summary • Being a mix of different
Human capital development
backgrounds and functionalities,
Material Topic Addressed We believe in a diverse and inclusive
the Council focuses on various
work environment and to support this,
Employee well-being- actionables for improving D&I
we are taking the below initiatives:
nondiscrimination across the organization
• We are crafting our path towards
Key Risks Considered • With this initiative, we would be
“Inclusion as a Way of Life” for
creating a long-lasting impact and
In the absence of non-promotion building organizational resilience
living the spirit of D&I every day
of diversity and equality at and harnessing a wide range of
work, the organization can lose opportunities through our Inclusion
diverse workforce and a stable & Diversity Committee
work ecosystem, which supports • The Committee functions by meeting
economic development. up on a quarterly basis to align the
An Empowered workforce is a Our employees feel a sense of stock ownership and also a sabbatical
productive workforce. Our workforce belonging to the organization owing to for higher education. Our employee
is from a diverse background, and a transparent work culture and open data reflects a fairly stable scenario
they bring along with them a wide communication. Our compensation with respect to our headcount for
array of skill-sets and rich virtues. We structure is one of the best in the permanent employees. This year, our
are an equal opportunity employer industry. We also offer a wide range attrition rate stood at 29%.
and our selection of talent is based of benefits including life insurance,
completely on meritocracy. We healthcare, disability and invalidity
provide a dynamic and enriching coverage, pension, provident fund,
environment to our employees to bring
out their best performance.
Total Number of Employees Total Employees (by age group)
2,975 420 426

3,014
2,636
103
514 507 551 65
22 22
2019-20 2020-21 2021-22 2020-21 2021-22
Permanent and Third-party contractual employees Below 30 30-50 Above 50

Contractual workers
76
Human Capital
Senior Middle Management Junior Management

Management • An important link between the junior and
senior management
• Guides the junior cadre to achieve
strategic vision
• Support top management by
maintaining a defined and robust system
of functioning
The above infographic indicates that our major employee population is in the middle management (30-50 years age group).
The trend remains uniform with an average retention of 94.7%. A key advantage of having maximum employees in the
middle management bracket indicates a fairly stable people management process.
Human Rights
We abide by the UNGC’s human rights reporting cycle, 5 male employees and • Healthcare benefits are provided
principles and local regulations across 1 female employee availed parental for a definite sum assured for
all our functions and operational leaves. 100% of male employees their cadre, including the contract
boundaries to ensure a fair workplace. continued to work with us post the workers. A disability and inability
We prohibit the practice of child labor/ parental leave ending in FY 2022 and coverage of ` 30 lakh, ` 20
forced labor across our own operations one female employee’s leave extends lakh and ` 10 lakh is provided
and those of our value chain partners. into FY 2023, while 50% male and 60% to senior, middle and junior
We have a “zero tolerance” towards female employees who took parental management respectively
any sexual harassment and abide by leaves in FY 2021 continue to be a part • Parental leave of 26 weeks for
procedures of POSH in accordance of the organization, after 12 months of female employees and 2 weeks for
with The Sexual Harassment at joining back from the parental leave. male employees is offered
Workplace (Prevention, Prohibition and
• Retirement benefits is offered at the
Redressal) Act, 2013 for dealing with
age of 60, while benefits of stock
any such incidences. We have conducted 301 hours of ownership is applicable for the
training on the aspects of Human senior leadership
There were no POSH related
Rights Policies and Procedures, • To make the process of transition
complaints received during the
ensuring 94% employees were to retirement smoother, we
reporting cycle. There were also no
complaints received against violations
trained against the Human communicate with the employees
of any Human Rights issues. The Rights aspects. regularly, as part of our extended
strategies on POSH and Human superannuation process. During
Rights are overseen regularly by the this period, we not only offer
senior management including the consultation on health and financial
Board, MD & CEO. Based on the management through partnering
Employee entitlements:
performance, corrective actions are agencies, but also help them
• All employees (excluding contract engage with advisors based on their
taken, as required.
workers) are entitled to benefits expertise and interest
such as Life Insurance of ` 30
We aim to provide a work-life balance
lakh, ` 20 lakh and ` 10 lakh,
for our employees and hence
respectively, for the senior, middle
encourage the employees to avail
and junior management respectively
flexible working hours, remote working,
and parental leaves. During the
Policy Framework for Human Resource Management

A strong HR function requires a backbone of robust policy frameworks applicable for the employees’ benefits. We have a
well-defined HR policy framework which consists of:
Human Resource Policy Wellness Policy Working Hours Policy

This policy exclusively deals This policy contains the The policy covers aspects
with employee development, elements of training (learning of flexible working hours for
grievance redressal and & development), preventive effective work-life balance and
counseling of employees. healthcare and wellness efficient work execution.
activities, promoting
sound health.
Maternity, Paternity & Employee Relations Health & Safety Policy

Adoption Policy Policy The policy covers stringent
This policy covers benefits The policy covers aspects of ISO 45001: 2018
like 26 weeks of fully-paid key aspects on equal requirements to assure a
maternity leave and ten days opportunity and diversity 100% safe workplace.
of paternity leave. across the workforce.
Prevention of Sexual Work-Life Integration

Harassment Policy Policy
The policy deals with The policy covers
grievance redressal with the aspects of work
respect to sexual harassment, from home alternative,
in light of our “zero tolerance” concierge services,
approach towards prevention sabbaticals, and work-life
of sexual harassment at counseling facilities.
the workplace.
78
Human Capital
Value Creation Story: ETHICS Helpline
Strategic Objective and confidential Helpline, a part

24x7 Ethics Helpline for Mahindra of the Speak Up campaign, is our
Lifespaces Stakeholders endeavor to keep our workspaces
safe, transparent and friendly for
Target Area people to work
Ethics & Compliance • The Ethics Helpline is managed
Material Topic Addressed by Conversant, an external partner
Governance & Compliance known for its expertise in this area.
This platform will ensure that your
Key Risks Considered concerns and conversations remain
In the absence of a proper completely confidential. You can
grievance redressal mechanism, access the Helpline on a toll-free How to raise a complaint?
the management may not be able number 0008001004175 or log on • Make a call
to avoid, mitigate, or remediate to https://ethics.mahindra.com. You
negative impacts or enhance • Use the portal: Lodge a complaint
can also continue to reach out to
positive impacts. through the portal https://ethics.
your manager, or any member of
mahindra.com
management to raise your concerns
Alignment with SDGs • Provide detailed factual evidence
• We have launched the Ethics
for the complaint to be addressed
Helpline across the organization.
The Group has partnered with the • Anonymous complaints can be
global company Conversant to offer filed on the helpline. These will be
their globally admired, totally secure investigated only if they contain
Summary and confidential platform to report sufficient verifiable information
• As a part of our culture, issues related to Code of Conduct and data
we run our business on violations. Please report any
What happens to a complaint once
three key principles of unethical behavior or violations at:
it is raised?
Integrity, Transparency and • Toll-free number – 000 800 1004175
Professionalism. It is our • The relevant Committee views
• Web-portal: https://ethics.mahindra. the complaint and decides on the
shared responsibility not
com course of action depending on
only to practice these three
principles, but also help bring the evidence provided. Trained
Some features of the Ethics Helpline
to light any unethical practices investigators investigate the case
• Stakeholders: Employees, Suppliers, and provide detailed report to the
and prevent any breaches
Dealers, Distributors, Vendors, etc. relevant committee
• We have introduced a 24x7
• Languages: Currently in English. • The Committee decides the
Ethics Helpline available to all
Shortly in Hindi, Tamil, and Telugu course of action to be taken as per
our employees. This secure
• Availability: 24x7 the complaint handling framework
• The confidentiality and non-
retaliation against the complainant
are ensured by giving the accused
a fair hearing
Talent Acquisition &

Retention
Trainings for New Hires
The new hires undergo a Code of
Conduct training, during which they
183
Hired new talents
We adopt diverse mechanisms to
acquire and manage human talent are made aware of various policies
across our business operations. Our across functions:
talent acquisition is not limited to
campus hiring, but is complemented
• HR Systems and Policies
• Prevention of Sexual Harassment at
19.67%
of new hires are Females
by grooming the employees to rise
Work (POSH)
to the next level by acquiring the
• Environment, Health & Safety (EHS)
2.37 times
desired competencies via regular skill
enhancement initiatives at group and • Information Security
function level. We have a well-planned Management Systems
higher in FY 2021-22 vs FY 2020-21
induction mechanism for on-boarding
the new recruits. During induction,
the new hires are made aware of the
Group’s value systems to be inculcated
into all the work aspects.
Total New Employees Total New Employees Total Employee Turnover Total Employee Turnover
hired (By gender) hired (By age group) (By Gender) (By Age Group)
147 115 104 100
67 63
64
60
47
36 28 22 25 24
19
17 7
2 4 5
2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22

Male Female Below 30 30-50 Above Male Female Below 30 30-50 Above
50 50
The total hiring rate standing at 38%, between the top management and employee onboarding. With 183 new
the hiring ratio for the new hires with junior employees for a smooth associates joining Mahindra Lifespaces
respect to age also indicates a fairly organizational functioning. during the financial year, below are a
stable pattern for previous two years. few things we did to help new hires feel
A Unique Induction more valued, welcome, and at home.
• 62% of the new hires fell in 30-50 We understand that a meaningful
years age group and rewarding career is something Before day 1 of the candidates
• 35% of the employees hired were everyone strives for. We are fully aware accepting the offer to joining, the
below 30 years that having supportive managers is manager and HR teams stay in
a key to a good career. And hence, connect, helping the employees and
• 3% hiring occurred for age
we focus on a few unique things for the employer in getting to know each
group above 50 years for top
learning and growth for our new hires. other. Employee benefit documents
management positions
and forms are sent in advance, giving
Our unique induction initiatives employees the opportunity to review
The data also indicates that the
Welcoming our new colleagues: and complete them prior to their
overall organizational employees fall
start date.
into a middle management cadre. The best way to ease an employee’s
This represented the right balance transition into a new working
to manage the younger employees environment is through a successful
and form a bridge of experience
80
Human Capital
our employees, but also included our

Day 1 of onboarding: Talking about the Mahindra culture, the customer relationship managers and
organization’s ways of working and reviewing the key policies facilities managers. This was done with
the objective of developing a deeper
• Assigning a buddy wherever needed
understanding of service excellence,
• Functional onboarding plans within sales and projects conflict management, and customer
• Onboarding survey satisfaction. The pace at which we are
• 30-60-90 days reporting of what’s working well and what transforming ourselves digitally enables
needs improvement us to transform our standard operating
procedures on an online platform for a
• People Managers ensure that conversation on setting goals is
faster and consistent learning.
completed within 30 days of the joining of a new employee
In order to drive upskilling and
upgradation, we identified some
employees as “Champions of Change”
Acquiring and Developing • Severance pay, which can take into and the key drivers for delivering
Skills: Training and Education account employee age and years extensive learning programs across
of service functions. We encouraged these
We believe competency augmentation • Job placement services employees to take up self-development
is a continuous process. Skill and high-value learning programs.
• Assistance (such as training,
upgradation and knowledge
counseling) on transitioning to a
development are essential for
overcoming new challenges posed
non-working life 10,094 training hours
by the ever-changing business for permanent employees
In collaboration with the Human
scenario. Our performance appraisal reported in FY 2021-22 vs
Resource Department, the Business
system is instrumental in training
Heads analyze the training needs
8,647 hours in FY 2020-21
need identification, succession
of employees to formalize an annual
planning and career management.
training calendar. ‘My Real Learning’ 1.16-fold increase reported in
The leadership teams have developed
portal is utilized to deliver the
resilience and built a mechanism
scheduled learning and development
training Rate in FY 2021-22
to ensure employees working in vs FY 2020-21
programs, track attendance, share
multiple locations are motivated in
observations with the Business Heads,
a continuous learning environment,
and seek feedback from participants
keeping in tune with the organizational Gender-wise training data
on continual improvement.
values of building an agile and indicates increased training
dynamic workforce. hours for Male and Female
During FY 2021-22, we conducted
The learning and development

focused training workshops not only for employees
initiatives focus on skill enhancement
of employees via: Total Training hours Training hours
(by employee category) (by gender)
• Internal training courses
• Funding support for external training
or education 5,607.27 8,628
5,097 7,642.40
• Provision of sabbatical periods with 4,492
guaranteed return to employment
We support our employees by way of 2,413.93

transition assistance programs to sail
through retirement or a termination via: 1,465
625.98 505 1,004.78
• Pre-retirement planning for
intended retirees
2020-21 2021-22 2020-21 2021-22
• Retraining for those intending to
continue working
Junior Middle Senior Male Female
The skill upgradation for the employees uses a two-tier approach, where some of the skill enhancement initiatives are run
on a group basis, while others are at Mahindra Lifespaces level. The following learning and development initiatives were
conducted during FY 2021-22.
Learning & Description

Development
Programs
People Manager Launched in 2020 and benefiting nearly 100+

Program managers, we provide our managers with People
Manager 101 program, a learning journey spread
over 3 months giving our people a chance to
learn various aspects of managing self, teams
and business
SCALE In September 2021, SCALE was launched for

General Managers (GMs) and Senior General
Managers (Sr. GMs). About 24 of associates are
going through the first batch of this 8-month long
leadership development program, working to
enhance their strategic and leadership capabilities
Leadership This is a nine-month training program for leadership

Capability capability building
Building Program
HMM This is a self-learning platform for skill enhancement.

Spark Platform Currently, 67% of the employees are using this
platform for self-development.
We abide by human rights in all aspects of our business extending it to the value chain partners too. We ensured that 100%
of our new hires received training on the Human Rights aspects as a part of their induction program. Furthermore, we didn’t
receive any complaints related to child labor, forced labor, or sexual harassment. We have changed our annual performance
appraisal pattern to a quarterly mode from the earlier annual mode. This enables our employees to engage better into their
tasks and giving us an opportunity to have more productive ‘performance conversations’.
82
Human Capital
Value Creation Story: Harvard ManageMentor Spark (HMM Spark)
Strategic Objective Alignment with SDGs • The program is based on the

belief that for advancements in
To ensure professional and
career, it is essential to build skills
personal development
in the areas of self-development
Target Area and team management
Human capital development Summary • The HMM Spark allows employees
Material Topic Addressed We believe more skilled employees to learn the required skills at their
enhance the organization’s human own pace
Employee Well-Being,
capital and contribute to employee • The platform provides multiple
Training & Education
satisfaction, which correlates strongly learning formats including
Key Risks Considered with improved performance. Hence, 21,000+ assets updated on a
Absence of Programs for we have successfully collaborated daily basis with 60+ skills, 1,300+
upgrading employee skills will with the Harvard University for videos, 18,000+ HBR articles,
not allow an organization to plan skill development initiatives for 1,400+ Podcasts and 200+ HBR
skills acquisition that equips our employees. Case Studies
the employees in meeting their • The platform covers all the
strategic targets in a changing • In our constant endeavor to
aspects ranging from agility
work environment, negative empower employees to advance in
to time management and
impacts or enhance positive their careers, we have launched a
navigating uncertainty
impacts. highly engaging and personalized
learning experience via HMM Spark
Rewards & Recognition Mahindra Rise

Our organization’s goals serve as The annual event, the Mahindra Rise Awards, promotes and celebrates Rise,
the foundation for endeavoring which drives everything that the Group stands for. Every year at the Annual Rise
culture, stability and growth. We awards, employees of the Mahindra Group are recognized and rewarded who
institutionalize and adapt to the embody the “Rise” philosophy. This year too, the employees came together
organizational goals through our virtually to celebrate their achievements at the Mahindra Rise Awards 2021.
unique and ever-evolving Learning
& Development interventions. The Awards presented on below categories
individual employees and functional
teams are appropriately empowered
and rewarded according to their Employee National Skill
contributions to the organization’s Innovation Social Options Competition
goals. Our rewards mechanism (ESOPs)
establishes a linkage between KPI
and KRAs at the beginning of the
financial year, which then are used
for rewarding the employees on
their performance. Additionally, we
also have rewarded the efforts of Diversion
employees who contribute towards Sustainability Safety and Inclusion
the organization’s goals.
Mahindra Lifespaces bagged 5 Awards
Sustainability Performance Award 2021

Mahindra Group Most Impactful

Sustainability Champion
Dr. Sunita Purushottam*
Mahindra Group Most Impactful

Sustainability Project Award-
Zero Waste to Landfill
ESOPS Star Performer Location Award-

Non-Factory Locations (51-500 employees)
ESOPS Star Performer Location Award-

Non-Factory Locations (1-50 employees)
Location Winner *Individual Winner
MSPIRE 2. Alternative Thinking - Rise with – Mahindra Happinest Palghar 2

your ingenuity (Runner-up)
MSPIRE awards is an annual event
celebrating Rise behaviors across • Pursue new approaches • Driving Positive Change - Brand
Mahindra Lifespaces. Nominations • Celebrate diversity Campaign - The marketing
are sent from projects and business team of Mahindra Lifespaces
• Focus innovation on
functions on varied innovations were declared as runner-up on
customer needs
implemented within the respective the theme
• Invent your way to growth
areas, along with the realized impact • Chairman’s Rolling Trophy
across the three categories are - Customer Acquisition
3. Driving Positive Change – Rise by
embedded in our core values, as shaping destinies Mahindra Luminare
mentioned. The best projects across
• Step into your customer’s shoes • Chairman’s Rolling Trophy - Projects
three categories are awarded during
- Mahindra Happinest Kalyan
the awards ceremony. • Build quality to delight customers
(Winner)
• Forge strong relationships
1. Accepting No Limits - Rise by • Accepting No Limits – Sales,
• Work hard. Have fun. Marketing, IT - Mahindra Happinest
daring to disturb the universe
• Think big, think global Palghar (Runner-up)
In 2021-22, the following projects
• Challenge conventional thinking won awards with various theme- • Alternative Thinking - Usui Land -
based categories Canal Re-routing/Cross-Functional
• Agility with discipline
Team – ORIGINS Chennai
• Take well-reasoned risks • Mahindra Happinest Kalyan won (Winner)
• Seek breakthrough solutions the Chairman’s Rolling trophy award
• Driving Positive Change – Zero
• Alternative Thinking - Hybrid Waste to Landfill - Sustainability and
Construction Technology using Mahindra World City, Chennai
“Stay in Place Formwork System” (Winner)
84
Human Capital
Employee Engagement at Mahindra Lifespaces

Employee engagement is a workplace
approach resulting in the right
conditions for all members of an
employees a sense of teamwork via a
highly communicative environment. 4.23*
MCARES Score
organization to give their best each Other initiatives
46%
day, committed to the organization’s • Celebrating milestones, work
goals and values, motivated to anniversaries special occasions
contribute to organizational success,
• Ask Me Anything (AMA) - EPS
with an enhanced sense of their own
Conversation sessions are
81%
well-being.
conducted with the MD & CEO
(location and function wise)
Our employee engagement
mechanism helps in identifying the Participation rate
MCARES
stakeholder concerns. This gives
We conduct an annual employee * score out of 5
the Management an opportunity
for meaningful and productive engagement survey (EES) – MCARES
conversations around the stakeholder – at the Group level. As part of this,
concerns. As every year, this year we solicit feedback on our efforts
too, we celebrated Team Day across to build an inclusive, diverse, and
our locations, which inculcates in our decent workplace. It helps collective
intelligence for shaping a better future.
MCARES - Top 3 Statements FY 2022
4.58 4.53 4.43
Alignment: I feel Alignment: I feel that Empowerment: I

proud to say that I am contributing to am treated fairly
I work for this the overall vision of irrespective of my age,
company my company gender, religion, etc.
MCARES - Bottom 3 Statements FY 2022
3.94 4.05 4.07
Career: I see career Empowerment: Alignment: I believe

opportunities in I see people in that colleagues I
line with my career my organization interact with adhere to
aspirations. collaborate to make commitments made.
others succeed.
Employee Promoter Score – Pulse Survey

Besides conducting an employee engagement survey, we also undertake Employee Promoter Score on a scale of 1-10,
where the employees rate the employers. This rating is based on the employees’ overall experience in the organization.
Based on the scoring pattern, the employees are divided into three main categories. The employees who rate between 9-10
fall into the Promoter category, who would promote the organization by word of mouth. Those employees who rate between
7-8, fall into the Passive category, who is open to work with the competitors and his/her score is not considered for EPS
calculation. The employees who rate between 0-6, are Detractors, signifying dissatisfaction with the employment.
Communication MLDL Lifecast MLDL Lifepost Active Listening

Survey We have launched 10 This monthly newsletter Through Training &
We reach out to our Development
episodes of our podcast. contains all the keys
employees twice a year The initiative also allows and is an engaging and We ensure that our
for feedback on internal the employees to informative document managers learn the
communications. nominate their peers, for all associates. art of active listening
apart from telling their through our People
own stories by writing Manager 101 Program.
on MLIFECORPORATEHR.
Business as Usual Post Pandemic

The initiatives undertaken in this regard were as mentioned below:
1. Apollo Homecare Program

At the start of the financial year, we initiated the Apollo Homecare Program for any associate testing COVID-19 positive.
This is a comprehensive program of medical care and advisory services required to take care of COVID-19 patients for
the complete duration of home quarantine. We strengthened this support further with the launch of our Family Assistance
Policy, covering all COVID-19 support guidelines. From vaccination support (covering the cost for employees and their
spouses) to daily well-being, which meant a tie-up with personal counseling service, we wanted to ensure these benefits
and measures provided a feeling of safety and comfort to our associates and their families.
2. Physical Well-Being: Cult Challenge

This challenge was conducted in December 2021, with 30
associates participating and pushing themselves and each
other to build exercise into their routines and learning tips
and tricks of a healthy diet. Inspired by this:
• The Design team started a ‘Step Set Go’ challenge where

they competed amongst themselves on the number of
steps walked on a daily basis
• The Customer experience team took up ‘eating right’ very
seriously and is consumed curated diets
• The Business development team celebrated a month-
long of ‘10k steps every day’ challenge
• As we moved back to office and sites, we added various
healthy options at our tea/coffee stations – Green Tea with
Vitamin C, detox Kahwa Tea, Tulsi and Ginger options.
‘As life returned to normalcy, sports enthusiasts across
various teams came together. A cricket tournament
was organized at Kalyan, while our Worli-based team
members also started to practice cricket.
86
Human Capital
Making Sustainability Personal

Imbibing sustainability values among focuses on significant operational resource conservation initiatives,
the people is the most effective way aspects of business such as reduced becoming a source of inspiration for
for a business to drive sustainability paper consumption, increased others and cascading a sustainable
in thoughts and action. The powerful energy efficiency, reduced plastic culture across the organization. To
“Making Sustainability Personal” consumption and systematic waste make MSP a success, we drive the
(MSP) program, in line with the M&M segregation and management. program in an interactive manner, with
Group, was revamped in 2018. It employee involvement being the most
harnessed individual shifts in behavior We conduct various events and critical aspect of this initiative. We
of our people to internalize the campaigns to align our workforce with seek more ideas from our employees
sustainability principles in professional our key focus areas. We recognize on incorporating sustainability into
and personal lives. Our program employees who make informed our operations.
lifestyle changes by implementing
Our approach towards MSP
Communication Awareness Participation Partnership

A formal Generation Creating a interactive Interactive platform
communication Events / trainings for and dynamic for Innovative Ideas
platform for a creating awareness environment & rewarding the
holistic engagement for employees apart for employee best ideas
from inculcating
Sustainability a part of
Induction program
• Paperless Transactions • Team Day Celebrations • Make the Switch

• Increasing Energy Efficiency in • Theme-based Environment
Administrative operations Day Celebrations
• Reduction in Plastic consumption • Health & Wellness
Initiative Inputs Outcome SDG Impacted

Going towards 100% We are aiming to reduce our paper Our Absolute paper consumption increased
paperless operations consumption in our offices 10% year-on-year. by 0.57% during the reporting period.
To achieve the same, we have introduced We used 3.43 tons of paper during the year.
a software (DMS software) which requires Our emissions from use of paper increased
access for printing, as also we have created a from 32.29 tCO2e in 2020-21 to 32.47 tCO2e
system-based approval system for drawings in 2021-22.
and other relevant documents.
The digital transformation at Mahindra
Lifespaces aims to go completely paperless
for claims and billing systems.
Reduction in Plastic We have been discouraging the use of single All sites are single use plastic free
usage use plastic across operations over the past
few years. We are using steel spoons over
plastic ones, avoiding PET bottles, using flex
free banners, eco-friendly banners at our
offices.
We have also formalized ‘Single-use plastic
ban policy’ which is exclusively used as an
internal guidance document for apprising the
employees on avoidance of plastics.
Initiative Inputs Outcome SDG Impacted

Team Day This year, TEAM DAY was organized with The event led to the saving of:
Celebrations sustainable event guidelines. Local cuisine, • 314 litres of Diesel Consumption leading to
reusable cutlery, earthen pots for water, avoidance of 711 Kg of CO2e
outdoor team bonding and games, bus • By avoiding usage of Plastic, emissions
transportation, healthy snacks, and tree equal to 0.5 Kg of Co2e could be avoided
plantation were some of the highlights of
• By opting for Bus Travel, we could avoid
the day. This was done across locations
emissions equal to 2,166 Kg CO2e
eliminating the need for traveling to a central
location for team bonding.
World Water Week Water Week Celebrations were organized from The use of Aerators can easily save over
Celebrations 23-27th August, 2021 via expert interventions. 50% of water; water use is a mindset; and
The employees learnt about interesting and water and energy are correlated.
simple ways to conserve water during a The digital intervention helped in
conversation with passionate young CEO, understanding – a resource cannot be
‘Mr. Arun Subramanian’, who helped the managed if not measured; water savings
associates understand everything about lead to energy savings; and technology can
‘Aerators’ and its use in water savings and facilitate behavioral change
resilience.
Over 80 colleagues attended the conversation.
Water Resilience through Digital
Intervention: Serial Entrepreneur ‘Mr. Ganesh
Shankar’, CEO - Flux Gen Technologies,
explained how Mahindra Lifespaces can make
cities water-resilient through digital intervention.
Health & Wellness Skin Care and Wellness initiative was Ms. Prakash shared her thoughts and
Initiatives organized where the product alternatives experiences with respect to the need for
with respect to skin care and wellness were sustainable skin care products using the
discussed thereby driving home the agenda age-old Turmeric, and how it can lead
of sustainability. to wellness and sustainable livelihood
As part of the session, Geeta Prakash, CEO opportunities for the wider community.
and Founder, Parama Naturals, explained the
usefulness of Turmeric-powered natural daily
essentials for skincare.
Make the Switch
An initiative by Mahindra Lifespaces which helps everyone choose to switch to options that are kinder to the planet as well as pockets.
It aims to influence stakeholder behavior to adopt sustainable lifestyle, thereby positively impacting the planet. Provides an opportunity for
those conscious stakeholders who want to make the switch to a better life and planet
Energy Conservation Stakeholders were provided support on the The initiative was arranged for both our
varied options to look at when it comes to associates and customers to help bring about
energy conservation at home, followed by behavioral changes that could be adopted
a conversation with a guest speaker – at homes and workplaces to aid in energy
Mr. Kaushik Bose, Co-Founder & CEO, conservation and earn savings
Sustlabs to understand their product and its
use for energy conservation
Eco-Friendly Ganesh An initiative was conducted across the Employees and customers participated
Utsav organization for celebrating an Eco-Friendly wholeheartedly and shared their eco-friendly
Ganesh Utsav in September 2021, wherein preparation and celebration photos with the
employees were encouraged to participate organization.
and share the Ganesh pooja preparations with The regular way was done away with and
the organization with respect to eco-friendly a new eco-friendly way was adopted by
idols, decorations, puja samagri, prasad and employees to celebrate the festival spirit in a
immersion. The session and the competition sustainable manner.
was extended to our customers as well
The winners were recognized with the trees
being planted in their name.
Eco-friendly Diwali An initiative was conducted for our customers Customers participated wholeheartedly
in celebrating an Eco-Friendly Diwali, wherein and adopted the measures suggested in
customers were encouraged and provided celebrating the festival sustainably
varied ways to celebrate Diwali the eco-
friendly way
88
Human Capital
A glimpse of sustainability initiatives undertaken
Reviving Faith in Indian Culture to combat Climate Change - In Conversation

with Gaurav Shorey, Founder Member - Swaraj
‘Make the Switch - Power Conservation’ - In Coversation with Kaushik

Bose, CEO SustLabs
Health and Wellness Alternatives that are sustainable for people and planet -
In Conversation with Ms. Geeta Prakash, CEO - Parama Naturals
All About Aerators - In Conversation with Arun Subramanian, MD - EarthFokus
‘Make the Switch - Eco-friendly Ganesh Utsav’ celebration by our

associates across Group companies
Occupational Health & Safety Management

“Safety is Paramount” - Safety is organization’s occupational health and In India, the construction industry
always a part of organizational culture safety management. is known for its inconsistencies and
and has been demonstrated in high turnover of manpower. For a
different ways such as well-established We prioritize and focus on all the compelling and a progressive set of
Environment, Occupational Health stakeholders and never compromise employees which constitutes either
and Safety (EOHS) policy, safety on the safety of our employees and unskilled or semi-skilled manpower,
management system and evolving workers. Our leadership actively continuous perception and awareness
process to fulfill the standard engages and manifests a rigorous is one of the important factors related
requirements of ISO 45001:2018. approach to occupational health safety to not only the employees, but all the
We believe in continually raising the management. Mahindra Lifespaces stakeholders too for avoiding the risks
performance and sustaining the vision towards safety is leading to and accidents. Awareness with strong
culture. We do believe that setting advancing and upgrading all the rigorous programs has redefined us
self-benchmarks and putting every employees which help them to actively as an organization with a safe and
effort to strengthen the laid down participate in assuring safe and secure functional culture, in order to embrace
process and exceeding them is working conditions, including all those the concept of an “inclusive security
the most realistic way to improve working on our project sites. culture”.
the style and proficiency of an
“Everyone goes
home safe everyday” First time Right
Positive Inclusive
Rise for Safety I, at Mahindra, will and Empowering
Safety Culture Safety Culture
do all that is possible the people
to achieve this
Positive
Clarity Goals Train Process Empower Outcome Increased
Talented
Objectives and Procedure Employee to Trust &
People
and Vision Make Decisions More Autonomy
Return to Level 2
Negative Outcome
Furthermore, our transition to ISO 45001:2018 occupational health and safety management system is
complementary to our OHS risk management strategies.
Our structured OHS management Our experienced engineers, with As part of SMARRT, inter-project
enables us to identify and mitigate risk support from the staff, critically trainings are conducted to help
at a preliminary stage, while deploying assess all the projects to recognize the users gain expertise on risk
early warning systems to ensure a the operational risks, unsafe practices handling and management across
safe workplace. We have well-defined and concerns on work sites. All the projects. Additionally, we also
‘Hazard Identification Risk Assessment the recognized risks hazards are use monitoring tools such as Daily
(HIRA) and Control’ standard operating represented by SMARRT (Safe Method Work Management (DWM), to
procedure (SOP) for risk identification and Risk Reduction Technique) card, conduct periodic inspections, and the
and mitigation. These warning which have all the safety-related analyzed incidents are shared with the
systems help us in ensuring safety at information for all the possible Head Office.
the workplace. identified risks on job sites.
90
Human Capital
Safety Management as a part of to ensure focused inspection of legal reviews and updates. A yearly
Institutional DNA safety aspects at the sites and conclave is organized for a holistic
At the project level, we undertake the findings captured in the standard discussion around safety issues and
following measures for a continuously observation format, and status of their management
evolving safety culture: compliance is reviewed monthly in • The Central Safety Council,
safety meetings consisting of all the Functional
• Weekly meetings with contractors
to understand safety and well- Heads, meets once every two
Some of the notable initiatives added months for all the information
being issues
to the safety culture of organization sharing, updated law enforcement
• Weekly meetings with in FY 2022 include rope grab fall and regulations and regulatory
contractors to review their arresters, safety catch nets. Mandatory compliance, and for setting up new
performance and identification of usage of ‘rope grab fall arresters’ to targets for the future
improvement measures ensure fall protection for critical works
• In FY 2022, working conditions
• Weekly meetings of the safety staff in shafts, Rope Suspended Platforms
at 100% of our project locations
to assess existing scenarios and (RSPs), external works has also been
was audited by Mahindra Group
recognize unsafe practices added. Also, safety catch nets are
Central safety team. The resulting
• Our workers welfare programs provided for external works (window
observations from assessments led
like “Beat the Heat”, “Monsoon fixing, plumbing works, etc.), as a
to identification of corrective actions
preparedness and action plan” are measure for fall protections.
at sites and feasibility of taking up
customized for responding to the new initiatives
climate change implications At headquarter level, we undertake
the following measures to maintain
• Pandemic precautionary measures At Group level, the Group Central
a safe environment:
like preparation of guidelines and Safety Council meets on a quarterly
escalation matrix, daily monitoring, • The corporate safety team with the basis to discuss and share good
meetings, trainings with all the safety head of Mahindra Lifespaces practices, make estimates and
relevant stakeholders proved liaises with the Safety Managers of benchmarking, based on which the
effective in reducing the impact all projects to assess and discuss future targets are set.
across the locations. existing safety standards, promote
• Daily Work Management (DWM) is safety at new levels, new programs,
a new tool introduced in FY 2022 encourage global best practices,
Emergency Response Team

We have a structured Emergency We have embarked on a path to Training is the key to enhance the
Response Team (ERT) with a clear create a benchmark in the culture of awareness to have a responsive
vision, defined responsibilities, occupational health and safety, a path workforce and create an inclusive
identification and engagement which is on continuous upgradation safety culture. The reporting period
of necessary stakeholders in an since the past five years. We have saw an average of 1,658 hours of
emergency. Structured roles and grown into a safety-centric organization safety training to workers per month at
responsibilities have been defined, and by adapting risk identification and site level, with a total of 268,693 hours
fire-fighting equipment is upgraded at improving them in all manners. in training.
frequent intervals to cater to chemical/ In occupation health and safety,
gas fire situations. Procurement of everything in the system works with a We had two fatalities and reportable
appropriate PPEs is also done to be continuous awareness of ‘safety is a work-related injuries and ill-health,
ready for any emergency situations. way of life and our colleague’s actions while accumulating 83.4 million hours
The clarity on roles and responsibility in safety can be influenced by our own. of safe man hours till date. The work-
for each team member through It enables us to recognize and prevent related injuries have been calculated
mock drill training allows for effective accidents in the first stage by giving based on 1,000,000 hours worked.
coordination with stakeholders. This early warning systems and ensure a
has resulted in improved emergency safe working environment.
preparedness and effective response
time within the organization.
FY 2020-21 FY 2021-22 FY 2020-21 FY 2021-22 FY 2020-21 FY 2021-22 FY 2020-21 FY 2021-22

0 0.18 0 0 0 2 0 0
Safety Incident/Number Safety Incident/Number Safety Incident/Number Safety Incident/Number
Lost Time Injury Total recordable No. of fatalities High consequence work-
Frequency Rate (LTIFR) work-related injuries (safety incident) related injury or ill-health
(per one million-person (excluding fatalities)
hours worked)
Health and Safety

Assessment of health, safety, and working conditions of our value chain partners in FY 2021-22 resulted in number of
improvement and creative opportunities to implement unique initiatives across projects. Some of the corrective actions
along with initiatives are as mentioned below:
Combing operations – Daily Work Management Work Permit revision

Initiated across all projects (DWM) tool - Revised existing work
wherein our personnel or permit systems to improve
representative inspects the its effectiveness
respective project to initiate
the findings and corrective
action on the same
1 2 3
Project OHS Evaluation BOCW forms are introduced Monthly OHS Performance
parameters were revised to in confirmation with report is evaluated, and
improve the effectiveness of legal compliances actions are taken against
the outcome and impact improvement areas
4 5 6

The pandemic has renewed our focus improved talent attraction and retention “Make it happen”, “Care & Dare” and
on human assets. We understand and increased employee engagement “Stay True”. In the coming years, we
that businesses which upskill their for a higher efficiency. The Mahindra are targeting to further strengthen the
employees and build resilience for Group expects its employees to be safety management system and align
a steady performance even in the ethical, collaborative, agile and bold. ourselves to the needs & expectations
most uncertain situations emerge as We will continue to provide a safe of our valuable stakeholders. Every
market leaders. We aim to improve workplace with fair treatment and stakeholder’s involvement and
our workforce diversity and inclusion equal opportunity to our workforce, engagement is visible, and we will
which brings together to increase including our contract workers. This will continue to work together to sustain
the knowledge base, have better be as per our vision of “Crafting Life”, safe workplaces.
innovation and problem-solving skills, based on three defined behaviors of
92
Social and
Relationship
Capital
Making our
customers,
employees and
communities
smile
At Mahindra Lifespaces, we regard
Social and Relationship Capital as
the lever for preserving strong and
healthy relationships with all our
stakeholders. We ensure to enhance
the individual and collective well-
being of our stakeholders through
sustained relationships.
Material topics Pillars of sustainability policy Stakeholder group
• Local Communities • Sustainable Communities • Customers
• Customer Satisfaction • Sustainable Products and • Suppliers
• Customer Health & Safety Sustainable Sites • Partners/Thinktanks
• Employees
• Communities
Key Outcomes
925 39
Units handovers during the year Customer Satisfaction score
53.55% 95%
66% 100%
Customer complaints resolved within TAT Contractors trained on Code of Conduct
>50% 11,242
Suppliers received trainings on ESG aspects CSR Beneficiaries
67.5% 31.65%
` 133.26 Lakh 1,631.5 hours

Employee volunteering
Community investments
36.06% 9.21%
90 100%
School children and Family members reached Customers received post handover
through Green Army sessions on Green Army
No Change
All figures are for the reporting year. Mahindra Lakewoods, Chennai
Social and Relationship Capital
Roadmap 2020-25 progress on goals aligned with Supply Chain and Customer Well-being for residential and IC & IC
businesses as follows:
Sustainability Roadmap progress for Residential – Supply Chain and

Customer Well-Being
Achieved
Supply Chain Building and Initiate 1 Achieved Target 12.2: 1. Tile packaging in
Management maintaining a packaging Sustainable management clothing and cloth
Sustainable Supply recycling and use of natural taken back by the
chain initiative with Ensure resources vendor for reuse
tier 1 supplier sustainable Target 12.4: Responsible 2. CP Sanitary
20% reduction in consumption and management of packaging in
use phase (Scope production chemicals and waste cardboard and not
3) emissions from patterns plastic or husk,
Target 12.5: Substantially
2018 as base year and cardboard
reduce waste generation
packaging taken
Target 12.7: Promote
back by the vendor
sustainable public
for recycling and
procurement practices
reuse
Sustainability Achieved Target 9.1: Develop 1. >50% suppliers
Awareness sustainable, resilient, and trained
and Capacity inclusive infrastructures 2. 100% contractors
Building: Build resilient Target 9.4: Upgrade trained as part of
1. Supplier infrastructure, all industries and the sustainability
training: 50% promote inclusive infrastructures for maturity assessment
and sustainable sustainability and other capacity
2. Contractor
industrialization building workshops
training: 100% Target 9.A: Facilitate
and
3. Self- sustainable infrastructure 3. 33 suppliers
foster innovation
assessment development for self-assessment
of selected 10 developing countries completed in
suppliers & Target 9.5: Enhance FY 2022
contractors research and upgrade
Ensure inclusive
and equitable
quality Target 4.4: Increase the
education and number of people with
promote lifelong relevant skills for financial
learning success
opportunities Target 4.5: Eliminate
for all all discrimination in
education
60% of total Achieved Target 8.4: Improve 79% of our
procurement resource efficiency procurement is done
by cost (within in consumption and locally within 400 km
400 km) Promote production from manufacturing
sustained, Target 10.2: Promote plant
inclusive and universal social,
sustainable economic and political
economic inclusion
growth, full and
productive
employment and
decent work
for all

Achieved
Sustainability In Target 10.3: Ensure equal Sustainability
criteria Progress opportunities and end criteria is part
weightage: discrimination of the supplier
15% in pre- Reduce Target 12.2: Sustainable pre-qualification
qualification of inequality within management and use of process, but
suppliers and amongst natural resources weightage is less
countries than 15%

sustainable public
Ensure procurement practices
sustainable Target 13.3: Build
consumption and knowledge and capacity
production to meet climate change
patterns

mechanisms to raise
Take urgent capacity for planning and
action to combat management
climate
change and its
impacts
Customer Be recognized Customer Achieved Target 4.4: Increase the 1. CSS Improved
Well-Being among the most Satisfaction number of people with across all phases of
trusted brand Score aligned relevant skills for financial the project except a
for customers in to Customer Ensure inclusive success slight decline in post
the markets we satisfaction and equitable Target 4.5: Eliminate possession phase
operate metrics tracked quality all discrimination in 2. Changed the
by business education and education value proposition
promote lifelong template to
learning communicate the
opportunities overall savings on
for all Target 4.7: Education for maintenance for
sustainable development a customer due
and global citizenship to incorporation
of sustainability
features in the
homes
Target 6.3: Improve
water quality, wastewater
treatment, and safe reuse
Ensure Target 6.4: Increase
availability and water use efficiency
sustainable and ensure freshwater
management supplies
of water and
Target 6.A: Expand water
sanitation for all
and sanitation support to
access to modern energy
Target 7.2: Increase
Ensure access global percentage of
to affordable, renewable energy
reliable,
Target 7.A: Promote
sustainable
access, technology and
and modern
investments in clean
energy for all
energy
98

Achieved
Customer Target 11.3: Inclusive and
Well-Being sustainable urbanization
Target 11.6: Reduce the
Make cities environmental impacts
and human of cities
settlements
Target 11.7: Provide
inclusive, safe,
access to safe and
resilient and
inclusive green and
sustainable
public spaces
Target 12.2: Sustainable

management and use of
natural resources
Ensure Target 12.4: Responsible
sustainable management of
consumption and chemicals and waste
production
patterns
sustainable public
Customer Achieved Target 4.7: Education for 1. Customers are
outreach sustainable development communicated
through and global citizenship about the
newsletter/ Ensure inclusive sustainability
green events and equitable features through
and Green tour quality digital means
in each project education and such as videos,
promote lifelong digital brochures,
learning etc. moving away
opportunities from the manual
for all brochures resulting
in resource
conservation and
savings
2. Benefits of each
of the sustainability
features provided
in the homes is
communicated
through relevant
video messaging
On-time In Target 4.7: Education for
delivery for Progress sustainable development
100% of and global citizenship
projects Ensure inclusive
and equitable
quality
education and
promote lifelong
learning
opportunities
for all
Long Term Impacted Sustainable Development Goals

Target Status
Material Topic - Business Goal Target Outcomes
2021-22 2021-22
Goal Achieved
Community Create 1. 15% Increase In Progress Target 4.4: Increase the number Number of
Well-being sustainable in no. of of people with relevant skills for volunteers was less
and healthy Employees financial success owing to less CSR
communities volunteered than Ensure inclusive Target 4.5: Eliminate all fund
last year and equitable discrimination in education
2. 800 ESOPs quality education
Hours and promote
lifelong learning
opportunities for all
120 Schools/ In Progress Target 4.6: Universal literacy and 11 Schools were
workshops numeracy covered in FY 2022
covered Target 4.7: Education for owing to less CSR
(children, Achieve gender sustainable development and fund
citizens) equality and global citizenship
empower all women
and girls
10 Mahindra Achieved 11 Schools were
Green School covered in FY 2022
engagement owing to less CSR
fund
All completed Achieved Target 5.1: End discrimination Community

Mahindra against women and girls engagement
projects to have Target 5.5: Ensure full participation programs are part
community in leadership and decision-making of every project
engagement
Target 5.A: Equal rights to
programs
economic resources, property
ownership and financial services
Target 5.B: Promote empowerment
of women through technology
Impact In Progress Impact assessment
Assessment for of our projects is
all projects done internally, and
in the process of
going for third party
assessment
Y-O-Y progress Achieved Target 8.6: Promote youth MT CoE research
as per approved employment, education, and activities and
Business Model training outcomes are
for MT CoE (to be Promote sustained, updated regular
self sustained) inclusive and to the designated
sustainable committee and
economic growth, disseminated
full and productive periodically to all
employment and the stakeholders
decent work for all
Target 10.2: Promote universal
social, economic and political
inclusion
Target 10.3: Ensure equal
opportunities and end
discrimination
Target 13.3: Build knowledge and
capacity to meet climate change
Target 13.B: Promote mechanisms
to raise capacity for planning and
management
Target 16.3: Promote the rule of
law and ensure equal access to
justice
100
Sustainability Roadmap progress for IC & IC - Supply Chain and Customer Well-Being
Achieved
Supply Chain Building and Initiate 1 Achieved Target 12.2: 1. Tile packaging in
Management maintaining a packaging Sustainable clothing and cloth
Sustainable Supply recycling management and use taken back by the
chain initiative with Ensure sustainable of natural resources vendor for reuse
tier 1 supplier consumption and Target 12.4: 2. CP Sanitary
20% reduction in production patterns Responsible packaging in
use phase (Scope management of cardboard and not
3) emissions from chemicals and waste plastic or husk,
2018 as base year and cardboard
Target 12.5:
Substantially reduce packaging taken
waste generation back by the vendor
for recycling and
reuse
sustainable public
Sustainability Achieved Target 9.1: Develop 1. >50% suppliers
Awareness sustainable, resilient, trained
and Capacity and inclusive 2. 100% contractors
Building: Build resilient infrastructures trained as part of
1. Supplier infrastructure, Target 9.4: Upgrade the sustainability
training: 50% promote inclusive all industries and maturity assessment
and sustainable infrastructures for and other capacity
2. Contractor
industrialization sustainability building workshops
training: 100%
and foster
3. Self- Target 9.A: 3. 33 suppliers
innovation
assessment Facilitate sustainable self-assessment
of selected 10 infrastructure completed in
suppliers & development for FY 2022
contractors developing countries
Target 9.5: Enhance
the number of people
with relevant skills for
Ensure inclusive financial success
and equitable Target 4.5: Eliminate
quality all discrimination in
education and education
promote lifelong
learning
Target 4.7: Education
for sustainable
development and
global citizenship


Achieved
60% of total Achieved Target 8.4: Improve 79% of our
procurement by resource efficiency procurement is done
cost (within 400 in consumption and locally within 400 km
km) Promote sustained, production from manufacturing
inclusive and plant
sustainable
economic growth,
full and productive
employment and
decent work for all
Sustainability In Progress Target 10.2: Promote Sustainability criteria

criteria universal social, is part of the supplier
weightage: economic and political pre-qualification
15% in pre- Reduce inequality inclusion process, but
qualification of within and amongst Target 10.3: Ensure weightage is less than
suppliers countries equal opportunities and 15%
end discrimination
Target 12.2: Sustainable

management and use of
natural resources
Ensure sustainable Target 12.4: Responsible
consumption and management of
production patterns chemicals and waste
sustainable public
Target 13.3: Build

Take urgent action to Target 13.B: Promote
combat climate mechanisms to raise
change and its capacity for planning
impacts and management
Customer Be recognized Customer Achieved Target 4.4: Increase

Well-Being among the most Satisfaction the number of people
trusted brand for Score aligned with relevant skills for
customers in the to Customer Ensure inclusive and financial success
markets we operate satisfaction equitable quality Target 4.5: Eliminate
metrics tracked education and all discrimination in
by business promote lifelong education
learning
Ensure availability
and sustainable Target 6.3: Improve
management water quality, wastewater
of water and treatment, and safe reuse
sanitation for all Target 6.4: Increase
water use efficiency
and ensure freshwater
supplies
Target 6.A: Expand
water and sanitation
support to developing
countries
102

Achieved
access to modern
energy
Ensure access to Target 7.2: Increase
affordable, reliable, global percentage of
sustainable renewable energy
and modern energy
Target 7.A: Promote
for all
access, technology
and investments in
clean energy
Target 11.3: Inclusive
and sustainable
urbanization
Make cities and Target 11.6: Reduce
human settlements the environmental
inclusive, safe, impacts of cities
resilient and
Target 11.7: Provide
sustainable
access to safe and
inclusive green and
public spaces
Target 12.2:
Sustainable
management and use
Ensure sustainable of natural resources
consumption and Target 12.4:
production patterns Responsible
management of
chemicals and waste
Target 12.5:
Substantially reduce
waste generation
sustainable public
50% of Achieved Target 4.7: Education 1. Customers are
Customers for sustainable communicated
reached development and about the
through Ensure inclusive global citizenship sustainability
trainings/ and equitable features through
outreach quality digital means
education and such as videos,
promote lifelong digital brochures,
learning etc. moving away
opportunities for all from the manual
brochures resulting
in resource
conservation and
savings
2. Benefits of each
of the sustainability
features provided
is communicated
through relevant
video messaging
3. >50% Customers
were trained on
waste and energy
management


Achieved
Community Create sustainable 1. 20% Increase In Progress Target 4.4: Increase 1. >20% increase in
Well-Being and healthy in no. of the number of people employee volunteers
communities Employees with relevant skills for as compared to
volunteered than Ensure inclusive and financial success FY 2021
last year equitable quality Target 4.5: Eliminate 2. 1,631.5 ESOP hours
2. 1,000 ESOP education all discrimination in
Hours and promote education
lifelong learning
1. Conduct need In Progress Target 5.1: End 1. Need assessment

assessment discrimination against conducted for more
for more than women and girls than 80% initiatives
80% initiatives Achieve gender Target 5.5: Ensure implemented during
implemented equality and full participation in FY 2022
during the year empower all women leadership and decision- 2. Impact assessment
2. Conduct third and girls making conducted for 2
party impact Target 5.A: Equal rights projects per location
assessment to economic resources, at MWC Chennai &
for at least 2 property ownership and Jaipur
projects per Promote sustained, financial services
location inclusive and Target 5.B: Promote
sustainable empowerment of women
economic growth, through technology
full and productive
employment and
decent work for all
4,000 Achieved Target 8.6: Promote ~11,000 beneficiaries

beneficiaries s youth employment, supported through
supported education, and training education and
through Reduce inequality skill development
education within and amongst programs, and other
and skill countries social activities
development
programs
universal social,
economic and political
Take urgent action inclusion
to combat climate Target 10.3: Ensure
change equal opportunities and
and its impacts end discrimination
Target 13.3: Build

Promote peaceful
and inclusive Target 13.B: Promote
societies for mechanisms to raise
sustainable capacity for planning
development, and management
provide access to
justice for all and Target 16.3: Promote the
build effective, rule of law and ensure
accountable equal access to justice
and inclusive
institutions at all
levels
104
The robust demand witnessed in

recent years by the real estate sector The Mahindra 3 Promise (Customer Articulation)
in India establishes the premise for
leveraging attractive opportunities. M3 for Residential Segment: M3 for IC & IC Segment:
The value we create for our customers
• Thoughtful Design: Our • Enabling Ecosystem: We
and other stakeholders relies primarily
objective is to make our customers make doing business easy
on preserving and maintaining strong,
experience our homes crafted with by offering a responsive and
healthy and enduring relationships with
signature designs, technology and efficient ecosystem – crafted
every stakeholder. We aim to enhance
environment-friendly features. We with high-quality infrastructure
the well-being of our stakeholders by
continue to craft wholesome living and robust governance.
sustaining these relationships.
through our thoughtful designs.
• Thriving Communities: We
The economic impact created in • Trust & Transparency: Our aim to create a well-crafted,
our operating locations in terms relationships are built on courtesy, self-sustaining and inclusive
of employment and infrastructural dignity, a spirit of win-win and environment with co-located
development, liaisons our continued simplified processes. We are social and residential
engagement with our customers, crafting trust through clear and infrastructure, where work
suppliers and the communities we transparent communication. and living go hand-in-hand,
operate within. We seek to uphold enhancing quality of life.
our business purpose of making a • Thriving Communities: We aim
difference in people’s lives through to make our customers experience • Commitment to Sustainability:
thoughtful innovations and sustainable life crafted with a ready ecosystem We endeavor to create a safe
characteristics of our projects. of amenities and services that and sustainable environment
foster community living. We are which nurtures growth and
crafting a better world through enables one to fulfill the
communities that inspire. ESG commitments.

Customers Sustainability for customers With the integration of green building

Customers continue to be our utmost We work diligently during the designing and sustainability proponents, we
priority while designing our residential and construction phase of the project dispense various tangible and
and IC & IC projects. Our customer- with a key focus on enhancing the intangible benefits to the occupants.
centric approach is underpinned by sustainable characteristics. With this, As part of our efforts to demystify
understanding and timely responding we aim to deliver more tangible and sustainability, we continue to showcase
to our customers’ concerns. We intangible benefits to the customers some of these benefits at several
strive to enhance the satisfaction of and to the communities we operate touchpoints in our Show Flats and the
our customers in their homebuying within. Our USPs and features of Sales Gallery. Detailed information
journey by effectively catering to their designing products aimed towards about the pre-certification/certification
needs in terms of design and other combating climate change and severe labels by IGBC/GRIHA along with their
infrastructural facilities. global risks are well appreciated by benefits are communicated through
our customers. our website and through individual
We continue to build relationships project brochures to the customers.
with our customers on the back of By embedding sustainability principles This helps them understand the
transparency and trust. To meet their into project design and construction, quantitative and qualitative benefits
expectations and needs through we create a nature resembling of how they can craft their lives by
judicious allocation of resources ecosystem with less disruption in the owning the product. Some of these
and deliver uncompromised value, surrounding communities. Also, we key benefits include improved annual
we constantly accelerate our proactively handle pollution mitigation energy savings per unit of area owned
activities. Further, we respond to the measures during the construction due to passive design features,
ever-evolving climate proofing by phase. With the above, we fabricate efficient equipment, annual water and
incorporating climate considerations an environment fostering a sustainable cost savings due to low flow fixtures,
into our 100% green portfolio. and healthy lifestyle for the residents water treatment plant onsite, rainwater
around every project. harvesting, as well as savings and
value earned from waste management.
In our projects, we formalize

comprehensive waste management
guidelines for sustainable management
and disposal. This is achieved through
centralized vendor ecosystem and
customized technology platforms
screening real-time diversion rates.
We have also trained our industrial
customers to achieve Zero Waste
to Landfill.
Our marketing tools are in perfect

alignment with RERA Act, 2016 and the
Mahindra Group’s brand guidelines.
We ensure 100% compliance with
regulations and/or voluntary codes on
product and service information. We
also ensure there are no confirmed
incidents of non-compliance on
marketing communications during the
reporting period.
106
Crafting Life – A new brand With our 100% green portfolio, we engage with all our stakeholders all through
promise the year, including our customers, through varied sustainability-themed marketing
campaigns and outreach initiatives throughout the year. Most of these campaigns
Through our new brand promise of are aimed towards encouraging the stakeholder to bring about behavioral
“Crafting Life”, we pledge to develop changes in their lifestyle and craft a sustainable life. Benefits of these behavioral
well-designed spaces. We endeavor interventions are communicated to the customers through these campaigns.
to make our spaces the true enablers
of health and well-being by ensuring The most successful campaign of the reporting year was ‘Make the Switch
improvised experiences for individuals, – Ganesh Chaturthi’ contest, where we engaged our stakeholders through a
families and businesses. By providing competition and communicated traditional and eco-friendly ways to celebrate
uninterrupted services through our festivals. The campaign was well received by our stakeholders with 2.6 lakh
unique design proposition, we have (approx.) impressions and with ~7,000 people engaged. Our brand campaign on
emerged as a differentiated real ‘Crafting Life’ received a massive 37.8 million impressions with 11.7 million people
estate group with an inclusive climate engaged. We also revamped the website to highlight our sustainability journey
response design in the building more effectively and convey the benefits of green homes to our customers.
plan. With this, we make thriving and
supporting communities the first line in
World Environment Day
combatting climate change.
Crafting Life: Key Features
Our campaign on “‘Crafting

Life” aims at supporting the
communities with unique features World Water Celebrating
World Earth Day
and amenities and enable Week Sustainability
transparent and hassle-free Days
consumer experiences.
The campaign ensures an

environment which fosters care,
nurtures growth and accelerates
their well-being and success. The
built environment is sustainably Energy Efficiency Day
developed with low impact.
The campaign integrates the

Customer Value Proposition
long-term view of design and
development with high-quality
infrastructure. It showcases how Being a pioneer in the our customer value proposition
we create environment-friendly, development of green homes in to highlight the key sustainability
self-contained developments India, we involve our customers features/USPs of our products
replete with category-defining in our sustainability journey. and the offering’s ability to
features and amenities, ready The process of calculating and address climate change,
services for end-use and strategic demonstrating the customer pollution, water scarcity and a
alliances (with partners in benefits in qualitative and natural living. We communicate
healthcare and education, among quantitative terms through the the tangible benefits to our
others) for the ease of living Customer Value Proposition was customers in the form of reduced
and working. standardized in FY 2021-22 to maintenance and total cost
accommodate for integration of ownership. Our marketing
of all the sustainability features tools are aligned with RERA
and their benefits to customers Act, 2016 and Mahindra Group
at the unit level. We restructured brand guidelines.

Thoughtful
Design
We support and
strengthen the channels
for customers to ease
their process of buying
Customer Value a residential or business Three pillars of Trust &
Proposition space property which our brand Transparency
ultimately adds value and
joy to their life. We direct
our actions guided by the
four pillars of brand
Thriving
Communities
Quantitative Benefits for our Customers

Performance Benefits* Features and Monetary Benefits Alignment with Alignment
measures Brand Pillar with SDGs
74% 1. Use of Low flow fixtures Thoughtful Design

Reduction in 2. Onsite Sewage Treatment Plant for treating Trust & Transparency
Water dependency on wastewater and use in gardening and flushing
Stewardship external water source 3. Rainwater harvesting
4. Use of smart water meters
~` 1 crore saved annually on procuring external
water
33% 1. Passive Design Features Thoughtful Design

Annual Energy 2. Energy-Efficient appliances Trust & Transparency
Savings Thriving Communities
Energy 3. Use of Renewables
Efficiency
` 287 per sq. m. saved annually
Annual savings of ` 287 per sq. m.
90% 1. Organic waste composting on site Thoughtful Design

Waste Diversion away 2. Primary and Secondary Segregation facility Trust & Transparency
from Landfill Thriving Communities
Waste 3. Recycling of dry waste through authorized vendor
Management
100% partners
Organic waste
Treatment on site
84% 1. 10-point nature resolution by Mahindra Lifespaces Thoughtful Design

Flora saved onsite 2. Sustainable Construction practices to conserve Trust & Transparency
species Thriving Communities
Biodiversity
Conservation 3. Retain, Transplant, and 10x plantation as required
4. Protect the species onsite
29% 1. Use of low carbon materials Thoughtful Design

Carbon emission 2. Use of Renewables Trust & Transparency
reduction Thriving Communities
Carbon
Emissions
108
Qualitative Benefits for our Customers Digital Solutions for Customers

Innovative steps are continually
adopted by us to understand changing
consumer needs and implement
their expectations in product
designing. We employ best-in-class
Passive architecture for Improved health Green mobility digital technologies, audio-visual
enhanced daylighting and well-being infrastructures with communication forms and social
and ventilation design through better indoor e-charging facilities media in our operations to enhance
environmental quality for vehicles customer experience. As we faced the
COVID-19 challenges, we battled the
tough times through our digital solutions
and online platforms and used 3D
models to illustrate the facilities and
amenities to our customers. LifeSlices is
Universal design Best-in-class amenities Solar roof-tops reducing a customer research initiative providing
accommodating features for a global experience energy demand consumer insights.
for differently abled and and consumption • Zero-touch product launch and
senior citizens sales – 100% digital sales and
customer onboarding platform with
features like virtual walkthroughs and
site visits, e-KYC, online booking
*The quantitative benefits are derived for Mahindra Eden project
at Bengaluru
and payments
**The average savings enjoyed by our customers across 3 • Integrated sales and service –
Expansive green cover
of our projects in Bengaluru, Mumbai, and Pune are 16% on Enabling seamless customer
through tree conservation energy, 64% reduction in dependence on fresh water, 90%
interaction across functions like
and plantations around waste diversion from landfill, and 14% reduction in carbon
emissions pre-sales, sales, CRM, marketing,
the site
facilities management (FM)
and feedback
• ‘M-Life’ – A mobile app for
customers which helps them contact
dedicated teams for administrative
tasks during the pandemic
• ‘Customer Assist’ tool – A single
contact number to address any
queries covering the post booking
stage and until post handovers
helps us log and track all our
Half the global population already lives in cities, and by 2050 two-thirds customer queries
are expected to live in urban areas. As urbanization increases, citizens • ‘Back Office’ – Dedicated team
are confronted with various environment issues and therein lies the involved in critical administrative
opportunity of making a difference through sustainable developments. activities such as invoicing
Quantifying tangible and intangible benefits of our 100% green products and payments and document
is an important consumer-oriented lever that can transform purchase management, continued to support
decisions in this sector. With the launch of India’s first net zero energy our customers during the 2nd wave of
homes at Bengaluru, Mahindra Lifespaces continues to be a front-runner the pandemic
in sustainable development in India. We are committed to crafting a
• Online registrations of flats
future for our customers with sustainability at its core, reinforced by our
commitment to build net zero (energy, waste, water) homes by 2030. • Digital platforms for traditional
value-added services such as
– Viral Oza interior solutions, electrical fittings
Chief Marketing Officer and lighting

• HappiEdge, a mobile app for without the respective consent from understand their satisfaction level and
channel partners which serves as respective stakeholders. During capture their sentiments, is conducted
a repository for project marketing FY 2021-22, the organization did not across all our projects. Our CSS score
material and includes modules receive any substantiated complaints improved during the year across all the
for learning and development, concerning breach of customer privacy parameters and stages of ownership,
lead management and and loss of customer data. except post-possession. With 1,347
transaction processing respondents, the survey analysis
We understand our customer indicates significant improvement in
While we actively channelize digital behavior, and their interests and customer engagement with enhanced
solutions to enhance customer preferences, and measure our customer experiences. Being easily
experience, we also understand our key customer satisfaction levels and approachable during the first contact
agenda in protecting customer privacy. identify areas of improvement. To for enquiry and supplying of quality
Reasonable measures are undertaken illustrate, we understand the metrics flats during the handover has emerged
to prevent the loss of customer data. of engagement rates and retention as our benchmarks for customer
Our privacy policy guides the daily rates to measure our engagement engagement. We also conduct
practices for ensuring data security strategy’s effectiveness and accelerate periodic cross-functional engagements
and customer privacy. We ensure timely actions on adopting changing between various teams and the senior
there are no leakages of any individual customer needs. Our Customer management to review our customer
identifiable information to third-parties Satisfaction Survey (CSS), a tool to related strategies.
Supply Chain Management

At Mahindra Lifespaces, we build embodied energy of our products by Mahindra Lifespaces was the recipient
trusted relationships with our procuring 50% of the building materials of “Supplier Engagement Leader 2021”
stakeholders based on the key tenets (in cost terms) from the local suppliers rating by Carbon Disclosure Project
of sustainability – environmental within 400 kms radius of each project”. (CDP). This acknowledges our best
stewardship, social sustainability, In line with this, we encourage practices in engaging with the supply
and transparency. Our procurement local procurement of materials and chain partners as we transition towards
practices comply with all the laws, aim to realize the global agenda a low-carbon economy.
rules and regulations of the operating of decarbonization.
regions. Our aim is “To reduce the
Sustainability for Supply

Chain partners
Screening
We live up to our brand values and of suppliers/
work towards becoming the leading Capacity
contractors at pre-
players in sustainability. We also take building and
construction phase on
several steps in imparting sustainability engagement through
environment, health,
annual meets
characteristics to all our stakeholders safety along with
across the value chain – vendors, quality check
suppliers, contractors and consultants.
Providing
This agenda is guided through our Monitoring
information about
Green Supply Chain Management performance
processes, practices
Policy, which facilitates the creation periodically and
during onboarding
of a low-carbon economy with seek feedback
process
reduced environmental footprint. Our
sustainability mission with regards
to supply chain has been explained
through four key components.
110
1 Sustainability Assessment 3 Training and Development
During the onboarding process, we Our training programs for suppliers

screen every supplier on several Labor: This encompasses adherence and contractors discuss exposing the
sustainability parameters. This to prevention of social injustice stakeholders to various sustainability
includes their categorization into such as Child Labor, Discrimination, aspects and global best practices.
three levels – Minimum, Qualifying Forced Labor, Harassment, Harsh Our stakeholder meets every year
and Leadership Suppliers. Every or Inhumane Treatment, Health and provides a platform to interact with
supplier has to meet the criteria for all Safety Monitoring and Right to Privacy. our suppliers and other stakeholders.
the three tenets for becoming eligible Through these platforms, we
to engage in business activities familiarize the stakeholders on our
with Mahindra Lifespaces.. We also sustainability agenda, supply chain
have a self-assessment tool for sustainability and global best practices
suppliers and contractors to evaluate Business Ethics: This includes and in turn an opportunity for us to
their individual performance on adherence to high ethical standards deeply integrate sustainability into
environmental, social and governance like anti-bribery, conflict of the value chain thereby aiding the
factors. In FY 2021-22, over 50% interest, gifts and hospitality and decarbonization of the construction
of our suppliers demonstrated their information security. and building sector value chain. We
excellence in adherence to the Code continue to educate our partners
of Conduct (CoC) through the self- (contractors, suppliers, and vendors)
assessment tool. on sustainability through not just
training and capacity building, but also
regular engagement and monitoring.
2 Ethical Code
The Code of Conduct (CoC) for Capacity Building on Climate Responsive Design
suppliers and contractors on
Climate responsive design has a session on ways to integrate
environmental and social responsibility
emerged as the solution for demand Renewable energy in the design.
requires compliance with statutory
reduction through the development The sessions were rather unique as it
regulations. The Code outlines section
of innovative passive design features. comprehensively discussed aspects
wise requirements with respect to
It results in a reduced need for of climate responsive design from
Environment, Labor and Business
air-conditioning and artificial lights the perspectives of the architects,
Ethics. We conduct periodic audits for
during the day which helps to engineers, developers, and the end
assessing the compliance with section-
reduce the demand by ~ 30%. We users. The striking conversations
wise requirements, as detailed below.
have adopted 3-pronged approach really provoked one to go beyond the
including CRD for achieving Net Zero drawing board and think the bigger
target which is supported by Indo- picture to where the industry is headed
Swiss Building Energy Efficiency and what role everyone must play
Environmental: This includes Project (BEEP). With an aim of in its fruition. This helped everyone
our effective environment policy, bridging the skill gap on developing understand that better buildings
use of precautionary approach for energy-efficient buildings and lack were not only lighter on the pocket
environmental matters, and deploying of application of passive design over the lifetime of the building, but
environment-friendly technologies, principles, We conducted a 5-day they ensured health benefits through
monitoring the performance of workshop program for our value chain thermal and visual comfort realized
various key areas like Waste, Air partners including internal design, through climate responsive design.
Emissions, Energy Management and and projects teams and external The session was well-appreciated by
Water Consumption. architect partners, and consulting the participants and evident from their
firms. The workshop covered varied valuable feedback.
topics under CRD and ended with

Stakeholders Meet
India’s recent commitment to reaching practices, and in turn an opportunity innovation and ESG growth journey
Net Zero by 2070 at COP 26 and for us to deeply integrate sustainability of Mahindra Lifespaces. This was
deep ESG scrutiny by investors into the value chain thereby aiding the followed by sharing of ESG best
are some of the drivers for looking decarbonization of the construction practices by our guest speakers from
beyond organizational boundaries. and building sector value chain. Our Jan Sahas, Sattva, Saint Gobain,
Environment and Social challenges value chain partners – Suppliers/ UltraTech Cement, and Doctor Sand,
have come to the fore and it was Contractors have been part of our who emphasized the need and
time to look at further integration ESG journey since 2012. This was the benefits of doing Ethical, Social, and
of sustainability in our value chain. decadal stakeholders meet where Environmentally Responsible Business
Sustainability is integrated in our Mahindra Lifespaces recognized the that would help decarbonize the sector.
supply chain and governed by our efforts of its value chain partners. The Our guests from Rockwool, H&R
Green Supply Chain Management Johnson, GreenJams, and Greenlam
theme for this year was ‘Rising ESG
Policy that ensures minimal Laminates showcased their innovative
awareness – Crafting Transparency
environmental impact from the sustainable products, and how they
across the value chain’, which
products and services we source. were revolutionizing the sector and
emphasized the need for embracing
We continue to educate our partners helping in building a sustainable value
ESG and integrating sustainability
(contractors, suppliers, and vendors) chain. Presentations by our guest
on sustainability through not just within the business operations across
speakers encourage our value chain
training and capacity building, but also the value chain. We had 193 attendees
partners to innovate themselves and
regular engagement and monitoring. including 10 guest speakers and
integrate sustainability in their business
internal and external stakeholders. Our
operations. The meet was concluded
We organize our annual stakeholders value chain partners were informed
with a refresher session on Code of
meet which provides a platform to about the ESG journey of Mahindra Conduct for our suppliers/contractors
interact with our suppliers, contractors, Lifespaces and their contribution in which was a continuous improvement
and other stakeholders. These achieving the supplier engagement process for integrating sustainability
platforms provide an opportunity to our leadership ranking as part of CDP in their business operations and
stakeholders to familiarize themselves Supplier Engagement ratings and thereby helping maintain a sustainable
on our sustainability agenda, supply appreciated by our MD & CEO for relationship with Mahindra Lifespaces.
chain sustainability and global best their valuable contribution in the
Stakeholders Meet 2022 (Virtual event for our value chain partners) - ‘Rising ESG awareness – Crafting Transparency across the value chain’,
112
Sustainability Vendors Roadshow

We extended our efforts on deeper across the building and construction App), and DoctorSand participated
integration of sustainability in sector value chain which included in the roadshow and presented their
the value chain by organizing a new building materials, customer sustainability aligned products and
sustainability vendor roadshow. enablers, to waste management. their value proposition. Products
At the event, our MD&CEO, Chief Carbon Craft Design, Strawcture Eco, were evaluated in alignment with
of Design, and Chief Marketing JANS Bamboo, Sustlabs, Recykal, Mahindra Lifespaces sustainability
Officer speed dated 8 start-up firms Zecomy, Malba Project (MyMalba commitments and current challenges.
Construction Workers – Ensuring Social Security

We are cognizant of the social security entire process of registering workers,
and welfare aspects for our on-roll and helps them avail eligible social
employees and construction workers. security benefits. Through this, we
Therefore, we have collaborated are working towards providing all our
with Jan Sahas, an NGO under its construction workers with government
flagship program Migrants Resilience social security benefits like pension
Collaborative (MRC) on their “Mission and accidental insurance, child-care
BOCW’ project. This project creates and education benefits, food security,
awareness regarding the government a safety net against shocks, health and
social security schemes, facilitates the toolkit benefits.
‘Mission BOCW’ - Worker Registration commencement in FY 2023 at Mahindra Lifespaces

Solid Waste Management, a CSR initiative in Anjur Village by MWC Chennai
Community Well-Being
We are continually fostering the The CSR activities are guided by total CSR expenditure amounted
creation of a diverse and inclusive our CSR policy which delineates to ` 133.26 lakh, as per the
environment, where a deeper impact the governing mechanism for statutory requirements.
is embodied through activities executing them. These activities
undertaken for communities. are implemented by the collective This year, the Group (M&M) has
Throughout this journey, we functioning of Sector CSR council, redefined the CSR focus areas
consistently demonstrated our strong Sector CSR team and Business for all group companies. They are
commitment towards community ESOP champions. The Sector CSR in the areas of Women Economic
development by focusing on the council remains the overall reviewing Empowerment, Girl Education
key CSR areas of intervention authority which periodically inspects and Environment. At Mahindra
We also encourage employee the activities identified by the CSR Lifespaces, we have redefined
volunteering programs for community team and ESOP champions. We the focus areas to align with the
development. During FY 2021-22, also accommodate the feedback Group. We continue to invest in
1,601 hours in-person and 30.5 hours of communities for effective community need-based programs
of virtual community volunteering was implementation of our initiatives. in various areas under health and
recorded for all our entities. In FY 2021-22, the organization’s skill development.
114
Girl Education Women Empowerment and Skill Development

Nanhi Kali Hunnar
Our training programs are
At Mahindra Lifespaces, we are of the Empowering the domestic women in
centered around the below skills:
strong belief that early education to a rural and under-privileged areas with
girl child can empower positive change market-oriented skills and vocational Electronic
Tally and
in communities and strengthen them. training programs facilitates financial Goods
Accounting
Kickstarted in 1996, Nanhi Kali is a support. Hunnar is a high-impact CSR Repairing
flagship program with a key purpose program with an objective to provide
Basic
of providing all-round educational skill development and vocational Desk Top
Computer
support to under-privileged girls of training to the youth and women for Publication
Training
up to 15 years age. This program is creating job opportunities and building
carried out in association with the entrepreneurial competencies.
Fashion Beautician
K.C. Mahindra Education Trust and Designing Training
Naandi Foundation. With incredible Mahindra World City, Jaipur in
commitment from our stakeholders, association with Technology Business
Nanhi Kali has today transformed into Incubator-KIET, is jointly working Spoken
English Handicrafts
a national sponsorship program. It to develop a model of creating a
provides access to quality education knowledge-based enterprise for
and offers material support including these under-privileged children and
books, shoes, uniforms and stationery. women. This knowledge forum is During FY 2021-22, about 250 rural
In addition, it provides social support being developed through vocational youth were provided training and
to the girl child, which involves skill development programs and the skill development programs through
counseling of parents and the formation of self-help groups (SHGs). Hunnar. In addition, 202 women were
community. In the reporting year, 18 acquainted about the opportunities
Nanhi Kalis had to be replaced due to provided by SHG platforms.
families migrating to other locations.
2,423
rural youth and 1,746 women
successfully trained through Hunnar
20
SHGs formed for trade activities like
Handicraft, Beautician, Mehendi
Design and Stitching and Tailoring
‘Handicraft making’ skill development training near MWC Jaipur ‘Tally and Accounting’ training

Environment
Green Army preserve biodiversity. As a part of objective of sustainable development.

The Green Army program aims to “Mahindra Hariyali” program, we plant Installation of LED fixtures in rural
create one million caring citizens trees in the Government-approved homes, temples, panchayats and
who have embraced a sustainable forest, areas and villages around a few government schools C40 Climate
lifestyle. The program involves of our projects. Mahindra World City Positive Development initiative are a
educating children to carry out various Jaipur, Mahindra World City Chennai, few of these initiatives. In FY 2021-
activities to facilitate an environment- Mahindra Water Utilities Limited, and 22, LED fixtures were successfully
friendly lifestyle. Kickstarted in Mahindra Bloomdale Developers installed in 2,130 rural homes and
2014, the program has played an Limited are to name a few. During other locations. Under the Swachh
inevitable role in creating an army of FY 2021-22, we planted 20,745 trees Bharat initiative, cleanliness drives and
school-going children enlightened through the Hariyali program and awareness sessions were conducted
about the practices on healthy and successfully raised 11,809 saplings. in four government schools and
sustainable living. public areas in Mahindra World City,
Mahindra Water Utilities Limited Jaipur, creating a positive impact on
During the pandemic, when the undertook the project ‘Vanaththukul 500 individuals.
schools functioned virtually, we Tirupur’. This project is targeted at
implemented the “Green Army Family” plantation of trees and rare saplings in Solid Waste Management
through an online platform. This and around Tirupur in Tamil Nadu. As The initiative on Solid Waste
involved participation from children part of this, about 9,000+ rare saplings Management was kicked off at
and their families. In FY 2021-22, this have been planted and maintained. Chengalpet village near Mahindra
initiative was carried out in a school World City, Chennai. The communities
through two workshops involving Green Guardians were sensitized on sustainable waste
90 individuals. At Mahindra Lifespaces, we provide management practices with the aim of
our unflinching support to India achieving our ultimate objective of Zero
Hariyali as it transitions to a low-carbon Waste to Landfill. Household waste-
At Mahindra Lifespaces, we economy and develops sustainable bins were distributed to 940 families
understand and recognize the need communities. Several projects have and cloth bags were provided to 1,200
for development of a large green been implemented as part of this families to promote recycling, re-using
cover to offset carbon emissions and program, in order to realize our key and eliminating single-use plastic.
Waste bins distribution as part of Solid Waste Management in Chengalpet village near Mahindra World City, Chennai.
116
Other Areas of Work

Health
We have been instrumental in
extending healthcare support to
the communities we operate within.
Through this initiative, we enable
access of quality healthcare services
to the under-privileged sections of
the society.
Quality healthcare services

provided to the under-privileged
Supporting 100 deaf and mute

under-privileged children with
cochlear implants
Distributing dry ration kits to 728
people in Rajasthan to support
communities during the pandemic
Supplying vaccine carriers and
deep freezers to Primary Health
Centers to store vaccines and
avoid vaccine storage
Distributing reusable face masks,
face shields and hand sanitizers
to 350 frontline health workers,
rural communities and migrant
workers around Mahindra World
City, Jaipur
Constructing bio-toilets in
Construction of Bio-Toilets in Government school, near MWC Jaipur
Government schools and colleges
near Mahindra World City, Jaipur
Supporting needy cancer patients Value Creation – Future Priorities
in the vicinity of Mahindra World
City, Jaipur; donated Mahindra Customers, Contractors, Suppliers, and chain Approach to Decarbonizing the
SUPRO Ambulance to a Communities are our key stakeholders Building and Construction Sector in
government hospital in Rajasthan mapped to Customer well-being, India”, we will continue our approach
Supply chain, and Community well- on inclusion of sustainability doctrine
being focus areas. Our key imperative across our value chain and engage
is to strengthen, build enduring long- with our stakeholders.
term relationships. We aim to continue
delivering on projects and serving the As we continue our efforts towards
evolving needs of our customers and this, we are also leveraging the new
communities by offering differentiated traits of digitalization and technologies
and targeted products and services. to promote a low-carbon economy
and fulfilling our brand promise of
In alignment with our commitments “Crafting Life”.
and the business charter on “Value-

Mahindra Eden, Kanakapura
Manufactured
Capital
Developing vibrant
and sustainable urban
neighborhoods
With our 100% green portfolio
since 2014, we have set up
ambitious Net Zero and science-
based emission reduction targets.
Committed to the Group’s 2040
carbon neutrality goals, we
have decided to construct only
Net Zero buildings from 2030.
With our design-led approach
which strengthens our innovation
towards green buildings, we aim
to harness the maximum possible
value for the consumers through
our offerings.
• Land remediation • Sustainable products • Customers
• Sustainable construction/ • Suppliers
Green Buildings • Consultants
• Employees
Key Outcomes
` 815.9 Lakh ` 9.68 Lakh

Revenue Per sq.ft. Residential Development Revenue per acre of IC & IC developed
and maintained
160.23% 124.73%
` 280 Lakh 192.3 Lakh sq. ft.

Average price per acre at IC & IC Completed residential development
5.08% 6.54%
107.5 Lakh sq. ft. 110.6 acres

Ongoing Residential development Area leased at IC & IC
159.04% 99%
67.2 Lakh sq. ft.

Area of forthcoming Residential Projects
30.49%
All figures are for the reporting year. Mahindra Eden, Kanakapura
Manufactured Capital
Customer experience Business growth
Growth
Construction Product
Pillars
management standardization
(Residential)
First time right Sales
Green & future-ready

product portfolio
The world is at an inflection point in the At Mahindra Lifespaces, we were always cognizant of this, and hence, we worked
race against climate change, as also on establishing a 100% green portfolio since 2014. We also set ambitious Net
brought about in the third assessment Zero and science-based targets for ourselves. As a responsible developer, we
report of IPCC. The need of the hour, have decided to construct only Net Zero buildings from 2030, in addition to
in this post-pandemic world, is to alignment with Group’s commitment to 2040 carbon neutrality goals.
create a more sustainable world and
build back better. If India needs to As a company, we are not just building the four walls, we are also trying to
meet its Net Zero targets by 2070, harness the maximum possible value for the consumers through our offerings.
as stated in COP-26, the preparation
should begin now. We firmly believe We have systematically distributed our business segments into Residential
that India’s projected massive housing and the Integrated Cities and Industrial Clusters (IC & IC) segment.
urbanization and industrialization must
be sustainable and inclusive, while at • The Residential segment features the value and premium homes
the same time, it should also provide • The IC & IC segment offers ‘plug & play’ industrial infrastructure to over 189
value to the consumers. companies, representing over 15 countries. The products are marketed under
the below two formats:
Large integrated cities under the brand ‘Mahindra World City’
India’s Real Estate industry is Smaller industrial clusters under the brand ‘ORIGINS by Mahindra’
67% stress free; and recorded an
impressive turnaround, despite the
second wave of the pandemic.

Crafting Life Our performance Designing for the future

We understand that buying a new Mahindra Lifespaces has posted To design for the future, we remain
home is a life-changing experience. a strong recovery post-pandemic. strongly committed to continue building
With the onset of the pandemic, there During the year, we witnessed a strong on our 100% green portfolio. With
is an increasing focus on a healthy performance across both our business our commitment to develop Net Zero
built-in environment. To incorporate segments, with no balance inventory buildings from 2030, our 3-pronged
the principles of a healthy and a in our previous projects. We remain approach to develop Net Zero Energy
purposeful living, we created a new cognizant of our strengths, and have buildings involve:
brand promise of “Crafting Life”, which been focusing on select geographies
builds on several ways in which the to move ahead. We have several
built environment ensures improved ongoing and planned residential
outcomes for individuals, families projects in the Mumbai Metropolitan
and businesses. Region and Pune region. We also
Demand Reduction
furthered our IC & IC segment through
Redefining real-estate as a through Climate
developments in Mahindra World Ctity,
category through: Responsive Design
Chennai and Mahindra World Ctity,
Jaipur, as well as ORIGINS Chennai
• climate-responsive design
and ORIGINS Ahmedabad.
• thriving, supportive communities
• thoughtfully curated features Key Achievements of the year:
and amenities
ORIGINS Chennai ranked
• transparent and hassle-free amongst the first industrial areas Energy
consumer experiences to reopen after the pandemic- Efficiency
induced lockdown

and Jaipur, provided employment
to about 62,121 people, while
contributing to cumulative exports
to ` 1,671,965 lakh
Integration of
Renewable Energy
The IC & IC segment reported
a year-on-year in area leased
(110.60 acres) and total leased
premium generated
Demand Reduction through
(` 29,800 lakh)
Climate Responsive Design
The four projects collectively Climate Responsive Design involves
catered to 18 new customers, designing for “least possible air-
which is a compelling signature conditioning, and no artificial lights
of Mahindra Lifespaces agility in during the day”. This is accomplished
the wake of the pandemic and by minimizing solar radiation ingress
associated disruptions through windows in summer through
appropriate building orientation, shading,
and sizing, minimize heat gains through
walls and roof through proper insulation
& reflective materials, maximizing
the building’s potential to cool via
natural ventilation through provision
of appropriate window openings, and
ventilation, and designing for adequate
daylight through proper orientation,
and use of proper wall, roof, and
window material.
122
Energy Efficiency Integration of Renewable Energy Considering cooling and lighting

The remaining energy requirement The final reduced energy requirement requirements account for nearly 60% of
post the demand reduction through post demand reduction and use of electricity consumption in a residential
climate responsive design is further efficient equipments, is met through setup, the benefits of demand
reduced through use of energy- use of energy generated using reduction through CRD presents great
efficient equipments such as star renewable energy sources such as value to the consumer, present unique
rated appliances – Air Conditioner, solar, wind, and others either onsite or proposition in improved quality of living
Refrigerators, Washing Machines, and supplied from grid. as well as reduced cost of ownership.
others, LED lights, Energy-efficient
fans, and other efficient equipments.
Climate Responsive Design Feature

Project Initiatives Proposed Impact
Mahindra Eden, 1. Application of roof insulation 1. 65-95% reduction in discomfort
Bengaluru 2. Application of high SRI paint on all walls and 2. 15% energy savings
roof or internal insulation on exposed east 3. ` 4.40 million: Annual savings on
and west wall electricity
Mahindra Happinest 1. Application of Roof Insulation and/or High 1. Up to 70% reduction in discomfort
Kalyan 2, Mumbai SRI paint 2. Up to 20% energy savings
2. Use of High SRI paint on external wall 3. ~ ` 4.9 million: Annual savings on
3. Use of Movable shading / Low SHGC glass electricity
Upcoming Project 1. Optimized wall to window ratio (WWR) 1. 7% reduction in energy demand
Pune 2. Interior paints with Low Volatile Organic 2. 75% common area demand offset
Compounds (VOC) by on-site Solar PV
3. Roof coated with High Solar Reflective Index (SRI)
Paint
Climate, Sun Path & Solar

Shading Analysis Site level CFD Analysis
Radiation Analysis
RETV / Building
Envelope
Heat Gain
Analysis
Cost
Comfort and Energy Analysis Daylight Analysis Analysis
Example of several analysis performed to ascertain the impact of the CRD interventions planned for a project

Making of India’s First

Net Zero Energy Mahindra Eden – India’s First Net Zero Energy
Residential Home Residential Homes
At present, 40 crore or 33% of the At Mahindra Lifespaces, we have been taking several initiatives for
Indians live in urban areas. In line with sustainable growth and have successfully demonstrated its acceptance
the projected increase in urbanization, and high demand amongst our consumers. We recognize our
by 2050, this number is projected to responsibility as developers, and hence, we moved a step forward
increase by 81 crore, adding stress by launching India’s first net zero energy homes, Mahindra Eden, in
on infrastructure and resources if not Bengaluru which enable us to give back to nature what we take from it.
planned accordingly. Buildings and These homes will be powered by 100% renewable energy (solar and
construction sector accounts for 36% wind), and will be designed to positively impact the local flora and fauna
of the total energy consumption and through several nature-friendly measures, and in the process, positively
about 40% of the carbon emissions, contribute to
on the back of a sustained increase of
1-2.5% per year since 2015. If these
trends continue, it will render the
entire area prone to severe stress and Mahindra Eden provides a support system where nature thrives alongside
drastic changes in micro-climate. For humans. We utilized our resources in conceptualizing and bringing to
instance, the city of Bengaluru, which life India’s first Net Zero energy homes at Mahindra Eden in Bengaluru.
has seen a population growth of over We managed to achieve this by focusing on reduced energy demand,
1000% since 1973, has witnessed capitalizing on our learnings on implementation of CRD projects.
an average temperature increase of
2 to 2.5°C over the last decade and
deteriorating air quality. The water
bodies in the city have declined by Sustainable initiatives at Nature Positive development
79%. It has also experienced frequent Mahindra Eden: • We integrated the native plant
flooding since 2000. Hence, there
• Passive Design interventions (Wall palette to create a botanical
is an urgent need to act sustainably
and Roof insulation, Window to Wall landscape with bird baths, bird
and urgently. We have taken sincere
ratio) feeders, nature corridors, herb
efforts to introduce Net Zero energy,
garden, floral garden and a
Net Zero waste and Net Zero water • Usage of solar heat reflective paint
butterfly park
principle in our Net Zero buildings.
• Solar panels and Wind turbines on
In partnership with the Indo-Swiss • Our strategy for nature positivity
the rooftops
Building Energy Efficiency Project involves retention of trees wherever
(BEEP), we initiated the development • Green power from grid possible, and also transplantation
of climate-responsive design strategy and planting 10x trees for every
• Low flow fixtures in the apartments
for the residential portfolio. This has tree removed
helped ensure all our projects to be • Rainwater harvesting
• Green corridors are built between
energy-efficient, resulting in savings • Sewage Treatment Plant towers, highlighting the area’s
for our customers, and mitigating our
natural biodiversity, while
impact on climate change. Waste Recycling at Mahindra giving it additional support to
Eden continue thriving
• Recycling 100% of
• Biodiversity conservation during
e-waste collected
construction by cordoning
• Sending zero waste to landfills the natural pond to minimize
disturbance, protected nutrient-rich
• Treating and re-using 100% of
topsoil, transplanted trees by root
collected waste water
balling to areas of the project which
will not be disturbed
• Implementing measures for air,
noise and light pollution control
Note: Above are features specific to
Mahindra Eden
124
Serving customers’ post- Product green rating

pandemic needs As a realty developer, our reliance on guidelines for green building rating systems
Taking the brand promise of “Crafting IGBC (Indian Green Building Council) has led our projects to ensure resource
Life” forward, the needs of customers efficiency and indoor environmental quality. This collectively helped us widen
in a post-pandemic world is well our environmentally responsible built portfolio. In India, increased environmental
understood. This can be seen through: awareness among customers, increasing regulatory mandates and incentives
highlighted the need to align to green building certifications, such as IGBC
• An increased demand for health
and GRIHA.
and wellness aspects from the built
environment and how we reacted
to it During the reporting period, the following projects received pre-certification
ratings for the applicable green building certifications:
• Natural lighting, ventilation,
improved air quality, reduced noise • Mahindra Alcove (IGBC Green Homes - Gold)
levels, and use of materials with • Mahindra Eden (IGBC Green Homes - Platinum and IGBC Net Zero -
minimal impact on occupants are Net Zero Energy)
the key customer demand
• Mahindra Happinest Kalyan 2 (IGBC Green Affordable Housing - Platinum)
• We meticulously design and
• Mahindra Happinest Palghar 2 (IGBC Green Affordable Housing - Gold)
analyze these features for better
reciprocity in real-life conditions.
These include thoughtful
fenestration design, climate,
solar radiation, shading, site
level CFD, daylight, thermal and
energy analyzes
The health and safety impacts of all

our products are regularly assessed
and adequately managed through our
thoughtful design. We have standard
SoPs to ensure products are in a With the launch of India’s first Net Zero
habitable state before handing over residential project at Bengaluru, we
the units to our customers. Post- have achieved a new milestone in our
handover, we also ensure that the sustainability journey. The project is
regulatory requirements associated literally a dream come true given its
with fire safety and environment are aspects of nature and positivity in an
communicated to the Resident Welfare urban neighborhood and environment.
Associations. During the reporting With this, we embark on a journey of
year, there were zero reported committing ourselves to resilient designs
incidents related to customer health with the ultimate objective of creating
and safety, leading to fines or warnings sustainable habitats.
from the regulatory bodies.
- Jitesh Donga
Chief of Design

Delivering Quality
We recognize that each product our projects and delivery of quality product quality, defect-free delivery
purchase is a significant investment products, Mahindra Lifespaces had and customer satisfaction. In 2013, we
for our customers. As such, we make adopted the principles of Total Quality achieved certification for Integrated
it a priority to deliver high quality Management (TQM) – as part of the Management System (IMS) and
products with appropriate standards of Mahindra Group’s integrated approach upgraded to ISO 9001:2015 quality
workmanship. Delivering high quality “The Mahindra Way” (TMW) to management system in 2016-17.
products and services is critical for promote operational excellence. Both Additionally, Standard Operating
enhanced customer satisfaction, our residential and IC & IC businesses Procedures have been defined for all
service functions and construction
brand reputation, sales, and building are covered in the TMW assessment.
activities. Quality metrices have
sustainable and scalable operations. At Mahindra Lifespaces, we have a
also been integrated in all internal
Mahindra Lifespaces is steadfast in its robust quality management system
functions and monitored periodically.
commitment to improve quality of the in place to achieve exacting quality
At project sites, we have dedicated
products and deliver them first time standards and meet the expectations Quality Managers, who oversee the
right. Reducing rework reduces our of our customers. This commitment daily operations to address any quality
operational costs and environmental is reflected in our comprehensive concerns. We migrated from OHSAS
footprint, while delivering higher Quality Policy and management 18001 to ISO 45001 standard for
EBITDA margins. In keeping with our system based on Plan-Do-Check- Health, Safety & Environment in
commitment to timely execution of Act (PDCA) approach that ensures 2018-19.
ISO 45001:2018 Occupational Health ISO 14001:2015 Environmental

ISO 9001:2015 Quality Management
and Safety Upgrade from OHSAS 18001 Management System Upgraded
System Upgraded in 2016-17
in 2018-19 in 2016-17
126
Quality Control at Mahindra Lifespaces

Quality control is a dynamic process, which evolves over time to integrate rising consumer expectations. We take
customers’ feedback seriously and have in place well-established procedures for monitoring feedback. We conduct
customer satisfaction surveys at four stages: purchase, waiting, possession, and post-possession phase to assess their
experience and solicit feedback for improvement. We regularly interact with our customers to seek feedback and identify
areas of improvement.
Awareness / Training Plan Technical SOPs (59)
Activity Checklists (68)

Revision of SOPs
A P
Inspection & Test Plans (36)
Bi-annual SOP review
Assessment Technical Specifications (13)
Analysis of CSS & Quality Planning
Standardization (QA) Standardization Handbook
Analysis of Anomalies Standard Project Quality Plan
Internal Audits & External Audit Pre-qualification &

Periodic Evaluation
Monitoring Implementation
Site Visits & Quality Walks & Control (QC) Material Inspection
Monthly Quality MIS

C D In-process Snagging
Management Review Int. Final Prod. Inspection
QMS Scorecard Construction Stage Pass
P - Plan; D - Do; C - Check; A - Act
Initiatives to Improve Quality of Products

Quality Control Audits RCC Beam/Patli of 200mm MS Water Stopper at
In order to enhance quality at the height at kitchen platform level Construction Joint
construction sites, we undertake We substituted autoclaved aerated We have replaced water swellable
internal quality audits. Dynamic Audit concrete (AAC) blocks used for bar with MS plate of 250mm wide and
is being conducted across all projects construction at kitchen wall with RCC 1.5mm thick at construction joints of
on Quarterly basis. Patli of 200mm height. The substitution, Raft and Retaining wall.
in addition to providing stability and
Enhancing Quality Culture durability, have replaced chemical Use of Smart Sensors in Raft &
In order to inculcate a quality culture fasteners with normal fasteners. Footing
within the organization, we have Smart sensor is being used for Mass
undertaken initiatives such as World Functional Capability Building: concreting in Raft and footing to track
Quality Month celebration and Trainings real-time temperature & strength of
Kaizen drives. 10 Activity base training module has concrete through App based.
been prepared and implemented on
Use of Curing compound site for all newly joined our staff within Standardization of Waterproofing
We have replaced traditional method 3 months of timeframe. System across projects
of Water curing with use of compound Waterproofing systems of sub
thus saving in water consumption. structure & super structure has been
standardized across all project sites
with Dr. Fixit products.

Trends we see
Homes doubling as workspaces
We always listen to our consumers and
market trends and understand the changing
requirements of users of the built environment.
With organizations rapidly moving back to Post COVID-19, the home has taken on a new
a “business-as-usual” scenario, we have dimension – doubling as a workplace. The
been taking every bit of care to maintain need for well-planned interior and thoughtfully
a sustainable and safety culture at our designed exterior spaces are no longer excluded
project sites. Being a responsible player, from preferences of practical homebuyers. Our
we battled through the challenging times recent project ‘Happinest Tathawade’ features
exceptionally well and delivered our working pods to enable work-from-home, with the
projects on time, without compromising added convenience of social distancing and a
on quality and well-being of manpower. utilitarian appeal.
Keeping up our brand promise, we
continue to demonstrate a strong
resilience in project management through
sustainable use of resources as well as
our best-in-class technology.
– Sudharshan KR
Chief Project Officer
Mahindra Luminare, Gurugram
128
Enhanced digitalization Value Creation – and foreign companies, as has

We realize that an agile organization Future Priorities registered a strong performance
such as ours will need to adopt during the year. Apart from the already
Our firm resolve remains to stand out
digitalization to reinforce our core implemented sustainability initiatives
and craft products which facilitate
activities and expedite our product in the IC & IC segment, several
increased value creation for all the
delivery. To provide structural projects are in the pipeline which
stakeholders, while preserving the
reliability of concrete infrastructure include planning for water resiliency,
realized value over a long term.
at project sites, we adopted a real- solid waste management, marble
Following a strong performance, we
time online monitoring platform that slurry management, on-site solar
remain steadfast in approaching our
allowed sensor-based monitoring of energy augmentation and switching to
goal to triple our residential sales
concrete and laser-based leveling biogas generators.
by 2025. We also plan to step forth
instrumentation – all of which were in the redevelopment business and
extremely useful in ensuring quality We plan to activate and monetize our
focus on addressing reliability issues existing land parcels, and actively
construction. Through partnerships, in this space by leveraging our
collaborations, and R&D activities, we pursue new acquisitions in Mumbai,
expertise, experience and business Pune and other urban locations. As our
incorporated several technological reputation. Our key focus for the next
improvements in our business responsibility to further climate action,
few years remains will continue to we will continue with the existing
and overall product quality. These be on affordable-to-mid-premium
have been further discussed in partnerships and focus on Net Zero
residential projects and developing buildings to reduce the impact on the
the ‘Intellectual Capital’ section of plug-and-play infrastructure in the IC
the Report. planet and continue adding to our
& IC business. The IC & IC segment 100% green portfolio.
already has a healthy mix of Indian
Clubhouse @Mahindra Luminare, Gurugram

Intellectual
Capital
Setting New
Benchmarks
through Technology
Branding &
Marketing
We are firm believers of the thought

that technology will not just drive cost
and scale, it can also drive quality
control, safety and other related
aspects in the real estate sector. In
order to develop a resilient and an
innovative organization, we have
adopted large-scale technological
changes and have invested in
strengthening our digital capabilities in
various areas of the business.
• Energy • Sustainable Communities • Regulatory agencies
• Emissions • Sustainable Products • Customers
• Water • Sustainable Sites • Employees
• Effluents & Waste • Sustainable Offices • Community
Management
Key Outcomes
7
Studies published
133%
150
walling and roofing materials tested for
thermo-physical properties
25%
Enable informed decision-making for

selection of energy-efficient material
assemblies
Bridging the knowledge gap for

market-ready, scalable, and viable
technologies and materials
All figures are for the reporting year. Mahindra Roots, Kandivali
Advancing digitalization Institutionalizing technology in clearance for next stage gate -

and innovation for several processes: Unit level activity-wise checklists
are used to provide clearance
operational excellence • We institutionalized the use of
to succeeding activities in the
technology via adopting - nPulse,
We have invested in strengthening as well as DMS. We also introduced stage, as per the approved master
our digital capabilities in various tech-enabled checks and balances construction sequence
areas of our business. Digitalization for key activities at the sites • Stage Pass checklists are deployed
has been extended in the zero-touch by Quality Team to ensure all
• Our Technology Manual details
sales model, which enabled the entire activities are completed as per the
out Preparatory Works, Safety
sales experience to be conducted process. Targets for units clearing
Precautions, right tools, step-
online – from prospecting to closure, the stage gate are broken down
wise methodology aided with
registration of apartments. In addition, month-wise and week-wise and
pictographic views, Pre and Post
it is also present in a host of other tracked periodically
Checklists, Do’s & Don’ts and Tests
business aspects including customer
for all construction activities. This • Tracking unit readiness at granular
relations, project construction
currently covers 24 key activities level and giving projected
cycle and platforms to handle our
executed at our sites completion through number of
procurement services.
• We have placed checks and units ready for handover helped
balances in the way of a ‘Stage streamline the FM Inspection and
Pass’ tracking system. A unit’s Handover Process and align the
lifecyle is mapped and broken units for handover
down into four checkpoints to give
Project management platform - nPulse

nPulse is the single-most project management platform to digitize operations value chain and achieve reliable
schedule, cost and scope control through real-time monitoring. nPulse system is currently live across 10 projects.
Below are the modules currently live across projects:

• Issues & Meetings module and cost performance via KPI under Quality and Incidence
which is integrated to Project dashboards – Earned Value, Management, Inspection &
Schedule activities, helps track Project Delay Analysis, S Curve Observations Management,
and close critical issues Performance. Site Engineers and Permits & Checklist
give progress updates via under Safety
• Projects & Bill of quantities
mobile application with real-time
(BOQ) module integrates • Dashboards & Reports
performance of the project
and tracks Project Master includes EV performance,
Schedule with Bill of quantities • Safety & Quality module Cost & Progress S Curves,
level Project Cost (SAP system includes Quality Checklists, Delay Analysis, Billing
integrated) allocation and gives Request for Work Inspection Enablement (BE), and Quality &
us a 360-degree view on time (RFWI), Non Conformance (NC) Safety Dashboards

Data Management System (DMS) with key stakeholders to decide on WhatsApp, SMS, and automated
DMS is a cloud-based automated workflow framework and document calls, while maintaining a complete
workflow driven solution for data architecture. Business Requirements interaction history. With optimization
management. This has been Document (BRD) now concluded and of resources and customer centricity
implemented across our residential development is in progress. being our focal points, we are already
business, projects function (18 the pioneers in automating our land
Projects, adding mid-premium and Digital in Marketing acquisition process. We have become
Happinest) in the last three years. This We continued to leverage the digital the only real estate developer in
has led to sequential, streamlined technologies medium for our marketing India to have achieved this. We also
and data-driven decision-making. strategy. A new communication tool implemented Product Cost and
Having realized the benefits of DMS was also implemented, which helped Lifecycle Management to our projects
in the residential business, we have engage with leads and customers and developed a 100% digital sales
onboarded the IC & IC segment also through multiple channels such as and customer onboarding platform.
onto DMS. Workshops were conducted
We continue to use sector-specific and

unique digitalized sales processes
and zero-touch products introduced
during the pandemic. It is also hugely
encouraging to witness increasing
consumer consciousness. Happy to share
that our continued focus on customer
centricity has resulted in significantly
improved Turnaround time (TAT) for all
customer queries. Our continued focus
on Sustainability has strengthened our
communication to customers on benefits
of green buildings in terms of health
and well-being. We share with them the
economic benefits and positive impacts
by inculcating technological changes in
the construction process, which ensures
better built quality. Some of these
includes the introduction of automation
in real estate and continued innovations
by virtue of engaging with our partners.
We are projecting shifting trends and
demographics of new homebuyers
who are younger, value conscious
and becoming strongly focused on
product sustainability.
– Vimalendra Singh
Chief Sales & Service Officer
Auditorium (in Clubhouse) at Mahindra Luminare, Gurugram
134
Product & Process

Innovation
Some of the key challenges faced Rapid
by the real estate industry include construction
resource scarcity, demand for climate Increased
resilient structures, energy efficient possibility to
products and rising input costs. We Improved
use alternative
are focussing on innovative solutions wall finishes
building
to address these challenges, both materials
economically and to fulfil the changing
consumer preferences. Some key
examples of innovative technologically Key
disruptive solutions we have adopted benefits of
are highlighted below. Stay-in-Place
Reduced Framework Precision
embodied
engineering
carbon
Enabling faster construction and
innovation for product quality
• Usage of Stay-in-Place
formwork: We became India’s Reduced
first real estate developers to have usage of natural
Design
used the Stay-in-Place Formwork resources like
flexibility
technology at our Mahindra water and
sand
Happinest Palghar 2 project. This
technology is combined with
holographic computing using
cloud-based, real-time, multi-
stakeholder collaboration across
design-to-development value
chain for easy stakeholder co-
ordination, BIM LAD 500 for instant Introducing automated During the year, we introduced
construction drawings and BOQs, processes in construction several innovations for
and quicker construction enabled • Robotic assistance to placement product improvements:
by Rebar automation. of concrete blocks: In the previous • Moved from Cementitious
financial year, we collaborated with Waterproofing to PU
• Drone surveying: To measure and an overseas technology provider Waterproofing for lower failure
map land parcels, we used drones to develop a system for automation rate and higher durability in all
which proved to be low-cost and and using robots for placing blocks external areas
captured high-resolution imagery of for walls. This made the process
quick and less labor-intensive. • Replaced laminated
the topography. The images could
Veneer Lumber to Marine
also be analyzed for measurement • Robotic-assisted reinforcement Ply based-doors for better
of distance and contours. cages: The technology included mechanical properties, stability
robotic welding of bars to create and durability
cages for walls, slabs and ceiling.
• Colored Silicon sealant used
at Toilet and Wash-basin
areas for watertightness and
clean aesthetics
• Replaced cementitious
grouts to Epoxy waterproofing
for toilets

Partnerships for
Sustainability
Standardization
At Mahindra Lifespaces, we believe of Building
partnership and collaboration is the key Materials
to achieving sectoral decarbonization
and circularity. With our presence, we
try to bring about systemic changes
in the way we develop our portfolio
for increased capacity building and Key Focus
environmental sustainability. As a part Areas of Building
Sustainable
of our commitment to the Sustainable water use Mahindra-TERI Envelope
Development Goals, we are directly in habitat Centre of studies
contributing to achieving SDG 17 Excellence
through our partnerships through our
initiatives. These collaborations and
partnerships are mentioned below.
Mahindra-TERI Centre of
Excellence (MT CoE): Thermal &
This is the first-of-its-kind research Visual Comfort
studies
facility aiming to create an ecosystem
to power a transformative green shift
in the built environment across cities
and towns. This collaboration between
Mahindra Lifespaces and ‘The Energy
and Resources Institute’ (TERI) was
initiated in 2016, with a vision to build
• Mainstream sustainable housing by offering wide
a greener urban future by developing
range of indigenous materials with their thermal
innovative energy-efficient solutions. efficiencies, scalability and affordability
These solutions are specifically
tailored to Indian climates and are
focused on developing market-ready, Impact of
scalable and viable building materials MT CoE
• Reduce energy footprint of
and technologies. This will help the Research on real estate industry
real estate sector diversify and use the Real Estate
efficient building material substitutes. Industry
State-of-the-art research techniques
are utilized to generate performance
• Influence building materials industry to adopt
data and metrics, leading to large- sustainable materials, encourage R&D & to
scale implementation of energy- enable Green Supply chain
efficient solutions.
136
1 Thermal comfort 2 Visual comfort 3 Energy-efficient
materials
• Released guidebooks on: • Prepared abridged version • Tested more than 150
- Integrated daylight systems of the “Glare Management construction materials,
for affordable housing in India Guidelines for Artificial including over 30 emerging
Lighting” building materials
- Thermal Comfort prescription
for cooling dominated Indian
• State-of-the-art NABL
Residential buildings
accredited material
• Launched the Eco-Niwas testing facility
Samhita Design Aider Tool
• Perception study being
conducted for Indian residential
buildings to ascertain the
approach and identify gaps in
design for occupant thermal
comfort and daylight
4 Sky modelling 5 Water

management
• First-of-its-kind study in India • Published guidelines on

to predict with certainty, water-efficient measures for
what kind of standard residential townships
sky conditions prevail on
• Developed The WATER
the current location of
(Water Availability and
data recording
Treatment for Efficient
• Conversion of sky scan Reuse) Calculator
patterns to CIE (International
• Water Sustainability
Commission on Illumination)
assessment conducted for
standard sky formats
Chennai and Gurugram
Mahindra TERI Centre of Excellence

Key milestones achieved under Phase 1 [FY 2017 - FY 2022]
State-of-the-art laboratory Publications Water audits
SVAGRIHA 5 star rated facility Guidebooks - 5 Building-level rapid water

audits for 5 residential
National Accreditation Board Reports - 5
townships of Mahindra
for Testing and Calibration
Research articles – 2 papers Lifespaces such as, Antheia
Laboratories (NABL)
under review township, Pune; Bloomdale,
Enlisted under GRIHA Nagpur; Nova and Iris
product catalog townships in MWC Chennai,
Blueridge township in Pune
(Paranjape developers)
Sky monitoring station Web-based toolkits Material testing
CIE standard based Sky Eco-Niwas Samhita (ENS) Over 150 material samples
scanner for illuminance and design aider tool tested including new &
irradiance measurement of innovative technologies for
Water (Water Availability
the sky hemisphere their thermal properties
and Treatment for Efficient
Solar monitoring unit for Direct Reuse) calculator
Normal Irradiance (DNI) and
Building materials database
Diffuse Horizontal Irradiance
and tool
(DHI)
Phase 2 – Mahindra TERI Centre of Excellence
We concluded our phase 1 of research

work in November 2021 and launched the
key findings of the research work. These
findings comprised guidebooks and
toolkits and were launched in the presence
of Mr. Durga Shanker Mishra, Secretary,
Ministry of Housing and Urban Affairs
(MoHUA), Government of India on
22nd November, 2021. Mahindra
Lifespaces and TERI also announced the
commencement of Phase-2 of research
efforts at MTCoE, which will continue
to focus on developing science-based
solutions for India’s construction industry.
The launch was followed by 2-day webinar
sessions on dissemination of the 5-year
research work to external stakeholders Commemorating the MTCoE Phase 2 Extension - MoU signing between Mahindra Lifespaces
across the globe. and TERI in the presence of Mr. Durga Shanker Mishra, Secretary, Ministry of Housing and
Urban Affairs (MoHUA), Government of India on 22nd November, 2021
138
The Indo-Swiss Building Energy Efficiency Project (BEEP):
Operational since 2011, BEEP is a As part of the BEEP RE project, building. The project was visited by
bilateral cooperation project between we also collaborated with IIEC the Swiss Ambassador to India and
the Ministry of Power, Government of which integrates renewable energy Bhutan, Embassy of Switzerland, and
India, and the Federal Department in buildings. This was realized by His Excellency. Dr Ralf Heckner is
of Foreign Affairs (FDFA) of Swiss deploying solar and wind energy leading the Swiss delegation and by
Confederation. Its central focus is to hybrid systems at Mahindra Eden, the BEEP and BEEP RE team.
help India mainstream energy-efficient India’s first Net Zero residential
and thermally comfortable (EETC)
building design for commercial and
residential buildings.
Road to Net Zero Energy Buildings
The collaboration also involves 100% BEEP BEEP RE
preparing a policy paper based on
CRD analysis of the projects to align Minimize energy Efficient systems Use renewable
requirements and operations energy
ENS, IGBC, GRIHA and BEE star
rating program. It also includes revising
the IGBC and GRIHA rating systems
as well as the BEE star rating program.
Energy Consumption
ENS, which has been developed

by the government with technical Business As Usual
assistance from BEEP, provides for
CRD to reduce heat gains, improve Climate
natural ventilation and daylighting. Responsive
Design or On-site Renewable
Active Measures
Passive Measures Energy Generation
Mahindra Happinest Kalyan 2,
Mahindra Eden and our upcoming
project directly benefited via BEEP Net Zero
during the year. It strengthened our
CRD design specifications and energy
Minimize heat Efficient Cooling
demand reduction. We also ensured gain/loss, Improve & lighting
that all future projects would be Daylight & Natural system
compliant to ENS with strategic inputs Ventilation Potential
from BEEP.
Swiss delegation led by His Excellency Dr. Ralf Heckner, meeting the MD& CEO of Mahindra Lifespaces, Mr. Arvind Subramanian & the executives at
Mahindra Eden, India’s first Net Zero energy residential project

Business Charter: Value Chain The signatories of the charter committed to six priority actions, aligned with
approach to decarbonize India’s Net Zero, as highlighted below:
building & construction sector
Decarbonization of the construction
01 Design Net Zero buildings:
Adopt climate-responsive design, life-cycle assessment, and mainstream
sector is a definite need of the hour.
low-carbon materials to minimize emissions during construction and
This is especially true as we take
operational phase.
into account the overall lifespan of
buildings and the projected growth
of India’s real estate and construction 02 Adopt science-based Net Zero targets:
sector. The building and construction Commit to science-based targets and develop 25% of new buildings
sector has a diverse and fragmented as Net Zero by 2030 through climate responsive and low carbon
value chain. In order to effectively design practices.
de-risk from climate risks, participation
and a co-ordinated action from all the
value chain players is a must. 03 Improved operational efficiency for Net Zero buildings:
Commit to efficiency improvement targets and make public ESG
We, in partnership with core partners, disclosures on building energy and resource consumption to report and
Alliance for an Energy Efficient track performance against targets and low carbon design practices.
Economy (AEEE), EcoCollab, and
WRI India, engaged with stakeholders 04 Mainstream low-carbon materials for Net Zero buildings:
to carve out an impactful pathway Commit to Environmental Product Declaration (EPD) and declaring
to decarbonize the sector across embodied emissions for all the products and mainstream 4-R (Reduce,
the value chain and inform the Reuse, Remanufacture and Recycle) by 2025.
business charter. Architects, structural
engineers, developers, corporates,
conventional and alternative raw 05 Develop and mainstream climate-aligned building codes
material manufacturers, construction and standards:
and demolition waste processors, 1. Work with government stakeholders or bodies to update codes and
etc. were engaged with to inform the adopt and implement material standards aligned with country’s
business charter. long-term climate goals and build capacities to implement low-
carbon solutions.
2. Develop clear guidelines on Life Cycle Assessment (LCA), performance
indicators and quantitative key metrics for building efficiency, in line
with India’s long-term climate goals.
06 Enabling monitoring and tracking performance of a Net Zero building:

By 2025, aim to install building performance monitoring systems for all the
upcoming buildings.
140
Solar Decathlon Value Creation – increase reach via digital marketing

We recognize that buildings cause Future Priorities campaigns and use chatbots for
significant energy-related greenhouse enhanced customer experience. The
Innovative thinking and courageous
gas emissions, and the Net Zero pandemic-induced restrictions have
decision-making have enabled us
energy-water and resilient buildings are enabled us leapfrog the adaptation to
to deliver a 100% green portfolio
the future. The Solar Decathlon India is a digital way of working as evident in
on time for the greatest customer
a competition conducted by the Indian our work from home practice as well
satisfaction. It is a continuous process
Institute for Human Settlements and as several technological innovations
to bring in more digitally disruptive
the Alliance for an Energy-Efficient highlighted throughout this section. All
technologies and use them to improve
Economy under the aegis of the this enables resilient operations. We
the product offering, while maintaining
Indo-US Science and Technology are also looking at other transformative
our key focus on sustainability. Our
Forum addressing Climate Change technologies and future collaborations
stay-in-place-formwork technology is
in the building sector and brings new for research as well as improved
classic example.
ideas and designs. It encourages investment in innovative technologies,
postgraduate and undergraduate and integration of existing
We are also experimenting with
students to innovate for net zero technical tools.
other processes like precast and
energy, net zero water, net zero waste, prefabrication which have yielded
and climate-resilient buildings. Student Sustainability and technology are 2
good results in the pilot projects.
teams develop affordable and industry key levers for innovation and growth.
These changes will bring real change
ready solutions for real projects with We will continue to be frontrunners
with huge economical savings for
the help of their project partners. in sustainability by leveraging
the end-user and the developer.
engineering and information
Technology has also helped adapt
As a Project Partner of Solar Decathlon technology to our advantage.
to a post-COVID world through our
India, we continue to guide teams on ability to automate transactions,
climate responsive design and green
techniques and provide information
about our building projects to the
participating teams for the Solar
Decathlon India challenge, and these
designs and innovations give us ways
for implementing climate responsive
and clean energy solutions in
our projects.
In the reporting year, Mahindra

Lifespaces participated as a partner
to four teams. One of our teams,
Team Niwas 2.0 from the Institute
of Engineering and Management in
Kolkata qualified as the runner-up.
Sales Gallery, Mahindra World City Chennai

Natural
Capital
Creating greener
structures with
sustainable
design
As one of the leading architects
of sustainability in the real
estate sector, we encourage the
adoption of sustainable materials,
sustainable construction practices
and implementation of initiatives
that reduce the overall project’s
environmental footprint. We are
working towards development
of truly sustainable habitats –
one where development and
environmental stewardship are in
complete equilibrium.
Renewable energy generation and use @Mahindra Eden,

Kanakapura using Solar PV and Wind Turbines
Material topics Pillars of sustainability policy Stakeholder Group
• Energy • Sustainable Sites • Customers
• Water • Suppliers
• Emissions • Communities
• Effluents & Wastes • Regulatory offices
Key Outcomes
` 2.01 Lakh 208.05 m3

Revenue per GJ of energy consumed Water used per acre at IC & IC
113.2% 10.42%
` 141.1 Lakh 0.73 tCO2e/acre

Annual savings from energy saving initiatives Specific Scope I & II GHG emissions at IC & IC
25.5% 7.44%
0.00019 tCO2e/sq. ft. ` 0.21 Lakh

Specific Scope I & II GHG emissions at Residential Revenue per T of waste generated
25.5% 65.24%
` 3,547.38
Revenue per m³ of water consumed
125.33%
All figures are for the reporting year.

Natural Capital
Environmental Well-Being – Journey towards nature positivity

As an aware and responsible of revenue generated per unit of Our Sustainability and EOHS Policy,
corporate citizen, we acknowledge our resources consumed – revenue/GJ Standard Operating Procedures
symbiotic relationship with the natural of energy consumed, raw material and guidelines demonstrates
environment. With nature being a consumed, water consumed, and our responsibility to minimize our
shared resource, it is our responsibility revenue/waste generated are also environmental impact and ensure that
to operate in an ethical and ecological monitored. During the reporting period, all developmental activities are in full
manner, to achieve our goal of we incurred an expenditure of ` 985 compliance with relevant statutory
sustainable habitat development and lakh for the implementation of our and regulatory requirements. Our
efficient use of natural resources. initiatives. In addition, we were able sustainability roadmap along with
carbon action plan is leveraged
At Mahindra Lifespaces, we identify to generate savings on environmental
to monitor, evaluate, and improve
natural capital as all the renewable parameters related to the consumption
our sustainability performance.
and non-renewable environmental of resources (energy and water)
Sustainability performance across
resources and processes that support as well as management of waste.
the projects and the organization
the current and future prosperity for We deliver future-proof homes with
is periodically reviewed by the MD
our business and all the stakeholders. energy-efficient design, reduced water
& CEO during the project review
consumption and homes that are one meetings, leadership updates, and
We monitor our expenditure on Y-o-Y with the surrounding environment quarterly by the Board through Board
basis on sustainability interventions to foster sustainable growth. This notes. Sustainability integration
related to energy, waste, water, commitment was taken a step higher within the project is evaluated by the
biodiversity, etc. and calculate the with our launch of India’s first certified sustainability team through quarterly
related savings and explore how the Net Zero energy residential project, sustainability maturity assessments
natural capital performance has a Mahindra Eden. and helps in crafting a culture
bearing on the financial output of of sustainability throughout the
Mahindra Lifespaces. Y-o-Y trends construction stage.

Roadmap 2020-25 progress on goals aligned with environmental well-being for residential and IC & IC businesses
as follows:

Achieved
Environmental Green Buildings Achieve Achieved Target 13.3: Build 100% of our
Well-Being - To reinforce our required level knowledge and capacity portfolio is
green portfolio of certification to meet climate change 1. IGBC Gold &
for 100% Take urgent Target 13.B: Promote above certified
Projects action to combat mechanisms to raise 2. GRIHA 4-star and
1. IGBC - Gold climate change capacity for planning and above
and above and its impacts management
3. 1 project is
2. GRIHA - Net Zero Energy
4-Star and certified
above
As defined
in Net Zero
targets
3. Net Zero -
Energy
Climate Change 1. Identification In Target 7.1: Universal 1. Sustainable
and Emissions of energy Progress access to modern energy Design Guidelines
1. Achieve carbon efficiency Target 7.2: Increase developed and
neutrality by 2040 measures Ensure access global percentage of disseminated
for sites + to affordable, renewable energy 2. Sustainable Office
2. Achieve SBT
Contractor reliable, Guidelines in place
targets by 2033 Target 7.A: Promote
sensitization sustainable and
2.1 63% reduction access, technology and 3. Our Net Zero
2. 1.5% modern
in operational investments in clean Energy Strategy,
reduction in energy for all
(absolute Scope energy 3.1 Demand
absolute Scope
1 & 2) emissions Reduction through
3 emissions
from 2018 as base Target 13.3: Build Climate Responsive
with FY 2021 as
year knowledge and capacity Design
base year
2.2. 20% Take urgent to meet climate change 3.2 Energy-Efficient
(Alignment
reduction in use action to combat Target 13.B: Promote Equipments
with Net
phase (Scope 3) climate change mechanisms to raise 3.3 Integration of
Zero Energy
emissions from and its impacts capacity for planning and Renewable
strategy)
2018 as base year management
3. Demand 4. Scope 1, 2
reduction and 3 emissions
through design increased compared
to FY 2021 owing
4. Energy
to non-alignment
efficiency
of existing portfolio
5. Integration under development
of Renewable with our Net Zero
Energy strategy
5. 60% Common
Area Lighting is
powered using
renewable energy
Make our 15% reduction In Target 6.3: Improve 1. Water Use
development water in water Progress water quality, wastewater intensity has
secure by 2030 intensity Y-o-Y treatment, and safe reuse increased by 81.8%
Ensure Target 6.4: Increase
Water availability and water use efficiency Water Consumption
consumption sustainable and ensure freshwater less than 50% than
40% less management supplies baseline in GRIHA
than baseline of water and
criteria as Target 6.A: Expand water
sanitation for all
defined by and sanitation support to
GRIHA developing countries
146
Natural Capital

Achieved
Target 13.3: Build
Take urgent Target 13.B: Promote
action to combat mechanisms to raise
climate change capacity for planning and
and its impacts management
Sustainability Roadmap – FY 2022 Progress for IC & IC Segment

Achieved
Environmental Green Buildings 1. Implement Achieved Target 13.3: Build 1. Sustainability
Well-Being - To reinforce our and track the knowledge and capacity Strategies
green portfolio committed to meet climate change implemented across
strategies Take urgent Target 13.B: Promote IC & IC projects
under Green action to combat mechanisms to raise in line with the
Cities for climate change capacity for planning and commitments in the
all IC & IC and its impacts management IGBC certification
projects (MWC 2. C40 CPDP
Jaipur, Origins roadmap tracked,
Ahmedabad monitored and
and Chennai) measured yearly
2. Implement
C40 CPDP
Roadmap -
MWC Jaipur
Climate Change MWC Chennai In Target 7.1: Universal MWC Chennai
and Emissions 5% reduction in Progress access to modern energy 17% reduction in
1. Achieve carbon absolute Scope Target 7.2: Increase absolute Scope 1 &
neutrality by 2040 1 & 2 emissions Ensure access global percentage of 2 emissions with
with FY 2021 as to affordable, renewable energy FY 2021 as base
MWC Jaipur
base year reliable, year
2. Achieve SBT Target 7.A: Promote
MWC Jaipur sustainable and MWC Jaipur
targets by 2033 access, technology and
4% reduction in modern energy 2% increase in
investments in clean
2.1 63% reduction absolute Scope for all absolute Scope 1 &
energy
in operational 1 & 2 emissions 2 emissions with
(absolute Scope with FY 2021 as Target 13.3: Build FY 2021 as base
1 & 2) emissions base year knowledge and capacity year
from 2018 as base to meet climate change
year MWC Chennai In MWC Chennai
5% reduction Progress Take urgent Target 13.B: Promote 17% reduction in
2.2 20% reduction in specific action to combat mechanisms to raise specific emissions
in use phase emissions with climate change capacity for planning with FY 2021 as
(Scope 3) FY 2021 as and its impacts and management base year
emissions from base year MWC Jaipur
2018 as base year MWC Jaipur 2% reduction in
MWC Chennai 4% reduction specific emissions
3. Achieve SBT in specific with FY 2021 as
targets by 2031 emissions with base year
3.1 63% reduction FY 2021 as
base year
in operational
(absolute Scope
1 & 2) emissions
from 2016 as base
year


Achieved
Renewable Achieved Renewable Energy
Energy capacity by FY 2023
capacity by MWC Chennai
FY 2023 26% of total demand
MWC Chennai met using RE from
5.5 kWP external third party
MWC Jaipur in FY 2022
(a) eVolve/ MWC Jaipur
Utilities: 450 (a) eVolve/Utilities:
kWp 607 kWp by FY 2023
(b) Clients: 5.5 (b) Clients: 7.43
MWp MWp by FY 2022
Achieve zero waste 50% diversion Achieved Target 12.2: Sustainable 1. 100% food and
to landfill by 2030 away from management and use of garden waste
landfill for MWC natural resources composted onsite
Jaipur Ensure 2. 73% diversion
Target 12.4: Responsible
sustainable away from landfill for
management of
consumption MWC Jaipur
chemicals and waste
and production
patterns Target 12.5: Substantially 3. >99% diversion
reduce waste generation away from landfill for
MWC Chennai
sustainable public
Take urgent procurement practices
action to combat
climate change Target 13.3: Build
and its impacts knowledge and capacity
mechanisms to raise
management
Make our 40% of water Achieved Target 6.3: Improve 88% of total
development water recycled and water quality, wastewater wastewater is
secure by 2030 reused at treatment, and safe reuse recycled and reused
MWC Chennai Ensure at MWC Chennai
availability and
water use efficiency
sustainable
and ensure freshwater
management of
supplies
water and
sanitation for all Target 6.A: Expand water
and sanitation support to
Target 13.3: Build

Take urgent
action to combat
climate change to meet climate change
and its impacts Target 13.B: Promote
mechanisms to raise
management
148
Natural Capital
Sustainability Integration across our projects

Environmental (E), Social (S), standards’, the assessment tool is of sustainability within the project in
and Governance (G) aspects as used to ‘set up uniform processes terms of water conservation, value
conceptualized and integrated in the across all project sites pertaining to engineering in design resulting in
product design is implemented and Environment Management System resource and cost savings thereby
monitored throughout the project and Sustainability’. The maturity model reducing environmental impact,
lifecycle until the product handover provides a one-stop platform for supply chain engagement, energy
phase. Monitoring on the ESG tracking project compliances and the conservation, etc. Awards were also
aspects is done for all our projects to bottom-up approach drives integrated presented for other categories such
assess the maturity of sustainability thinking and facilitates sustainability as consistent performance, data
integration within the project. To assess centered decision-making. Project champions, waste management
the sustainability measures across sites are scored on 5 parameters champions, SBT Champions,
project sites, Mahindra Lifespaces of Engagement & Awareness, Data sustainability architect, Safety
institutionalized the sustainability Governance, EMS requirement under Champions, and many others. This
maturity model, an assessment IMS, Site Initiatives, and Compliance encourages the project teams to
mechanism to engage, and improve tracking process. deepen the integration of sustainability
site sustainability performance, during the construction phase. With
which has resulted in an improved Best project sites/team members the help of the model, we have been
performance, heightened awareness, are rewarded annually on multiple able to build a culture of sustainability
and implementation of sustainability categories basis their yearly across projects. The model introduced
initiatives across locations. Developed performance. With the current across projects created a healthy
with the long-term goal of ‘Elevating objective of establishing uniform competition, and knowledge-sharing
the sustainability performance processes across all projects, the between the projects and helped share
of the project sites to meet the model is refined to accommodate best practices and thereby helped set
global benchmark and contribute for changes in global sustainability up sustainable construction practices
to the sustainable growth of the benchmarks. In the reporting year, across the projects.
organization, and subsequently Mahindra Lakewoods was the top
accelerate to set new global scoring project with deep integration
Engagement
and
Awareness
Environment Compliance
Management Tracking
System Process
Sustainability
Maturity
Model
Site
Initiatives by Data &
Project Governance
Teams
Parameters to measure Sustainability Maturity across projects

Race towards Net Zero

The United Nations Climate Change
Conference (COP26) held at Glasgow
during the year was historic, with India
committing to achieve Net Zero carbon
emissions by 2070. The building and
construction sector being a key driver
of the Indian economy and responsible
for major portion of GHG emissions,
it becomes important to work towards
sectoral decarbonization and thereby
contribute to achieve the net zero
target. With our commitment to make
Net Zero developments by 2030, we
continued to set high benchmarks for
ourselves, with the launch of Mahindra
Eden, India’s first Net Zero energy
residential homes. This was achieved IGBC Net Zero commitment of Mahindra Lifespaces
by careful planning and design by
including existing biodiversity into Apart from making all new developments Net Zero by 2030, we have
the project and with minimal impact strengthened our efforts to decarbonize the sector with the launch of business
on the environment. More details on charter in partnership with WRI India, AEEE, and EcoCollab. The Decarbonization
our first step towards Net Zero nature business charter is a first-of-its-kind initiative that will focus on identifying the
positive development is provided in priority actions and key opportunities for various stakeholders on reducing
the manufactured capital section of emissions from buildings and the construction value chain.
this Report. (Read more in Intellectual Capital)
Our Journey towards Carbon Neutrality

Our Climate Strategy teams is key to achieving our data Climate-related risks are integrated
‘Climate Action Failure’ ranks at the top collection and mitigation objectives. into our Enterprise Risk Management
of the Global Risks Report 2022 by (ERM) Framework. We continuously
World Economic Forum. At Mahindra We monitor, measure, and mitigate monitor, and mitigate the related
Lifespaces, we are committed to these emissions across all the impacts through various initiatives,
our climate goal of carbon neutrality project stages under relevant actions outlined in our carbon
guided by our science-based targets. scope for both residential and IC & action plan.
Our climate action strategy is based on IC business through the following
focus inward and focus outward. This mitigation strategies outlined in carbon Focus outward comprises
approach helps us clearly delineate action plan. establishing industry partnerships
our approach for all stakeholders and collaborations (Decarbonization
and maintain our leadership position. Charter, BEEP (Building Energy
Our carbon action plan outlines Efficiency Program), Solar Decathlon),
Demand Reduction Research and Development through
measures for our residential and
industrial businesses. establishment of Mahindra TERI Centre
of Excellence.
Enhance Energy Efficiency
(Read more in Intellectual Capital)
Focus inward comprises establishing
a baseline greenhouse gas (GHG)
inventory, annual updating, and Integrate Renewables
reporting of GHG emissions due to
our operations. Engaging with internal
stakeholders across projects, design Sequester Carbon
and operations and maintenance
150
Natural Capital
Our ‘Emission Scope’ Coverage
Scope 1
Business
Residential IC & IC
Project Office and Sales Gallery Project Office and Common Area Amenities
Coverage
(STP, WTP, Street Light, etc.)
GHG emissions from GHG emissions from
• Fuel (Diesel) - Used in Diesel Generator sets • Fuel (Diesel) - Used in Diesel Generator sets
Source for offices as power backup for offices as power backup, and operating
other common area amenities such as STP,
WTP, etc.
Scope 2
Business
Residential IC & IC
Project Office and Sales Gallery Project Office and Common Area Amenities
Coverage
(STP, WTP, Street Light, etc.)
• Electricity purchased from Grid - Used to • Electricity purchased from Grid - Used to
Source
power offices power offices, and other common area
amenities
Scope 3
Business
Residential IC & IC
• Construction Stage Project Office and Common Area Amenities
Coverage
• Occupancy Stage - Residential Homes (STP, WTP, Street Light, etc.)

• Construction (Operation) Stage • Development, Operation & Maintenance
Stage
- Purchased goods & services
- Purchased goods & services
- Upstream transportation
- Upstream transportation
- Waste generation in operations
- Waste generation in operations
- Travel for business
Source - Travel for business
- Employee Office commute
- Employee Office commute
- Upstream leased assets
- Upstream leased assets
- Downstream leased areas
- Downstream leased areas
• Occupancy Stage
• Occupancy Stage (Industrial Customers)
- Use of sold products
- Use of sold products

Emission Reduction measures across the project lifecycle

We have integrated emission reduction measures across all the 3 stages of a project lifecycle as listed below:
Business Scope 1
Lifecycle Stage Design Stage Construction Stage Occupancy Stage
Project Office, Sales Gallery, Project Office, Sales Gallery Residential Homes
and Residential Homes • Energy Sensitization - • Energy Sensitization
Demand Reduction through Posters, etc. (Behavioral (Behavioral Interventions)
Climate Responsive Design Interventions) • Use of Energy-Efficient
• Passive design strategies • Metering for office and equipments - Star rated ACs,
are incorporated to achieve contractor electricity usage refrigerators, fans, lights, etc.
comfortable internal • Use of Energy-Efficient • Use of Renewable energy for
temperatures - through equipments - Star rated ACs, powering home appliances
appropriate use of walling, refrigerators, fans, lights, etc.
roofing materials
• Process Improvements (as
• For optimal lighting, effective applicable)
wall-window ratio is used
• Use of low embodied carbon
• Effective shading to reduce materials and those aligned
solar heat gain with our Green Supply Chain
Initiatives
• Selection of low embodied Management Policy
carbon materials • Waste Management: Organic
Energy-Efficient Equipments Waste Composting onsite
• Design for energy-efficient and treatment of recyclables
lighting requirements with authorized vendors
• Design for usage of solar
lights, water heating systems
• Design for use of energy-
efficient water pumps
Integration of Renewable
Energy
• Design for use of onsite
(rooftop) solar, wind, etc.
Business IC & IC
Stage Development Stage Operation and Maintenance Stage
• Use of Low embodied carbon materials and • Use of energy, resource efficient, low carbon
those aligned with our Green Supply Chain amenities such as STP, WTP, streetlights
Management Policy • Use of Renewable energy powered from grid
• Use of energy, resource efficient, low carbon or onsite renewable energy generation and
amenities such as STP, WTP, streetlights consumption
Source
• Integration of Renewable Energy for powering • 100% organic waste composting onsite and
common area amenities such as streetlights, treatment of recyclables and other waste
and project offices through authorized vendors
• Provision of Waste Management Facility within
the site
152
Natural Capital
Our Greenhouse Gas Inventory

We revised our methodology for estimating and reporting GHG emissions from the organization in 2018-19 in line with our
Science Based Target Initiative (SBTi). The Scope 1 and 2 emission intensity at IC & IC has reduced by 7.44% as compared
to 2020-21, with an increase of 52.52% across residential business due to increase in the number of projects and switching
over to electricity from diesel power.
Scope Unit Residential IC & IC

2020-21 2021-22 2020-21 2021-22
ABSOLUTE GHG EMISSIONS
Scope 1 tCO2e 95.60 62.72 245.03 239.88
Scope 2 tCO2e 441.50 644.72 2,255.63 2,074.66
Scope 3* tCO2e 292,264 406,064.44 140,022.12 189,934.13
GHG EMISSIONS INTENSITY
tCO2e/sq. ft
Scope 1 & Scope 2 0.00012 0.00019 0.79 0.73
tCO2e/acre
*: Includes the following categories
Category 1 - Purchased goods and services; Category 4 - Upstream transportation & distribution; Category 5 - Waste generated in operations; Category 6 -
Business travel; Category 7 - Employee commuting; Category 8 - Upstream Leased Assets; Category 11 - Use of sold products; Category 13 - Downstream
leased assets
Various initiatives have been undertaken across projects in both our businesses, and the resultant decrease in emissions
are a result of the same. The list of initiatives has been tabulated in the section on Natural Capital under energy.
Smart LED streetlights at MWC Chennai

Our Carbon Neutrality action plan

We have committed to become carbon neutral by 2040 in line with our Mahindra Group ESG commitment. We have
implemented a time-bound action plan to reduce the emissions across our value chain and achieve our commitment and
has been approved by our MD & CEO. We continue to monitor the impact of the actions, and performance against the
targets defined in our Sustainability Roadmap 2025.
Scope Coverage Action Status (Actions undertaken)

Demand Reduction
1. Office Design: Design Developed and integrated Guidelines for
EPI – thermal and visual • Sustainable Design
comfort • Sustainable Offices
Separate electricity metering in place for
2. Measurement and • Project Office & Sales Gallery
monitoring • Contractor (Construction)
• Sensor (Cabins/Bathrooms) - IC & IC
Sensitization done through
• Toolbox talks
• Awareness sessions on sustainability topics
3. Behavioral
• Make the Switch campaign
• Energy & Water saving posters/messaging (nudges)
within the office and site
Energy Efficiency
Identified and implemented energy saving ideas for
efficient lighting and cooling such as
• Replacement of conventional lighting with LEDs
• Use of Star rated ACs - Set point above 24 + Use of
1. Lighting: LED, Lighting
Fan
Control, Sensors
Project • Use of Timer controls in streetlight
• Smart LED Streetlighting in IC & IC Reviewed through
Office &
Scope 1 & 2 site visit and quarterly site sustainability maturity score
Sales
model
Gallery
• Non-dependence on DG (35% of our existing offices)
• Exploring Generators running on renewable energy/
2. Efficient DGs
fuels
• Exploring Battery storage systems
Integration of Renewables
• India’s first Net Zero Energy project - Mahindra Eden,
Bengaluru
- Sales Gallery run on onsite solar
1. On site solar
• Rooftop solar (Evolve building) at MWC Jaipur
• 33% of total electricity demand at MWC Chennai -
Renewable energy from grid (third party)
2. On site waste to • MWC Chennai - Biogas generated from onsite food
energy – biogas waste is used to fuel 2 Buses and Tractors
3. Energy management
• To be Explored
standard
Offsets
• Avenue plantation (as part of CER)/Alternative clean
energy project
1. Tree plantation
• ESOP: Project Hariyali - Tree plantation
(certified offsets)
154
Natural Capital

Purchased goods and services
Local procurement Aligned with our Green Supply Chain Management
(GSCM) Policy
• Locally procured (within 400 km distance from
Material selection – high manufacturing plant)
recycled content, low • High recycled content - in major construction & interior
embodied carbon material (cement, glass, steel, gypsum, aluminum)
Contractor energy efficiency • GreenPro materials or vendors providing EPD
certificates
• Climate-friendly fire suppression and cooling systems
• Aligned with our Supplier/Contractor Code of Conduct
(CoC)
• Self-assessment by 50% suppliers//contractors on ESG
parameters
• Code of Conduct training for 100% existing contractors
Supplier Energy Efficiency • CoC - now part of General Contractual conditions
Initiatives (GCC)
• Capacity building workshops on Energy, Water and
Waste Management conducted for suppliers and
contractors
Product • Annual Stakeholders Meet - Awareness on ESG and
need to integrate within the operations
Scope 3 (Residential
Homes) Use of sold goods
Identified and implemented energy saving ideas for
efficient lighting and cooling such as
• Replacement of conventional lighting with LEDs
• Use of Star rated ACs - Set point above 24 + Use of
Design EPI – Building
Fan
envelope
• Use of Timer controls in streetlight
• Smart LED Streetlighting in IC & IC Reviewed through
site visit and quarterly site sustainability maturity score
model
Switch to PNG for all feasible
• Yet to be explored
projects
Renewable for common area
• 100% renewable for common area lighting
up to 100%
• Resident Assist - Helps the customer understand the
usage of services within the product
• Behavioral Interventions
Customer energy efficiency - Make the Switch - Power Conservation (Residential
Customers)
- Capacity Building workshop on Energy
Management (Industrial Customers at MWC Jaipur)
Employee Commute
• Exploring option for partnership with vendors for pool
EV
cabs run on clean fuels
• Encouraged and aligned with ‘Work-Life Integration’
Work from Home
Policy
Employees
• Encouraged and employees/workers do commute to
office through walking (nearby travel) and cycling
Cycling/Walk
• 5.5 lakh km traveled by walking/cycling by employees
in FY 2022

Business Travel
Employees/ Video/Virtual Conference
Third Party • Encouraged and not mandated
Contractors/ Audits over VC • Exploring options to reduce the business travel
Customers
Waste Management
• Waste Segregation - 2 Bin system
Project Office • Composting of organic waste initiated at 1 project
Zero Waste to Landfill
and Sales office
(ZWL)
Gallery • E-waste - Centrally managed through third party
vendor – Eco eMarket
• Aligned with the IGBC/GRIHA criteria on waste
management
- 100% composting of organic waste on site
Sites ZWL for sites - >95% recyclables diversion away from landfill
through partnership with authorized vendors
• Net Zero Waste Certification for projects to be
undertaken
• 2 waste bins provision to residential customers
(Primary Segregation)
Residential • Provision of Resource Recovery Center (Secondary
Homes Segregation point) in 100% projects
and • 100% composting of organic waste onsite
ZWL for Residential
Integrated • MWC Chennai - India’s first Integrated City to be
Homes/IC & IC
Cities and ZWL certified
Industrial • MWC Jaipur - 100% composting of food and
Clusters garden waste onsite
• >90% of recyclables treated by authorized
recyclers
Our Science based targets

The Science Based Targets Initiative are taking action, 1,429 companies SBT acts as an enabler to achieve
(SBTi) is a joint initiative of CDP, have approved science-based Carbon Neutrality by 2040 for Mahindra
the UN Global Compact, the World targets, and 1,090 companies have Lifespaces. Achieving SBT targets
Resources Institute, and WWF. It Net Zero commitments. Mahindra along with Carbon offsets would help
intends to encourage businesses to Lifespaces committed to reduce its us reach the carbon neutrality target.
take ambitious climate actions by GHG emissions with its SBT targets We continue to monitor and measure
mobilizing them to set GHG reduction approved in November 2019 and in the performance against the approved
targets in line with the decarbonization line with 1.5°C pathway, making it targets for each of the businesses and
required to limit warming to less than the first and only Indian real estate aligned our Sustainability Roadmap
1.5°/2°C. So far, 3,091 companies company to get its targets approved. 2025 with these targets.
156
Natural Capital
SBT Targets and Progress for FY 2022
Mahindra Lifespaces
Target Statement Target Year Emissions Base Year Emissions Progress and Status – FY 2022
Reduce 63% of absolute Scope 1 and 2 emissions: Scope 1 and 2 emissions: Scope 1 and 2 emissions:
Scope 1 and 2 GHG 133.9 tCO2e, by 2033 363 tCO2e in 2018 707.44 tCO2e in FY 2022
emissions by 2033 with Behind target
2018 as the base year (95% increase from base
year)
Reduce 20% of absolute Scope 3 emissions: Scope 3 emissions: Scope 3 emissions:
Scope 3 GHG emissions 499,085 tCO2e by 2033 623,856 tCO2e in 2018 406,064 tCO2e in FY 2022.
by 2033 from 2018 as base Target achieved
year (Reduced by 34.9% from
base year)

Scope 1 and Scope 2 GHG 889.9 tCO2e by 2031 2,405 tCO2e in 2016 1,199.75 tCO2e in FY 2022.
emissions by 2031 with Target in progress
2016 as the base year (50% reduction achieved
from base year - 2016)

Scope 1 and 2 GHG 133.9 tCO2e, by 2033 942 tCO2e in 2018 977 tCO2e in FY 2022.
emissions by 2033 from Behind target
2018 as the base year (Increased by 3.73% from
base year - 2018)
Reduce 20% of absolute Scope 3 emissions: Scope 3 emissions: Scope 3 emissions:
Scope 3 GHG emissions 10,723.48 tCO2e by 2033 613,404 tCO2e in 2018 2,492 tCO2e in FY 2022.
by 2033 from 2018 as base Target achieved
year (89% reduction from base
year - 2018)
Our Carbon neutrality action plan

for integrated cities and industrial
clusters broadly focuses on enhanced
energy efficiency during operation
and maintenance, increased adoption
of renewable energy, and offsetting
emissions. Apart from our SBT and
Carbon Neutrality commitments, our
integrated city at MWC Jaipur is a C40
Climate Positive Development Program
(CPDP) Stage 2 certified development.

Mahindra World City Chennai – Moving towards the 1.5o world

Established in 2002, Mahindra World City Chennai is India’s and a Domestic Tariff Area (DTA). Being India’s first IGBC
first integrated business city and corporate India’s first Gold (Stage 1) certified Green Township, with approved
operational SEZ and is promoted by the Mahindra Group Science Based targets aligned with 1.5° pathway, the
in partnership with Tamil Nadu Industrial Development actions implemented to achieve the same shows its
Corporation (TIDCO), spanning over 1,500 acres and climate-friendly operations that serve more than 67 blue
comprising multi sector Special Economic Zones (SEZs) chip companies.
How did it achieve?
26% of total electricity

Replaced Induction STP Treated water
consumption per month
Streetlight with LED used for flushing
from grid - powered using
Smart streetlight and landscaping
renewable energy
199.5 MWh of renewable

668 units 88% reduction in
energy consumed
saved per day dependence on freshwater
in FY 2022
SBT Trend - MWC Chennai (FY 2017-22) SBT Progress - MWC Chennai
Achieved
50%
To be achieved
26%
FY17 FY18 FY19 FY20 FY21 FY22 FY17 FY22 FY31

Scope 1 Scope 2 Scope 1&2
MWC Chennai is on track to achieve the SBT targets well ahead of the target year of 2031, with 50% (out of 63%) reduction
in absolute Scope 1 & 2 emissions from base year (2016) achieved in FY 2022.
158
Natural Capital
C40 Climate Positive Development at Mahindra World City, Jaipur
Spread across 3,000 acres, World City Jaipur strives to be a all currently unplanned areas of
Mahindra World City, Jaipur model urban project, with an aim the development. We continue
is a joint venture between towards not only reducing our on- to measure and verify the
Mahindra Group and Rajasthan site greenhouse gas emissions but positive environmental impact
State Industrial Development also improving the emission profile through tracking and monitoring
Corporation (RIICO), an agency of the neighborhood community the development’s operational
of the Government of Rajasthan. at large. A detailed roadmap carbon impact and implementing
As a pioneer of the concept of was created, approved, and measures to reduce and offset
an Integrated Business City in actionized to achieve the climate the impact.
India, it aims to create sustainable positive outcome. At project Read the detailed Roadmap here
urban communities by establishing completion, Mahindra World City,
integrated business cities which Jaipur will have had a net impact We would be validating our
enable the transformation of ‘Life, of reducing over 60,000 tons of inventory and progress against the
Living and Livelihood’. MWC Jaipur CO2e per year. Compared with C40 CPDP roadmap with the help
is the world’s largest integrated their business-as-usual baseline of an external third-party partner,
city to be C40 Climate Positive of over 800,000 tons of CO2e, the and make the necessary revisions
Development Program (CPDP) impact of the development being in the roadmap, and action plan
Stage 2 certified. As a participant built is huge. The roadmap acts as based on the stage of development
in C40’s Climate Positive a guiding document in the design, and impact of the initiatives.
Development Program, Mahindra planning and implementation of
210 kWp - Rooftop Solar, @Evolve, Mahindra World City, Jaipur

Energy
The energy demand in buildings responsible for 24% of India’s annual build all new developments as Net
is expected to increase by 50% by CO2 emissions, contributing to global Zero by 2030, we have taken concrete
the year 2050. The building and warming and poor air quality. steps towards resource-conscious,
construction sector combined are sustainable development and have
responsible for 36% of global final We, at Mahindra Lifespaces, had a 100% Green portfolio since
energy consumption and nearly 37% of understand and acknowledge the inception, and the approach to build
total direct and indirect CO2 emissions, reality of human-induced climate Net Zero Energy homes is covered
making it one of the major contributors change and we’re already taking under the section on Manufactured
of climate change. With nearly 70% action to decarbonize our businesses Capital.
of the building stock that will be there by improving energy efficiency in our
in 2030, yet to be built, the sector is operations. With our commitment to
Consumption of Energy at Mahindra Lifespaces
Integrated Cities and

Residential
Project Office and Sales Project Office

Gallery • Diesel - Diesel Generators as
• Diesel - Diesel Generators as power backup
power backup • Electricity from Grid [&
• Electricity from Grid [& Renewable Energy (onsite &
Renewable Energy (onsite & from grid)]
from grid)]
Product (Residential homes) Common Area Amenities (STP,

• Construction Phase (Used WTP, Street Light, etc.)
by contractors) • Diesel - Diesel Generators
- Diesel - Diesel Generators • Electricity from Grid
& other equipments during [& Renewable Energy (onsite &
construction from grid)]
- Electricity from Grid
• Occupancy Phase (Used by
Residential customers)
- Diesel - Diesel Generators
as power backup for
common area
- Electricity from Grid [&
Renewable Energy (onsite &
from grid)]
- LPG - Used for cooking
160
Natural Capital
Energy consumption within the Organization

Residential IC & IC
Parameter Source Unit
2020-21 2021-22 2020-21 2021-22
Direct Energy Renewable Gigajoules (GJ) 0.00 0.00 0.00 0.00
Consumption Non-Renewable Gigajoules (GJ) 1282.55 841.46 1280.11 1236.10
Indirect Energy Renewable Gigajoules (GJ) 0.00 0.00 52.60 768.66
Total Energy Renewable Gigajoules (GJ) 0.00 0.00 52.60 768.66
Specific Energy Renewable GJ/unit of area 0.00 0.00 0.0166 0.243
Consumption Non-Renewable GJ/unit of area 0.00074 0.00101 3.53 3.38
Denominator Area Sq. ft/acre 4349900.86 3756574.52 3167.30 3167.30
Energy consumption outside the Organization

Residential IC & IC
Parameter Source Unit
2020-21 2021-22 2020-21 2021-22
UPSTREAM
Purchased Goods and Renewable Gigajoules (GJ) 0 0 0 0
Services Non-Renewable Gigajoules (GJ) 7079.00 5549.20 NA 600.41
DOWNSTREAM
Data Data Data Data
Purchased Electricity Renewable Gigajoules (GJ)
unavailable unavailable unavailable unavailable
by Customers
Non-Renewable Gigajoules (GJ) 825055.00 821655.50 597617.00 794048.32
Data Data Data Data

Fuel Consumption Renewable Gigajoules (GJ)
unavailable unavailable unavailable unavailable
(Energy, Heat, Steam)
Data Data
by Customers Non-Renewable Gigajoules (GJ) 227099.63 298125.95
unavailable unavailable
Downstream leased Renewable Gigajoules (GJ) NA NA 1097.11 1079.10
assets Non-Renewable Gigajoules (GJ) NA NA 10914.9 9446.5
We had revised our methodology for Our energy efficiency initiatives also continue to grow due to our energy
calculating and reporting the energy act as a medium for us to pass on the requirements. However, we saw a
consumption within the organization benefits of energy and cost benefits to reduction in energy intensity for energy
in 2018-19 to align with Science our customers and other stakeholders. consumed within the organization for
Based Target Initiative (SBTi) - 1.5 Additionally, we also strive to increase our IC & IC business in 2021-22.
degree world. Energy consumption the share of renewable energy in the This was possible due to our unique
within our organization varies across energy mix. As we expand our product energy saving initiatives across
different stages and for different footprint, our absolute emissions IC & IC business.
stakeholders. Our direct energy
consumption consists primarily of
high-speed diesel consumed in diesel
generators used as a power backup
and during construction, and indirect
energy consists primarily of purchased
electricity from grid to operate
project and sales offices, and for
use in construction by our third-party
contractors. As energy consumption
constitutes a larger portion of our
operational expenditure, impacting
our emissions footprint, we encourage
our stakeholders in optimizing the
energy use throughout the life cycle. Energy Conservation sensitization measures across project offices in Mahindra Lifespaces

Energy demand reduction interventions across project lifecycle
Lifecycle Design Stage Construction Stage Occupancy Stage

Stage
Project Office, Sales Gallery, and Residential Project Office, Sales Residential Homes
Homes Gallery • Energy Sensitization
Demand Reduction through Climate • Energy Sensitization - (Behavioral
Responsive Design Posters, etc. (Behavioral Interventions)
• A solar access study is done to determine the Interventions) • Use of Energy-
building orientation • Use of Energy-Efficient Efficient equipments
equipments - Star rated - Star rated ACs,
• Passive design strategies are incorporated
ACs, refrigerators, fans, refrigerators, fans,
to achieve comfortable internal temperatures
lights, etc. lights, etc.
- through appropriate use of walling, roofing
materials • Process Improvements • Use of Renewable
(as applicable) energy for powering
• For optimal lighting, effective wall-window
home appliances
ratio is used • Independent Electricity
Initiatives
• Effective shading to reduce solar heat gain Metering for office and
contractor usage
Energy-Efficient Equipments
• Design for energy-efficient lighting
requirements
• Design for usage of solar lights, water heating
systems
• Design for use of energy-efficient water
pumps
Integration of Renewable Energy
• Design for use of onsite (rooftop) solar, wind,
etc.
• Sustainable Design Guidelines • Sustainable Office • Resident Assist
• Sustainable Office Guidelines Guidelines • Marketing
Reference Collaterals and
• IGBC Green Homes/GRIHA criteria
Materials Brochures
• Energy Conservation Building Code for
Residential Buildings (ECBC - R)
• Energy-efficient, green building portfolio • Reduction in construction • Reduction in
• Reduction in lifecycle cost cost maintenance cost
Impact
• Improved Health
and Well-being
Additionally, the architects and the project teams (including Energy Saving Initiatives across projects
the MEP, admin team and others) underwent a behavioral • Evolve and Horizontal, MWC Jaipur: Several initiatives
and design-based training workshop, based on energy- like replacing LED lights, energy-efficient pumps, and
efficiency measures. There was also a session conducted limit switches helped save more than 37,000 kWh and
on construction waste management. During FY 2021-22, the installation of a solar car park project
offices which reported more than 15% reduction in energy
• MWC Chennai: Replacing induction streetlights with
consumption in their operations were declared as ‘SBTi
LED smart streetlights, 26% of total electricity consumed
Champion of the Year’. Design interventions that resulted
per month is from renewable sources, installation of DG
in significant energy savings in offices/sales galleries were
emission control kits
declared as ‘SBTi Champions’ on account of energy
demand reduction owing to design. • Across Mahindra Lifespaces, sensitization and
trainings were carried out to create awareness about
the individual steps which can be taken to reduce our
energy consumption
162
Natural Capital
Water
Our Journey towards Net Zero and Water Secure developments
Aligned with the Net Zero Energy our dependence on groundwater, occupancy stages. We also undertake
strategy, we have even developed we have classified all our sites into initiatives to recharge groundwater in
our strategies for Net Zero Water and safe, critical, and over-exploited majority of the sites as per feasibility
Net Zero Waste and would implement based on groundwater availability. and detailed hydrogeological study for
them in our upcoming developments. The classification allows us to create projects with groundwater recharge
Similarly, our approach for Net Zero customized mitigations plans which are potential and flood risk mitigation. A
Water involves use of low flow fixtures integrated at every stage of the project detailed hydrological study at one of
to reduce external water demand, lifecycle, from the designing of our our projects in Mumbai helped develop
installation of onsite Sewage treatment building, to measuring, and monitoring and incorporate solutions for flood
plant (STP) to treat wastewater and consumption during construction and risk mitigation.
reuse for flushing in residential homes
and gardening onsite, provision of
rainwater harvesting facility either to
recharge groundwater levels or reuse Water Zones
within the homes and use of smart
water meters to influence customer Stressed
behavior to reduce water requirement. Non-Stressed
Mahindra Lifespaces, a real estate

development company is heavily
dependent on water throughout the
lifecycle of a residential project for
activities such as preparation of Gurugram
mortar, mixing of cement concrete
and for curing work, dust suppression, Jaipur
etc. In IC & IC, we are utility service
providers to industrial customers.
Regular availability of good quality Ahmedabad
water is an essential requirement for
our residential and industrial customers Nagpur
during the occupancy stage. With
dwindling water reserves, and 70% of Mumbai Pune
the urban development yet to be built
in India, it becomes more important Bengaluru
for us to build Net Zero or Water
secure developments.
Chennai
Water is withdrawn from freshwater
sources such as rainwater,
groundwater sources such as
borewells, & third-party sources
such as tanker water, municipal
water, wastewater from another
source, and treated water onsite
from sewage treatment plants. Our
water sustainability strategy for
future-readiness has guided us to
develop mitigation measures based
on best available practices. Due to

Water Conservation Interventions to achieve Net Zero Water developments across project lifecycle
Business Residential
Lifecycle
Pre-Design Stage Design Stage Construction Stage Occupancy Stage
Stage
• Preliminary Project Office & Sales • Use of treated • Smart water
assessment of Gallery wastewater from meters (behavioral
groundwater levels external source interventions) to
Demand Reduction
using available for flushing, reduce consumption
tools such as WRI • Provision of low flow gardening, and dust • Low Flow Fixtures
Aqueduct tool, India fixtures suppression for reduced water
Water Tool, WWF • Provision of • Use of rainwater demand
Water Risk Filter, & rainwater harvesting collected and stored • Sewage treatment
climate central and use for offices onsite for domestic plant onsite for
• Water Resilience Residential Homes and construction usage in gardening
and Flood Risk requirement and flushing
• Design for Demand
Mitigation - Detailed • Use of Curing
Initiatives reduction through • Rainwater harvesting
assessment through compound and
provision of and/or recharge
hydrogeological other materials to
study (based on - Low Flow Fixtures
conserve water
results of preliminary - Sewage treatment
• Metering of
assessment) plant onsite
Groundwater
- Rainwater extraction points as
harvesting and/or per CGWA norms
recharge
- Smart water
meters
(behavioral
interventions)
• WRI Aqueduct tool • Sustainable Design • Sustainable Office • Resident Assist
• India Water Tool Guidelines Guidelines
Reference • CFT proposed
• WWF Water Risk • Sustainable
Materials solutions
Filter Construction
practices
• Climate Central
• Development of • Water Efficient Water Efficiency during • Net Zero Water
Water conservation Offices and construction Homes
Impact measures Residential Homes • Savings on
• Net Zero Water Maintenance cost
Homes
164
Natural Capital
Water Conservation Interventions to achieve Net Zero Water developments across project lifecycle
Business Integrated Cities and Industrial Clusters (IC & IC)

Lifecycle Operation and
Pre-Development Stage Development Stage
Stage Maintenance Stage
• Preliminary assessment of Project Office • Use of treated sewage water

groundwater levels using from STP for flushing and
Demand Reduction
available tools such as WRI gardening
Aqueduct tool, India Water • Provision of low flow fixtures
• Use of rainwater collected
Tool, WWF Water Risk Filter, & • Provision of rainwater and stored onsite for
climate central harvesting and use for offices domestic and other
• Water Resilience and Flood Common Area requirements
Initiatives Risk Mitigation - Detailed • Design for Demand reduction • Metering of Groundwater
assessment through through provision of extraction points as per
hydrogeological study (based CGWA norms
- Sewage treatment plant
on results of preliminary
onsite
assessment)
- Rainwater harvesting
and/or recharge
- Smart water meters
(behavioral interventions)
• WRI Aqueduct tool • CFT proposed solutions • Water Security Plan
Reference • India Water Tool
Materials • WWF Water Risk Filter
• Climate central
• Development of Water • Water Efficient Offices Water secure development
Impact
conservation measures • Net Zero Water developments
Currently, our water consumption as per the local regulations. Research large-scale developments across
has increased for residential area studies at Mahindra TERI Centre of real estate sector companies and
developments owing to increased Excellence (MTCoE) on ‘Sustainable the research outcome in turn helps
water dependent activities during Water Use in Habitats’ involves audit implement the suggested solutions to
the reporting period. On the other and study of various residential and mitigate the impact of scarce water.
hand, our water intensity (Water
consumed per acre) across IC & IC
has decreased by 10.4% as compared
to FY 2021.
With an onsite Sewage Treatment

Plant (STP) in 100% of our residential
projects, the treated water is reused
within the project for landscaping,
flushing, and cooling, resulting in our
projects to be Zero Liquid Discharge
sites. In our integrated cities and
industrial clusters, wastewater from our
industrial customers is treated in the
onsite STP, as mandated by the Central
Pollution Control Board. The sludge
produced from the STP is disposed
Sewage Treatment Plant at Mahindra World City, Jaipur

Source Unit Residential IC & IC
2020-21 2021-22 2020-21 2021-22
(A) Water withdrawal by source
Surface water m3 NA NA NA NA
Groundwater m3 49,734.6 89,048.85 907,304 910,520
Seawater m3 NA NA NA NA
Produced water m3 NA NA NA NA
Third Party water m3 80,835.39 115,965.1 499,183.74 503,197.38
Others m3 0 0 818,112 818,592
Total Water Withdrawal m3 130,569.99 205,013.95 2,224,599.74 2,232,309.38
(B) Water discharge by destination and level of treatment
Surface water m3 0 0 0 0
No treatment m3 NA NA NA NA
With treatment m3 NA NA NA NA
Groundwater m3 0 0 0 0
Seawater m3 0 0 0 0
Third-party m3 0 0 1,488,878 1,573,306
No treatment (Freshwater) m3 NA NA 1,308,225 1,364,216
With treatment
(STP treated water) m3 NA NA 180,653 209,090
Others m3 0 0 0 0
Total water discharged m3 0 0 1,488,878 1,573,306
(C) Water Consumption
Total Water Consumption m3 130,569.99 205,013.95 735,721.74 6,590,03.38
Water Use Intensity m3/sq. ft. or 0.03 0.05 232.29 208.06

m3/acre
166
Natural Capital
#MakingGroundwaterVisible Challenge
Like every year, ‘World Water Day’ was celebrated won the challenge through implementation of initiatives
this year too across all our projects through the such as use of RO reject water for landscaping,
#MakingGroundwaterVisible challenge aligned with collection and reuse of rainwater, water sensors on
the theme for the day, and to encourage implement taps, use of aerators to reduce freshwater use, use of
unique water conservation initiatives. The project curing compound, and the likes, which helped save
demonstrating the maximum number of water 72,000 kl and 7,280 kl of water respectively by these
initiatives and savings were adjudged the winner of project teams. Our water soldiers across projects
the challenge. continue to utilize such opportunities and otherwise
too, to innovate and implement unique initiatives within
Based on the conditions for the challenge, Mahindra
the project thereby saving resources and cost too.
World City Jaipur and Mahindra Happinest Kalyan
Water Saving Initiatives across Mahindra Lifespaces
MWC Jaipur
We implemented various water saving measures like 72,140 kl. Apart from these initiatives, sewage water is
installation of water sensors, garden pop-up sprinklers, treated and reused for landscaping and flushing, and
smart water meters & mist aerators as well as re-used rainwater is harvested and reused, thereby reducing
rejected water from RO for irrigation, thereby saving the dependence on freshwater.
RO water reject reused for landscaping Use of Water Sprinkers for landscaping
Use of rainwater and recycled water Use of Water tap sensors Use of aerators for water taps
for landscaping

MWC Chennai
MWC Chennai also treats sewage water through its STP and reuses the same for flushing and landscaping. It has treated
557,788 kl of sewage water and reused 492,161 kl in FY 2022. Smart water meters are also installed which helps arrest
the unaccounted water within 2%. Also, the project has planned to increase the use of treated water to 45-50% through
greywater augmentation to be commissioned by FY 2023.
Smart Water meter app water consumption readings across Mahindra World City, Chennai
Mahindra Roots
Mahindra Roots project made use of rainwater for
leakage proof testing before commencement of tiling
work which helped save 15 kl of water.
Mahindra Vicino
Mahindra Vicino used block jointing mortar in place
of conventional cement-sand mortar and used ACP
Smart Water Meter at Mahindra World City, Chennai (reusable aluminum material) instead of brick masonry,
thus saving more than 1,100 kl of water.

Curing compound was used in place of water at
Mahindra Happinest Kalyan thereby saving 7,280 kl
of water.
168
Natural Capital
Integrating Circularity in construction

The construction industry generates stages of a project namely: design, of using materials for as long as
the largest volume of waste globally. constructions and occupancy. We possible, while reducing waste through
30-40% of the waste generated minimize waste production by value reuse, recycling, and upcycling and
globally is ‘Construction & Demolition’ engineering design interventions, maxmizing waste prevention. We are
(C&D) waste – of which 10% is created reusing, recycling, and safe disposal cognizant of the need to integrate
during the construction process and at designated sites during construction optimal material use and waste
90% is created during the demolition and zero waste to landfill approach management into our construction
process. Only 1% is recycled during use phase. activities towards crafting Net Zero
responsibly. This problem can be dealt construction process. Our Sustainable
with responsible material management Design Stage: Our primary objective construction waste management SOP
during the construction process. is to reduce material wastage through further provides for standardized waste
Principles of circularity are first time right and through value- management process to be followed
based innovative design interventions. throughout the project lifecycle.
• Minimizing the extraction of We incorporate waste materials such
natural resources as fly ash (up to 35%) in our concrete Occupancy Stage: Net Zero Waste
mix, and secondary steel with plan for use phase involves 100%
• Maximizing waste prevention recycled content in our projects. These composting of organic waste onsite
• Optimizing environmental, social, initiatives are well aligned with our through provision of primary and
material and economic values GSCM policy and paves the way for segregation facilities within the project,
integrating circularity in construction. and recycling and treatment of other
waste types through partnerships with
We, at Mahindra Lifespaces, employ Construction Stage: Our idea of authorized waste handlers
innovative techniques to minimize integrating circularity in construction
waste generated during three is based on the business model
Lifecycle
Design Stage Construction Stage Occupancy Stage
Stage
Product (Residential Homes) Project Office and Sales Product (Residential Homes)
Gallery • Provision of waste bins (dry
Design for
• Provision of organic waste and wet waste) for every
• Resource Recovery Center
composters/composting pots household unit
(Material Recovery Facility)
onsite • 100% Organic waste
within the site
Initiatives
• Partner with authorized composting onsite
• Organic waste composting
recycling vendors • >95% diversion of
units/pits within the site
• Reuse of construction waste recyclables from landfill
• Partnership with authorized
as per feasibility within the • 100% recycling of e-waste
recyclers for treatment of
project
recyclables
• Sustainable Design • Sustainable Office Guidelines • Resident Assist
Reference
Guidelines • Sustainable Construction
Materials
practices
• Net Zero Waste homes • Resource Efficiency • Net Zero Waste homes
Impact • Zero Waste to Landfill - • Zero Waste to Landfill homes
Construction phase

Business Integrated Cities and Industrial Clusters (IC & IC)

Lifecycle
Development Stage Operation and Maintenance Stage
Stage
Provision of • 100% organic waste composting onsite

• Resource Recovery Centre (Material Recovery • Partner with authorized recycling vendors
Facility) within the site • Reuse of development related waste as per
Initiatives
• Organic waste composting onsite feasibility within the project
• Partnership with authorized recyclers for • 100% treatment of recyclables with authorized
treatment of recyclables vendors
Reference • Sustainable Waste Management SOP • Sustainable Waste Management SOP

Materials
• Net Zero Waste developments • Resource Efficiency
Impact
• Zero Waste to Landfill
Responsible E-waste
disposal Creating Value out of Waste
As per the E-Waste (Management) Our efforts to maintain Zero Waste to a C40 Climate Positive Development
Rules, 2016, Mahindra Lifespaces Landfill (ZWL) in our Integrated Cities Program (CPDP) - Stage 2 certified
had undertaken the task for continued to show exemplary results development, sustainable waste
responsible disposal of e-waste. with Mahindra World City Chennai, management becomes crucial.
Mahindra Lifespaces has tied maintaining its 100% waste diversion Training session was organized and
up with Eco eMarket, which
away from landfill as recognized conducted on ‘Waste Management’
handles and recycles the e-waste
through the first surveillance audit in for MWC Jaipur industrial customers
generated at Mahindra Lifespaces.
Dec 2021 by recognized external body as part of the C40-CPDP action plan
We have even provided e-waste
bins at our residential homes and post its ZWL certification awarded strategy to sensitize them on ‘How
have included them as part of our in 2020. Mahindra World City Jaipur Circular Economy was the new lens for
Net Zero waste action plan. showed great progress in diverting waste management leading to Higher
100% of organic waste away from Savings’ and seek their active support
In the reporting period,
landfill through composting on-site in achieving the Climate Positive
approximately, 576.5 kgs of
and working towards diversion of other Outcomes for MWC Jaipur.
e-waste was generated and
types of waste. MWC Jaipur, being
collected from the locations at
Pune, Mumbai and Chakala. The
waste led to the recycling of the
components including 71% metals,
10% glass, 14% plastic, and 5% of
mixed waste. 0.5% mercury and
lead components were disposed
off in a controlled landfill and
as per the MOEF/Chemical and
Fertiliser policy.
The recycling of the e-waste has
allowed Mahindra Lifespaces to
avoid 1,472.3 kg CO2e emissions,
17,117.69 litres of water and 633.62
litres energy equivalent of fuel
through recycling of waste. The
recycling has also allowed us to
avoid 7,043.64 m3 of landfill.
170
Natural Capital
Zero Waste to Landfill (ZWL) - 1st Surveillance audit certificate for MWC Chennai
Unlocking the Power of Waste!

MWC Chennai, being a ZWL certified customers is composted too to generate manure and utilized within the site. Thus,
Integrated City has been composting composting has helped divert 100% of the organic waste from MWC Jaipur away
garden waste through windrow from landfill and generating value out of it.
composting and generating biogas
from food waste. Efforts to achieve
ZWL is visible across MWC Jaipur
through its unique ways to treat
organic waste. MWC Jaipur has
a huge population of unique tree
species – native and others, which
not only makes a preferred choice for
customers, but also provides comfort
from the extreme heat in the region. To
sustain such diverse flora, MWC Jaipur
has not only set up a greenhouse
(nursery) on-site where saplings are
grown and maintained and planted
within the site, but also the garden or
tree-waste is composted to generate
manure and utilized. So, the material
never goes to waste and remains in
the system as a useful resource – a
perfect example of Circular Economy.
Apart from garden waste, food waste
from within the site from our industrial Composting of Garden waste at Mahindra World City, Jaipur

Value Creation Story: Creating wealth from waste
Strategic Objective Alignment with SDGs

• Mahindra Happinest
To further integrate circularity in Tathawade: The Old office
our activities location was coming in
Target Area construction area of Phase-1 and
Circular economy and would create logistic constraints.
Summary It was demolished & re-usable
waste management
Several waste management and materials were stacked on-site.
Material Topic Addressed circular economy projects were More than 90% of those were
Effluents and Waste envisioned and executed in the year for re-used for construction of the
Management, the economic value generated as well new Tathawade Project Office.
Statutory compliance as part of our commitments: This included 6 MT of structural
steel, 550 sq.m of puff panels,
Key Risks Considered • Mahindra Roots: Broken bricks, 28 sq.m. of windows and 100%
Improper waste disposal is considered as construction waste of the furniture. Due to these
not only detrimental to the were reused for terrace and canopy interventions, not only were
surrounding environment, it waterproofing. Broken block pieces we able to save our time in the
would lead to fines and penalties were used for packing gaps behind procurement process but also
as well. Furthermore, MWC lobby shaft door frames, thereby saved more than ` 11 lakh. Old
leading to reuse of about 83 MT of furniture was reused at our new
Jaipur, being a C40 Climate
brick debris. project office in Pune thereby
Positive Development Program
saving cost and resources.
(CPDP) - Stage 2 certified
development, sustainable waste
management becomes crucial.
New project office constructed using reusable waste from old office at Mahindra Happinest Tathawade
172
Natural Capital
Category of waste Unit Residential IC & IC

2020-21 2021-22 2020-21 2021-22
(A) Waste Generated
Plastic waste tons 0.365 0.3255 406.8232 109.7939
E-waste tons 0.078 0.5765 0 0
Bio-medical waste tons NA NA NA NA
Construction and
tons 19,856.37 142,288.8 NA NA
demolition waste
Battery waste tons NA NA NA NA
Radioactive waste tons NA NA NA NA
Other Hazardous waste tons 537.29 0 0 5.8727
Other Non-hazardous waste
tons 25.15 120.74 1,507.14 1,886.656
generated
Metal tons 9.05 30.18 3.06 0
Bio-degradable tons 13.86 55.14 1,471.71 1,818.9
Cardboard tons 2.15 12.73 0 0
Glass tons 0 0 2.21 0.856
Paper tons 0.09 22.69 19.13 51.22
Coconut shells tons 0 0 9.38 10.79
Textiles tons 0 0 1.61 4.62
Thermocol tons 0 0 0.04 0.27
Total Waste Generated tons 20,419.25 142,410.4 1,913.963 2,002.323
(B) Waste Diverted from Disposal
Category of waste
Recycling tons 32.93 43.85 1,532.94 1,939.32
Preparation for reuse tons 19,319.02 140,911 0 0
Other recovery operations tons NA NA NA NA
Total waste diverted from
tons 19,351.95 140,954.9 1,532.94 1,939.32
disposal
(C) Waste Directed to Disposal
Category of waste
Incineration tons 0 0 0 0
Landfilling tons 1,067.3 1,455.53 381.01 62.99
Other disposal operations tons NA NA NA NA
Total waste directed to
tons 1,067.3 1,455.53 381.01 62.99
disposal
Residential IC & IC
Diverted from Diverted from

Disposal - 99% Disposal - 97%
Directed to Directed to
Disposal - 1% Disposal - 3%

Single-Use Plastic Free

Our ‘Single Use Plastic Ban’ policy
helps divert the plastic waste away
from landfill. We initiated this in year
2020. All our sites and offices are
single use plastic free.
Interventions such as replacing Single use plastic free sensitization - Mahindra Happinest Tathawade
plastic spoons with steel spoons,
elimination of plastic bottles, Flex free
banners, eco-friendly folders and
removal of other single use plastics
have been adopted across our offices
and reflected in other organizational
activities such as team day events,
conferences, stakeholder meets,
and the likes. Regular awareness
and training session on single use
plastic ban and celebration of plastic
free July events together with all our
stakeholders including construction
workers, contractors, and suppliers
has helped us in our journey to remain
single use plastic free.
In the reporting period, we have

partnered with suppliers providing
materials with recyclable or zero
packaging. Plastic packaging for
CP Sanitary is strictly prohibited,
and cardboard packaging is taken
back by the vendor. Similarly, plastic
packaging for tiles is discouraged and Single use plastic free campaign at Mahindra Luminare
cloth-based packing is encouraged
with the cloth package material being
taken back by the vendor. Also, the tile
Swachh Bharat Initiative
vendors are encouraged to provide
cover only on shiny surfaces, thereby As part of Mahindra Lifespaces core values on health and hygiene,
avoiding huge amounts of plastic all our stakeholders and all locations participated in the Swachh Bharat
waste generation and diversion away Initiative. The ‘National Cleanliness Week’ was celebrated across our
from landfill. project locations and witnessed participation from all employees and
workers. Our projects - ‘Mahindra Happinest Tathawade,
Mahindra Lakewoods, Mahindra Happinest @MWC Chennai, and
Mahindra Aqualily’ were adjudged winners based on their level of
engagement and initiatives undertaken.
Activities conducted:
• Single-use plastic free campaigning through training and toolbox talks
• Poster making on the importance of cleanliness
• Awareness sessions for workers
• Importance of recycling of waste and revenue generation potential
• Innovations in reuse of waste material communicated through e-mails
174
Natural Capital
Maintaining Clean Environment and Good Health

Minimizing Air Pollution such as excavation, drilling, material actions to reduce emission of such
transportation, loading and unloading, particles in the atmosphere. Going
Both ambient (outdoor) and household
concrete and mortar making, cutting beyond the compliance requirement,
(indoor) air pollution are identified
and filling, and the movement of at MWC Jaipur, we have installed
as the biggest environmental risks
equipment. If left unmanaged, these an online monitoring station which
affecting health and well-being
remain suspended in the air for a long indicates daily value of ambient air
around the world. Construction and
period, causing adverse impact on the quality criteria pollutants. We have
allied activities generate and release
health of onsite workers and the quality taken several measures to monitor
dust and other air emissions such
of life of people living in the vicinity. We and improve our ambient air quality
as PM2.5, PM10, SOx, and NOx,
constantly monitor the air quality within both during the construction and the
originating from various onsite activities
our project sites, while undertaking occupancy stage.
Lifecycle Stage Construction Stage Occupancy Stage
• Regular monitoring of air, water, noise • Maintain ambient air quality

• Dust suppression measures • Use of landscaping to purify and improve air
• Water sprinkling on loose soil quality and circulation
Initiatives • Covering of construction materials • Use of low VoC paints to reduce indoor air
pollution
• Wheel washing facility at the entrance
• Selection of outdoor plants that help reduce
• PUC check of incoming vehicles
air pollution
• Earth slope protection using green Net
Ambient Air Quality - MWC Chennai

70
60
50
40
30
20
10
0
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
Sulphur Dioxide (SO2) Oxides of Nitrogen (NOx) Particulate Matter (PM 10) Particulate Matter (PM 2.5)
*NAAQS permissible limits (annual): PM 10 – 100 | PM 2.5 – 60 | SOx – 80 | NOx – 80. All units are in µg/m3
Ambient Air Quality - MWC Jaipur
70
60
50
40
30
20
10
0
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
Sulphur Dioxide (SO2) Oxides of Nitrogen (NOx) Particulate Matter (PM 10) Particulate Matter (PM 2.5)
*NAAQS permissible limits (annual): PM 10 – 100 | PM 2.5 – 60 | SOx – 80 | NOx – 80. All units are in µg/m3

With sustainable construction soil quality across locations during Mahindra Luminare. Apart from the
practices, and standard operating construction phase has helped us monitoring system to detect air quality,
procedures in place to reduce the meet the regulatory requirements our pollution mitigation measures
impact of construction activities, and maintain a clean and healthy also involve regular sprinkling of
emission levels are within the NAAQS workplace. Also, we do have real water through sprinklers (made using
permissible limit. With regular time air quality monitoring systems reusable pipes) and use of anti-smog
monitoring of air, water, noise, and in place at our project in Gurugram, gun during construction stage.
IMAGES SHARED
Treated wastewater sprinkling for dust Anti-Smog Gun for dust suppression
suppression during construction at Mahindra Luminare
Minimizing Noise Pollution

Construction Noise Mitigation at environmental and social impacts. for the workers and residential
Mahindra Luminare – A Case Study We have detailed Standard Operating occupants in the vicinity. Continuous
Noise pollution affects almost Procedures and processes to monitor monitoring and mitigation measures
everyone, whether living near a busy the air, noise, soil, water, and others in place helps us keep the risks and
or high-traffic area, school, college on regular basis, to understand the associated impacts within control.
or residential place with a nearby compliance aligned with the same. One of the risk encountered due to
construction site, and many more. Also, we have detailed mitigation use of concrete mixer was high levels
Noise has huge health impact beyond measures in place for all the probable of noise measured at 100+ dB, which
a certain tolerance level. Building and impacts due to construction activities could pose a huge impact to both the
Construction sector does involve use such as excavation, drilling, RMC workers and our residential occupants
of heavy machinery daily to complete operations, etc. Apart from this, one of of the 2 nearby towers. To mitigate
the developments. These produce the innovative solutions implemented the related impacts due to such huge
huge levels of noise, which not only by our projects team at Luminare, noise, our project team researched
affects the health and well-being of Gurugram project was use of insulation and devised a solution to lower the
construction workers or personnel material to suppress the noise noise levels through use of rockwool
onsite, but also those in the vicinity of during construction. insulation. The insulation helped
the construction sites. So, it becomes suppress the noise levels within the
important for a real estate company Our project at Luminare, Gurugram threshold limits (<55 dB), and thus the
like ours which aims to craft future involves 2 towers with residential impacts on health, well-being, and
with environmentally and socially occupation and 1 tower under other parameters were avoided.
responsible homes and industrial construction between the other two.
developments, to mitigate the impacts Construction activity being undertaken
of noise pollution along with other poses number of challenges both
176
Natural Capital
This was a unique initiative across our projects and included In 2021-22, our residential and IC & IC businesses
as part of standard operating procedure across projects experienced a decrease in point source emissions as the
going forwards. projects procure electricity from the grid. Though we have
DG sets being used as backup for operating STPs installed
in the integrated cities, process improvements through
application of six sigma has helped reduce the DG use and
hence the emissions.
Particulate Matter
0.14
0.07
0.04 0.04
0.03
0.02
FY 21 FY 22
Mahindra Lifespaces
Mahindra World City Chennai
Rockwool insulation around cement mixer for noise pollution mitigation at Mahindra World City Jaipur
Mahindra Luminare
All units in tons
Nitrous Oxide and Hydrocarbons Carbon Monoxide
2.32 1.80
0.91
1.13
0.72 0.72
0.83
0.82 0.45
0.52 0.35
0.40
FY 21 FY 22 FY 21 FY 22
Mahindra Lifespaces Mahindra Lifespaces
Mahindra World City Chennai Mahindra World City Chennai
Mahindra World City Jaipur Mahindra World City Jaipur
All units in tons All units in tons

Biodiversity
Nurturing The Nature, We Need and Maintain
More than half of the world’s sensitive zones, we do undertake cases, where preservation may not
economic output is dependent on biodiversity studies through external be possible, we transplant trees to
nature, according to estimates by the partners for projects rich in biodiversity a suitable location, where there is
World Economic Forum. But human and conserve the natural ecosystem no danger of being cut down. We
activity has already wiped out 83% (during construction too through our also strive to restore the area around
of mammals, and half of all plants. sustainable construction practices our developments so that our urban
The high dependency of the global and regular biodiversity assessment areas flourish.
economy on nature means nature loss for such areas). We strive to preserve
represents significant risk to corporate existing plantations at sites. We assess Realizing that, protection and
and financial stability. The risks of the biodiversity of the property, retain development of biodiversity when
inaction are immense. ‘Biodiversity the old trees, replant as necessary, designing urban developments is
Loss’ continues to be in the top five and plant 10x times what is in the both sustainable and beneficial, we
risks in terms of impact and likelihood building footprint. This enables us to adopted a ten-point resolution to
over the coming decade of ‘The World ensure cooler temperatures and clean protect and enhance biodiversity at our
Economic Forum’s Global Risk Report air for the future dwellers. In certain project sites.
2022’. But the opportunities from
action are equally huge. Task Force on
Nature-related Financial Disclosures
(TNFD) was also launched with the
Mahindra Lifespaces’ #natuResolution to
backing of financial institutions,
corporates, and governments.
protect and enhance Biodiversity at our sites
We, as a real estate firm, take

inspiration from nature and our Protect natural Preserve top
grass and soil and make your
developments are examples of own soil by
reduce turf
symbiotic relationship with the composting
environment. Realizing that, protection
and development of biodiversity Introduce Create eco
when designing urban developments bird baths habitats and
urban forests
is both sustainable and beneficial,
we adopted a ten-point resolution to
protect and enhance biodiversity at
our project sites. The protection of
biodiversity provides many ecosystem
No fires for Protect and
services. Increasing agrobiodiversity clearing sites #ForNature retain trees
in our projects is a simple solution to
providing better health for residents. #RiseForGood
Simple amenities of organic vegetable
garden, composting, chemical-free
landscapes, native fruit, and vegetable
Mulch garden
plants are well integrated into our waste to preserve Educate all
residential products. Biodiversity is an moisture stakeholders
essential element in site development

and part of landscape design at all Integrate food Eliminate use
farming (vegetable/ of artificial
our locations. Our land assessment
fruit) bee farming pesticides/
process involves environmental impact in projects fertilizers
assessment which aids in developing
strategies for biodiversity conservation.
Though none of our projects are in
178
Natural Capital
Integration of Biodiversity Conservation across project lifecycle
Parameters Pre-Design Stage Design Stage Construction Stage Occupancy Stage
• Biodiversity • Design for • Follow 10-point Nature • Regular
Assessment maximum solution assessment and
(through external preservation of • Follow Sustainable maintenance
third-party partners) biodiversity onsite Construction practices - with support
Initiatives Species Count • Selection of Conservation of Biodiversity from external
(Flora and Fauna) materials (with during construction phase third-party
least impact on partners
• Periodic assessment of
biodiversity) biodiversity as per the
proposed conservation plan
- • 10-point Nature • 10-point Nature solution • Resident Assist
Reference solution • Sustainable Construction
Materials • Sustainable Practices
Design Guidelines
• Helps understand • Conservation Preservation of maximum • Preservation
Impact the rich biodiversity of maximum biodiversity onsite of biodiversity
of selected projects biodiversity onsite onsite
Urban Forest – Mahindra World City Chennai

Mahindra World City, Chennai, undertook plantation of 400,000 native species on a large scale in 2018-19. The Miyawaki
method of plantation, that involved planting different types of species close together in a small area led to the creation of
an ‘Urban Forest’. This initiative held in partnership with our partners communiTREE, helped restore the tree cover and
facilitated enhanced biodiversity of native species.
The forest cover acts as an excellent filter for urban pollutants and fine particulates which not only improves the air quality
but also reduces temperature by 2-4° C, which in turn reduces the cost of operating artificial climate control systems. It also
acts as a noise and dust barrier and creates small habitat for birds and animals, increasing urban biodiversity. The urban
cover has turned into a beautiful forest with rich biodiversity.
Urban forest at Mahindra World City, Chennai
Also, at our project in Nagpur, Mahindra Bloomdale, we have successfully transplanted over 10 full-grown trees within the
project sites. Also, in our Integrated City at MWC Jaipur, we have a homegrown nursery where we grow saplings and plant
them within the site.

Value Creation Story: Biodiversity Conservation
Value Creation Story

As a part of our customer value proposition, a biodiversity study was conducted at Mahindra Eden, Kanakapura.
• The project has a rich fauna comprising 25+ species of birds and butterflies, 5+ species of reptiles and
2 species of mammals
• There are 108 species of plants belonging to 47 families, and 342 existing trees with a detailed plan to plant
800+ more trees and transplant 108 trees
Blue tiger butterfly (Tirumala Limniace) Gaudy Baron (Euthalia Lubentina) Yellow-billed Babbler (Turdoides affinis)
Indian black turtle Pentas lanceolata Hibiscus rosa-sinensis

On the back of our deep consumption, and recycle and reuse
understanding of sustainability, we 100% waste collected.
are working to spur widespread
development of Net Zero homes as Our climate action plan, circularity-
the mainstay of our portfolio. We aim to focused material management and
create Net Zero (Energy, Water, Waste) waste diversion away from landfill,
homes by 2030 in alignment with our water resiliency and nature positive
commitment. strategies are significant mechanisms
towards achieving Net Zero homes,
We have committed to become offices, and sales galleries. We also
carbon neutral by 2040, 10 years persevere to educate and involve
ahead of the Paris Agreement. all the relevant stakeholders and
We will further increase renewable customers in our objective to achieve
energy consumption, reduce material this goal.
180
Natural Capital
We are extremely proud to

have a 100% green portfolio
since 2013. We have pledged
to encompass sustainability
in both our residential and
IC & IC portfolios. Our
actions to address climate
change and achieve Net Zero
emissions are a testament to
our commitment to operate a
sustainable business. The
IC & IC portfolio is a one-of-its-
kind solution which promotes
a circular, low-resource
consumption for communities
and businesses based on the
principles of Life, Living and
Livelihood. We have managed
to onboard all the stakeholders
progressively, with a focus
to leverage planning and
technology for conservation
of energy, renewable energy
initiatives, water, and waste
management programs.
- Rajaram Pai
Chief Business Officer -
Industrial (IC & IC)
Greenhouse Nursery at Mahindra World City, Jaipur

The Road Ahead
youth voice in India resulting in management and devise appropriate

key shifts in various aspects of solutions. This work will continue in
environmental protection, increased FY 2023 as well.
volunteerism, and youth action.
Augmented sustainability awareness Our persistent quest for
amongst customers is another key decarbonization solutions in the
driver in the real estate sector. built environment led to the birth
of a unique “Business Charter”. In
Investor Scrutiny: More and more this effort, we partnered with World
investors are starting to realize that a Resources Institute India (WRI India),
company cannot be understood only Alliance for an Energy Efficient
through its financial performance. Economy (AEEE), and EcoCollab, to
Non-financial performance possesses develop a voluntary business charter
critical risks to an organization – which that will act as a platform to explore
could translate to fines, brand and common challenges and opportunities
reputation loss and in extreme cases and identify priority actions for key
stoppage of business operations. stakeholders to decarbonize the
Investors measure the same using building and construction sector.
scorecard such as CDP, DJSI, GRESB
In the last financial year the term or independent ratings such as Year of Net Zero: One would not be
ESG - has become very common Sustainalytics, MSCI etc. wrong in saying that 2021 was the
amongst all stakeholders. Both ESG year where “Net Zero” was added
and Sustainability cover people, At Mahindra Lifespaces, increased to everyday vocabulary. At COP 26
planet and profit. ESG is more of an investor scrutiny on ESG aspects this held in 2021 in Glasgow, India has
internal risk management framework year resulted in ESG audits, requests pledged to become Net Zero by 2070
and for investors a definitive tool to for ESG information and environmental (Amrit Tatva or 5 commitments of
scoring companies. due diligence. Our robust ESG the country). Net Zero, or becoming
processes and reporting systems carbon neutral, means not adding to
The latest IPCC report released in enabled through more than a decade the amount of greenhouse gases in
August 2021 emphasized the urgent of ESG reporting has aided us in timely the atmosphere. If you are still unclear
need for strong and sustained responses to investor requests. about what is Net Zero – here are few
reduction in emissions to help answers to the common queries for
address the climate crisis. But we Increased Collaboration: In a major your easy reference.
saw COP 26 falling short – even if all shift this year from our end leading
countries were to meet their targets, discussions for collaborative action Apart from our Carbon neutrality by
we would only be able to keep the saw a positive call for collaboration 2040 pledge, in April 2021, we signed
temperature rise to 1.8 degrees C. from our supply chain and banking up the IGBC Net Zero pledge. We
The transition to Net Zero economy partners. This is a welcome shift which commit to design and construct all new
has accelerated and the pace is only indicates a willingness to shift to a buildings as Net Zero by 2030!
going to increase. Interestingly, Scope new collaborative era of creating a
better world. In FY 2021, we started our work under
3 emissions have become material
BEEP (Building Energy Efficiency
for many organizations – so they are
In a unique collaboration, we have Program) and BEEP-RE (Renewable
reaching out to customers, suppliers,
partnered with another real estate Energy) on how Climate Responsive
contractors, and key value chain
organization to understand the Design could help us develop Net
members to help achieve their climate
challenges of construction waste Zero Buildings. On the foundation of
targets. We are seeing increasing
182
The Road Ahead
this work, we launched India’s first Net Integration pathway for all within the sector. Our
Zero Energy Residential building in So, what has helped us, is deeper new commitment calls for revisiting our
April 2022. integration of ESG into all functions 2025 Sustainability Roadmap and set
and all aspects of business decision- out our new 2030 Roadmap.
Year of Funding Green making. Strategic integration
In September 2021, nine organizations involves enhancing and leveraging The road to a better world is
pledged US$ billion over the next business processes in delivering challenging. As we continue our
ten years to assist the development, sustainability goals. journey of Crafting Future with
growth, maintenance, and monitoring environmentally and socially
of protected and preserved places on Our business growth pillars of responsible homes and industrial
land, inland water, and at sea. These Business Development, Product developments, we will continue to join
organizations include Bloomberg Standardization, Sales, First Time hands with all stakeholders in creating
Philanthropies, the Rob and Melani Right, Construction Management and shared value for all. Afterall, we have
Walton Foundation, Bezos Earth Fund, Customer Experience are aligned with “Only one Earth” and one cannot do
and Re:wild. sustainability and deeply integrated business with an ailing planet.
in all business activities involving
We, at Mahindra Lifespaces, have site selection, planning and design, - Dr. Sunita Purushottam
renewed our commitment to funding product launch, material selection, Head - Sustainability
research on Sustainable Habitat at construction management to handover.
in November 2021. This work is critical Road Ahead
as the unique center aims to develop Our new Net Zero commitment has
and provide open-source resources for accelerated our action within the
climate-resilient built environment. We organization while setting exemplar
will continue to work in augmenting the
center in FY 2023.

NOTICE
The Twenty-Third Annual General Meeting (“23rd AGM” SPECIAL BUSINESS:
or “AGM”) of MAHINDRA LIFESPACE DEVELOPERS 6. Re-appointment of Mr. Ameet Hariani (DIN: 00087866)
LIMITED (CIN: L45200MH1999PLC118949) will be held on as an Independent Director of the Company for a
Wednesday, 27th July, 2022 at 4:00 p.m. (IST) at Y. B. Chavan second term of five consecutive years.
Centre, General Jagannath Bhosle Marg, next to Sachivalaya
Gymkhana, Mumbai 400 021, to transact the following To consider and if thought fit, to pass, with or without
business: modification(s), the following resolution as a special
resolution:
ORDINARY BUSINESS:
“RESOLVED THAT pursuant to the provisions of
1. To receive, consider and adopt the audited standalone sections 149, 150, 152 read with Schedule IV and
financial statement of the Company for the financial year other applicable provisions of the Companies Act,
ended on 31st March, 2022 and the Reports of the Board 2013 (“the Act“) and the Companies (Appointment and
of Directors and the Auditor’s thereon. Qualifications of Directors) Rules, 2014 and Securities
and Exchange Board of India (Listing Obligations and
2. To receive, consider and adopt the audited consolidated
Disclosure Requirements) Regulations, 2015 (“LODR
financial statement of the Company for the financial year
Regulations”) [including any statutory modification(s)
ended on 31st March, 2022 and report of the Auditor’s
or amendment(s) thereto or re-enactment(s)
thereon.
thereof for the time being in force], and pursuant to
3. To declare Dividend on equity shares for the financial recommendation of Nomination and Remuneration
year ended on 31st March, 2022. Committee and Board of Directors of the Company,
Mr. Ameet Hariani (DIN: 00087866), who was appointed
4. To appoint a Director in place of Dr. Anish Shah (DIN: as an Independent Director of the Company at the
02719429), who retires by rotation and being eligible, 19th Annual General Meeting of the Company held on
offers himself for re-appointment. 30th July, 2018 for a period of first term commencing from
4th September, 2017 and ending on 3rd September, 2022
5. Re-appointment of Statutory Auditors of the Company. and who has submitted declarations as provided under
the Act and LODR Regulations and in respect of whom
To consider, and if thought fit, to pass, with or without the Company has received a Notice in writing from a
modification(s), the following resolution, as an ordinary Member under section 160 of the Act, proposing his
resolution: candidature for the office of Director, being eligible, be
re-appointed as a Non-Executive Independent Director
“RESOLVED THAT pursuant to the provisions of Section
of the Company, not liable to retire by rotation, to hold
139, 142 and other applicable provisions, if any, of the
office for a second term of 5 (five) consecutive years
Companies Act, 2013, and the Companies (Audit and
commencing from 4th September, 2022 to 3rd September,
Auditors) Rules, 2014, as amended from time to time,
2027.”
and pursuant to the recommendations of the Audit
Committee and the Board of Directors of the Company, 7. Appointment of Ms. Asha Kharga as a Director
Messrs Deloitte Haskins & Sells LLP, Chartered
To consider and if thought fit, to pass the following
Accountants (ICAI Registration Number -117366W/W-
resolution as an Ordinary Resolution:
100018), be and are hereby re-appointed as Statutory
Auditors of the Company, to hold office for a second “RESOLVED THAT in accordance with the provisions of
term of five consecutive years from the conclusion of the Section 152 and all other applicable provisions, if any,
this Annual General Meeting (AGM) i.e. 23rd AGM until of the Companies Act, 2013 read with the Companies
the conclusion of the 28th AGM to be held in the calendar (Appointment and Qualification of Directors) Rules,
year 2027, at such remuneration including applicable 2014 and pursuant to Regulation 17(1C) of Securities
taxes and out-of-pocket expenses, as may be mutually and Exchange Board of India (Listing Obligations and
agreed between the Board of Directors and the Statutory Disclosure Requirements) Regulations, 2015 (including
Auditors.” any statutory modification(s) or re-enactment thereof for
184
Notice
the time being in force) and other applicable provisions, members of the Company be and is hereby accorded
Ms. Asha Kharga (DIN: 08473580), who was appointed to material related party transaction(s) to be entered
by the Board of Directors pursuant to the provision of into by the Company with Tech Mahindra Ltd, being a
Section 161 of the Companies Act, 2013 and Article ‘Related Party’ within the meaning of Section 2(76) of
128 of the Articles of Association of the Company as the Companies Act, 2013 and Regulation 2(1)(zb) of the
an Additional Director on 13th May, 2022 and who holds LODR Regulations, during the financial year 2022-23,
office upto the date of this Annual General Meeting and for availing financial assistance in the form of loan, from
in respect of whom the Company has received a notice time to time, for an aggregate amount of upto Rs. 500
in writing from a Member proposing her candidature crore, in the ordinary course of business of the Company
for the office of a Director of the Company, be and is and on an arm’s length basis, and on such terms and
hereby appointed as a Non-Executive Non-Independent conditions as set out in the explanatory statement to this
Director of the Company, liable to retire by rotation.” Resolution, notwithstanding the fact that such contracts/
arrangements/ transactions, whether individually and/
8. Ratification of Remuneration to Cost Auditor or in the aggregate, may exceed Rupees 1,000 crore
To consider and, if thought fit, to pass the following or 10% of the annual consolidated turnover of the
resolution as an Ordinary Resolution: Company as per the last audited financial statements of
the Company, whichever is lower, or any other materiality
“RESOLVED THAT pursuant to the provisions of Section threshold as may be applicable under law/ regulations
148 of the Companies Act, 2013 (“the Act”) and all other from time to time.”
applicable provisions of the Act, the Companies (Audit
and Auditors) Rules, 2014 (including any statutory RESOLVED FURTHER THAT the Board of the Directors
modification or re-enactment thereof for the time being of the Company (including any Committee authorised
in force) and recommendation of the Audit Committee, by the Board to exercise its powers including powers
CMA Vaibhav Prabhakar Joshi, Practicing Cost conferred on the Board by this resolution) and / or
Accountant, Mumbai (Firm Registration No. 101329), any Key Managerial Personnel of the Company, be
appointed by the Board of Directors of the Company and is hereby authorised to sign, execute, alter and/
as Cost Auditor for conducting the audit of the cost or negotiate all such deeds, agreements, contracts,
transactions, applications, documents, papers, forms
records of the Company, for the financial year ended on
and writings that may be required, for and on behalf of
31st March, 2022, be paid the remuneration as set out
the Company and to do all such acts, deeds, matters
in the explanatory statement annexed to the Notice
and things as it may deem fit at its absolute discretion
convening this Meeting.
to give effect to this Resolution and for resolving all such
RESOLVED FURTHER THAT the Board of Directors issues, questions, difficulties or doubts whatsoever that
of the Company be and is hereby authorised to do all may arise in this regard.”
such acts and take all such steps as may be necessary,
10. Approval for Material Related Party Transaction(s)
proper or expedient to give effect to this Resolution.”
with Mahindra Holidays & Resorts India Limited
To consider and, if thought fit, to pass the following
with Tech Mahindra Limited
resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions
of Regulation 23(4) and such other applicable
“RESOLVED THAT pursuant to the provisions of Regulations, if any, of the Securities and Exchange
Regulation 23(4) and such other applicable Regulations, Board of India (Listing Obligations and Disclosure
if any, of the Securities and Exchange Board of India Requirements) Regulations, 2015 (“LODR Regulations”)
(Listing Obligations and Disclosure Requirements) and applicable provisions of the Companies Act,
Regulations, 2015 (“LODR Regulations”) and applicable 2013 and Rules thereunder (including any statutory
provisions of the Companies Act, 2013 and Rules modification(s) or amendment(s) or re-enactment(s)
thereunder (including any statutory modification(s) or thereof, for the time being in force) and the Company’s
amendment(s) or re-enactment(s) thereof, for the time ‘Policy on Materiality of and on dealing with Related
being in force) and the Company’s ‘Policy on Materiality Party Transactions’ and pursuant to approval and
of and on dealing with Related Party Transactions’ and recommendation of the Audit Committee and Board of
pursuant to approval and recommendation of the Audit Directors, approval of the members of the Company
Committee and Board of Directors, approval of the be and is hereby accorded to material related party

transaction(s) to be entered into by the Company with into by the Company with Mahindra Homes Private Ltd
Mahindra Holidays & Resorts India Ltd (“MHRIL”), being (“MHPL”), being a ‘Related Party’ within the meaning of
a ‘Related Party’ within the meaning of Section 2(76) of Section 2(76) of the Companies Act, 2013 and Regulation
the Companies Act, 2013 and Regulation 2(1)(zb) of the 2(1)(zb) of the LODR Regulations, during the financial
LODR Regulations, during the financial year 2022-23, year 2022-23, for availing financial assistance in the
for availing financial assistance in the form of loan, from form of loan, from time to time, for an aggregate amount
time to time, for an aggregate amount of upto Rs. 150 of upto Rs. 250 crore, in the ordinary course of business
crore, in the ordinary course of business of the Company of the Company and on an arm’s length basis, and on
and on an arm’s length basis, and on such terms and such terms and conditions as set out in the explanatory
conditions as set out in the explanatory statement to this statement to this Resolution, notwithstanding the fact that
Resolution, notwithstanding the fact that such contracts/ such contracts/ arrangements/ transactions, whether
arrangements/ transactions, whether individually and/ individually and/or in the aggregate, may exceed
or in the aggregate, may exceed Rupees 1,000 crore Rupees 1,000 crore or 10% of the annual consolidated
or 10% of the annual consolidated turnover of the turnover of the Company as per the last audited financial
Company as per the last audited financial statements of statements of the Company, whichever is lower, or any
the Company, whichever is lower, or any other materiality other materiality threshold as may be applicable under
threshold as may be applicable under law/ regulations law/ regulations from time to time.”
from time to time.”
RESOLVED FURTHER THAT the Board of the Directors
RESOLVED FURTHER THAT the Board of the Directors of the Company (including any Committee authorised
of the Company (including any Committee authorised by the Board to exercise its powers including powers
by the Board to exercise its powers including powers conferred on the Board by this resolution) and / or
conferred on the Board by this resolution) and / or any Key Managerial Personnel of the Company, be
any Key Managerial Personnel of the Company, be and is hereby authorised to sign, execute, alter and/
and is hereby authorised to sign, execute, alter and/ or negotiate all such deeds, agreements, contracts,
or negotiate all such deeds, agreements, contracts, transactions, applications, documents, papers, forms
transactions, applications, documents, papers, forms and writings that may be required, for and on behalf of
and writings that may be required, for and on behalf of the Company and to do all such acts, deeds, matters
the Company and to do all such acts, deeds, matters and things as it may deem fit at its absolute discretion
and things as it may deem fit at its absolute discretion to give effect to this Resolution and for resolving all such
to give effect to this Resolution and for resolving all such issues, questions, difficulties or doubts whatsoever that
may arise in this regard.”
issues, questions, difficulties or doubts whatsoever that
may arise in this regard.” 12. Approval for Material Related Party Transaction(s)
with Mahindra World City (Jaipur) Limited
with Mahindra Homes Private Limited To consider and, if thought fit, to pass the following
resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions
of Regulation 23(4) and such other applicable
“RESOLVED THAT pursuant to the provisions of Regulations, if any, of the Securities and Exchange
Regulation 23(4) and such other applicable Regulations, Board of India (Listing Obligations and Disclosure
if any, of the Securities and Exchange Board of India Requirements) Regulations, 2015 (“LODR Regulations”)
(Listing Obligations and Disclosure Requirements) and applicable provisions of the Companies Act,
Regulations, 2015 (“LODR Regulations”) and applicable 2013 and Rules thereunder (including any statutory
provisions of the Companies Act, 2013 and Rules modification(s) or amendment(s) or re-enactment(s)
thereunder (including any statutory modification(s) or thereof, for the time being in force) and the Company’s
amendment(s) or re-enactment(s) thereof, for the time ‘Policy on Materiality of and on dealing with Related
being in force) and the Company’s ‘Policy on Materiality Party Transactions’ and pursuant to approval and
of and on dealing with Related Party Transactions’ and recommendation of the Audit Committee and Board of
pursuant to approval and recommendation of the Audit Directors, approval of the members of the Company
Committee and Board of Directors, approval of the be and is hereby accorded to material related party
members of the Company be and is hereby accorded transaction(s) to be entered into by the Company with
to material related party transaction(s) to be entered Mahindra World City (Jaipur) Ltd (“MWCJL”), being a
186
Notice
‘Related Party’ within the meaning of Section 2(76) of and Regulation 2(1)(zb) of the LODR Regulations,
the Companies Act, 2013 and Regulation 2(1)(zb) of the during the financial year 2022-23, for providing
LODR Regulations, during the financial year 2022-23, financial assistance in the form of loan, from time to
for availing financial assistance in the form of loan, from time, for an aggregate amount of upto Rs. 250 crore,
time to time, for an aggregate amount of upto Rs. 250 in the ordinary course of business of the Company
crore, in the ordinary course of business of the Company and on an arm’s length basis, and on such terms and
and on an arm’s length basis, and on such terms and conditions as set out in the explanatory statement to this
conditions as set out in the explanatory statement to this Resolution, notwithstanding the fact that such contracts/
Resolution, notwithstanding the fact that such contracts/ arrangements/ transactions, whether individually and/
arrangements/ transactions, whether individually and/ or in the aggregate, may exceed Rupees 1,000 crore
or in the aggregate, may exceed Rupees 1,000 crore or 10% of the annual consolidated turnover of the
or 10% of the annual consolidated turnover of the Company as per the last audited financial statements of
Company as per the last audited financial statements of the Company, whichever is lower, or any other materiality
the Company, whichever is lower, or any other materiality threshold as may be applicable under law/ regulations
threshold as may be applicable under law/ regulations from time to time.”
from time to time.”
RESOLVED FURTHER THAT the Board of the Directors
RESOLVED FURTHER THAT the Board of the Directors of the Company (including any Committee authorised
of the Company (including any Committee authorised by the Board to exercise its powers including powers
by the Board to exercise its powers including powers conferred on the Board by this resolution) and / or
conferred on the Board by this resolution) and / or any Key Managerial Personnel of the Company, be
any Key Managerial Personnel of the Company, be and is hereby authorised to sign, execute, alter and/
and is hereby authorised to sign, execute, alter and/ or negotiate all such deeds, agreements, contracts,
or negotiate all such deeds, agreements, contracts, transactions, applications, documents, papers, forms
transactions, applications, documents, papers, forms and writings that may be required, for and on behalf of
and writings that may be required, for and on behalf of the Company and to do all such acts, deeds, matters
the Company and to do all such acts, deeds, matters and things as it may deem fit at its absolute discretion
and things as it may deem fit at its absolute discretion to give effect to this Resolution and for resolving all such
to give effect to this Resolution and for resolving all such issues, questions, difficulties or doubts whatsoever that
issues, questions, difficulties or doubts whatsoever that may arise in this regard.”
may arise in this regard.”
13. Approval for Material Related Party Transaction(s) between Mahindra World City Developers Limited
with Mahindra World City Developers Limited and Tech Mahindra Limited
To consider and, if thought fit, to pass the following To consider and, if thought fit, to pass the following
resolution as an Ordinary Resolution: resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of “RESOLVED THAT pursuant to the provisions of
Regulation 23(4) and such other applicable Regulations, Regulation 23(4) and such other applicable Regulations,
if any, of the Securities and Exchange Board of India if any, of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“LODR Regulations”) and applicable Regulations, 2015 (“LODR Regulations”) and applicable
provisions of the Companies Act, 2013 and Rules provisions of the Companies Act, 2013 and Rules
thereunder (including any statutory modification(s) or thereunder (including any statutory modification(s) or
amendment(s) or re-enactment(s) thereof, for the time amendment(s) or re-enactment(s) thereof, for the time
being in force) and the Company’s ‘Policy on Materiality being in force) and the Company’s ‘Policy on Materiality
of and on dealing with Related Party Transactions’ and of and on dealing with Related Party Transactions’
pursuant to approval and recommendation of the Audit and pursuant to approval and recommendation of the
Committee and Board of Directors, approval of the Audit Committee and Board of Directors, approval
members of the Company be and is hereby accorded to of the members of the Company be and is hereby
material related party transaction(s) to be entered into accorded to material related party transaction(s) to be
by the Company with Mahindra World City Developers entered into between Mahindra World City Developers
Ltd (“MWCDL”), being a ‘Related Party’ within the Ltd (MWCDL) and Tech Mahindra Ltd. (TML) being
meaning of Section 2(76) of the Companies Act, 2013 ‘Related Party Transaction’ within the meaning of

Regulation 2(1)(zc) of the LODR Regulations, during the 3. PROXY: A form of proxy is enclosed to this annual
financial year 2022-23, for availing financial assistance report. No instrument of proxy shall be valid unless:
in the form of loan by MWCDL from TML, from time to
time, for an aggregate amount of upto Rs. 250 crore, a. it is signed by the member or by his / her attorney
in the ordinary course of business of the Company duly authorised in writing or, in the case of joint
and on an arm’s length basis, and on such terms and holders, the signature of any one holder on proxy
conditions as set out in the explanatory statement to this form will be sufficient, but names of all the joint
Resolution, notwithstanding the fact that such contracts/ holders should be stated or, in the case of body
arrangements/ transactions, whether individually and/ corporate, it is executed under its common seal,
or in the aggregate, may exceed Rupees 1,000 crore if any, or signed by its attorney duly authorised in
or 10% of the annual consolidated turnover of the writing; provided that an instrument of proxy shall
Company as per the last audited financial statements of be sufficiently signed by any member, who for any
the Company, whichever is lower, or any other materiality reason is unable to write his/her name, if his / her
threshold as may be applicable under law/ regulations thumb impression is affixed thereto, and attested
from time to time.” by a judge, magistrate, registrar or sub-registrar of
assurances or other government gazetted officers
RESOLVED FURTHER THAT the Board of the Directors or any officer of a Nationalised Bank;
of the Company (including any Committee authorised
by the Board to exercise its powers including powers b. it is duly stamped and deposited at the Registered
conferred on the Board by this resolution) and / or Office of the Company not less than 48 hours
any Key Managerial Personnel of the Company, be before the time fixed for the meeting i.e. by 4:00
and is hereby authorised to sign, execute, alter and/ p.m. on Monday, 25th July, 2022, together with the
or negotiate all such deeds, agreements, contracts, power of attorney or other authority (if any), under
transactions, applications, documents, papers, forms which it is signed or a copy of that power of attorney
and writings that may be required, for and on behalf of certified by a notary public or a magistrate unless
such a power of attorney or the other authority
the Company and to do all such acts, deeds, matters
is previously deposited and registered with the
and things as it may deem fit at its absolute discretion
Company / Registrar & Share Transfer Agent;
to give effect to this Resolution and for resolving all such
issues, questions, difficulties or doubts whatsoever that 4. Members / proxies are requested to bring duly filled
may arise in this regard.” attendance slips, sent herewith, to attend the Meeting
NOTES: and proxy holder shall prove his identity at the time of
attending the meeting;
1. Explanatory Statement as required under Section 102 of
5. Every member entitled to vote at the Annual General
the Companies Act (Act) is annexed hereto.
Meeting of the Company can inspect the proxies lodged
with the Company at any time during the business hours
2. A MEMBER ENTITLED TO ATTEND AND VOTE AT
of the Company during the period beginning twenty-four
THE MEETING IS ENTITLED TO APPOINT ONE OR
(24) hours before the time fixed for the commencement
MORE PROXIES TO ATTEND AND VOTE INSTEAD OF
of the Annual General Meeting and ending on the
HIMSELF / HERSELF AND A PROXY NEED NOT BE A
conclusion of the meeting. However, a prior notice of
MEMBER.
not less than three (3) days in writing of the intention
to inspect the proxies lodged shall be required to be
A PERSON CAN ACT AS A PROXY ON BEHALF OF
provided to the Company;
MEMBERS NOT EXCEEDING FIFTY AND HOLDING
IN THE AGGREGATE NOT MORE THAN TEN 6. CORPORATE MEMBERS: Institutional / Corporate
PERCENT OF THE TOTAL SHARE CAPITAL OF THE Members (i.e. other than individuals / HUF, NRI, etc.)
COMPANY CARRYING VOTING RIGHTS. HOWEVER, are required to send a scanned copy (PDF/JPG Format)
A MEMBER HOLDING MORE THAN TEN PERCENT of its Board or governing body Resolution/Authorization
OF THE TOTAL SHARE CAPITAL OF THE COMPANY etc., together with attested specimen signature(s) of the
CARRYING VOTING RIGHTS MAY APPOINT A SINGLE duly authorised representative(s), to attend the AGM
PERSON AS A PROXY AND SUCH PERSON SHALL on its behalf and to vote through remote e-voting. The
NOT ACT AS A PROXY FOR ANY OTHER PERSON said Resolution / Authorisation shall be sent by email
OR SHAREHOLDER. through its registered email address to the scrutinizer at
188
Notice
email id: mferraocs@yahoo.com with a copy marked to Registrar & Transfer Agent (KFin) in prescribed
evoting@kfintech.com and to the Company at investor. Form ISR-1 and other forms pursuant to SEBI
mldl@mahindra.com. Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/
CIR/2021/655 dated 3rd November, 2021 (SEBI
7. DIRECTOR RE-APPOINTMENT (RETIRE BY Circular).
ROTATION): Brief resume and other requisite details of
Dr. Anish Shah in terms of Regulation 36(3) of Securities This will facilitate the remittance of the dividend amount,
and Exchange Board of India (Listing Obligation & as and when declared by the Company, in the Bank
Disclosure Requirement) Regulations 2015 (LODR Account electronically.
Regulations) is provided in the Corporate Governance
Report forming part of the Annual Report. None of the In case, the Company is unable to pay the dividend to
Directors of the Company are inter-se related to each any Member by electronic mode, due to non-availability
other. of the details of the bank account, the Company shall
dispatch the dividend warrant / demand draft / cheque
8. BOOK CLOSURE: The Register of Members and to such members by post / speed post/registered post/
Transfer Books of the Company will be closed from courier.
Thursday, July 21, 2022, to Wednesday, July 27, 2022
(both days inclusive) for the purpose of Dividend. 11. TDS ON DIVIDEND: Pursuant to the Income-tax Act,
1961, as amended by the Finance Act, 2020, dividend
9. DIVIDEND: The dividend, as recommended by the income will be taxable in the hands of Members w.e.f.
Board of Directors, if approved at the AGM, would be April 1, 2020 and the Company is required to deduct
paid subject to deduction of tax at source, as may be tax at source from dividend paid to Members at the
applicable, after 27th July, 2022, to those persons or their prescribed rates. For the prescribed rates for various
mandates: categories, please refer to the Finance Act, 2020 and
the amendments thereof.
a) whose names appear as Beneficial Owners as at
the end of the business hours on Wednesday, 20th A Resident individual Member with PAN and who
July, 2022 in the list of Beneficial Owners to be is not liable to pay income tax can submit a yearly
furnished by National Securities Depository Limited declaration in Form No. 15G/15H, to avail the benefit
and Central Depository Services (India) Limited in of non-deduction of tax at source by submitting the
respect of the shares held in electronic form; and details online at https://ris.kfintech.com/form15/forms.
aspx?q=0 on or before Friday, 15th July, 2022. Members
b) whose names appear as Members in the Register
are requested to note that in case their PAN is not
of Members of the Company as at the end of the
registered or having invalid PAN or they are Specified
business hours on Wednesday, 20th July, 2022
Person as defined under section 206AB of the Income-
after giving effect to valid request(s) received for
tax Act (“the Act”), the tax will be deducted at a higher
transmission/ transposition of shares.
rate prescribed under section 206AA or 206AB of the
10. DIVIDEND THROUGH ELECTRONIC MODE: SEBI has Act, as applicable.
made it mandatory for listed companies to make all
Non-resident Members [including Foreign Institutional
payments to investors including dividend to Members,
Investors (FIIs)/Foreign Portfolio Investors (FPIs)] can
by using any RBI approved electronic mode of payment
avail beneficial rates under tax treaty between India
viz. Electronic Clearing Service / Direct Credit / Real
and their country of tax residence, subject to providing
Time Gross Settlement / National Electronic Fund
necessary documents i.e. No Permanent Establishment
Transfer etc. Members are, therefore, requested to add /
and Beneficial Ownership Declaration, Tax Residency
update their bank account details as under:
Certificate, Form 10F, any other document which may be
a) In case of holding of shares in demat form, update required to avail the tax treaty benefits. For this purpose
your bank account details with your Depository the Members may submit the above documents at
Participant(s) (DP) immediately. https://ris.kfintech.com/form15/forms.aspx?q=0. The
aforesaid declarations and documents need to be
b) In case of physical shareholding, submit bank submitted by the Members on or before Friday, 15th July,
details such as name of the bank, branch details, 2022. For further details please refer to FAQs on Taxation
bank account number, MICR code, IFSC code of Dividend Distribution at www.mahindralifespaces.
etc to the Company / KFin Technologies Limited, com.

An email communication informing the Members Company’s website at https://www.mahindralifespaces.

regarding this change in the Income-tax Act, 1961 as com/investor-center/?category=agm-egm under
well as the relevant procedure to be adopted by them to heading ‘Information for holders of physical securities’
avail the applicable tax rate is being sent by the Company and on the website of KFin at: https://ris.kfintech.com/
at the registered email IDs of the Members and is also clientservices/isc/default.aspx#isc_download_hrd.
uploaded on the website of the Company at https:// It may be noted that any service request can be
mldlprodstorage.blob.core.windows.net/live/2022/06/ processed only after the folio is KYC compliant.
COMMUNICATION-ON-DEDUCTION-OF-TAX-AT-
SOURCE-ON-FINAL-DIVIDEND-RECOMMENDED- 14. TRANSFER OF SHARES PERMITTED IN DEMAT
FOR-THE-FINANCIAL-YEAR-ENDED-31-MARCH-2022. FORM ONLY: In terms of Regulation 40 of LODR
pdf and on the websites of the stock exchanges i.e. BSE Regulations, except in case of transmission or
Ltd. at www.bseindia.com and National Stock Exchange transposition of securities, requests for effecting transfer
of India Ltd. at www.nseindia.com. of securities shall not be processed unless the securities
are held in the dematerialized form with a depository.
12. Members are requested to intimate changes, if any,
pertaining to their name, postal address, e-mail address, In view of this and to eliminate all risks associated with
telephone/mobile numbers, Permanent Account Number physical shares and for ease of portfolio management,
(PAN), mandates, nominations, power of attorney, bank all Members holding shares in physical form are
details such as, name of the bank and branch details, requested to demat their shares at the earliest.
bank account number, MICR code, IFSC code, etc.:
15. NOMINATION FACILITY: As per the provisions of
a. For shares held in electronic form: to their Section 72 of the Act and SEBI Circular, the facility
Depository Participants (DPs). for making nomination is available for the Members in
respect of the shares held by them as under:
b. For shares held in physical form: to the Company/
KFin in prescribed Form ISR-1 and other forms a. Members holding shares in physical mode:
pursuant to SEBI Circular. The Company had sent
letters to the Members for furnishing the required Members who have not yet registered their
details. Members may also refer to forms and the nomination are requested to register the same by
said SEBI Circular uploaded on the website of submitting Form No. SH-13. If a Member desires to
the Company at https://www.mahindralifespaces. opt out or cancel the earlier nomination and record
com/investor-center/?category=agm-egm under a fresh nomination, he/she may submit the same in
heading ‘Information for holders of physical Form ISR-3 or SH-14 as the case may be. The said
securities’. forms can be downloaded from the Company’s
website at https://www.mahindralifespaces.
SEBI Circular mandated the furnishing of PAN, address com/investor-center/?category=agm-egm under
with PIN, email address, mobile number, bank account heading ‘Information for holders of physical
details and nomination by holders of physical securities. securities’.
Folios wherein any one of the cited document / details
are not available on or after April 01, 2023, shall be b. Members holding shares in electronic mode:
frozen by KFin.
Members holding shares in electronic form may
13. Members may please note that SEBI vide its Circular No. contact their respective Depository Participants for
SEBI/HO/MIRSD/MIRSD RTAMB/P/CIR/2022/8 dated availing this facility.
January 25, 2022 has mandated the listed companies
to issue securities in dematerialized form only while 16. IEPF and Dividend paid: Under the Act, dividends
processing service requests viz. issue of duplicate that are unclaimed/ unpaid for a period of seven years
securities certificate; claim from unclaimed suspense are required to be transferred to the Investor Education
account; renewal/ exchange of securities certificate; and Protection Fund (“IEPF“) administered by the
endorsement; sub-division/splitting of securities Central Government. An amount of ` 18,56,442 and
certificate; consolidation of securities certificates/ ` 18,93,720 being unclaimed/unpaid dividend of the
folios; transmission and transposition. Accordingly, Company for the financial year ended 31st March, 2014
Members are requested to make service requests and 31st March, 2015 (interim dividend) was transferred
by submitting a duly filled and signed Form ISR – 4 in November 2021 and October 2021, respectively to
and/or ISR-5, the format of which is available on the IEPF.
190
Notice
Members who have not encashed the dividend warrants/ 17. Members holding shares in physical form, in identical
demand drafts so far in respect of the unclaimed and order of names, in more than one folio are requested
unpaid dividends declared by the Company for the to send to the Company or KFin, the details of such
Financial Year 2014-15 and thereafter, are requested to folios together with the share certificates along with
make their claim to KFin well in advance of the last dates the requisite KYC Documents for consolidating their
for claiming such unclaimed and unpaid dividends as holdings in one folio. Requests for consolidation of share
specified hereunder. The details of dividend declared in certificates shall be processed in dematerialized form.
last ten years is also specified hereunder:
18. DISPATCH OF ANNUAL REPORT: Pursuant to Section
Equity Date of Last date for Equity 101 and 136 of the Act read with relevant Rules
Dividend declaration of claiming unpaid/ Dividend made thereunder and Regulation 36(1)(a) of LODR
for FY dividend unclaimed dividend per share Regulations, soft copy of the Annual Report and other
can be claimed (`) communications shall be served to members through
electronic mode to those members who have registered
2011-12 24th July, 2012 Transferred to IEPF 6.00 their e-mail address either with the Company or KFin or
2012-13 24th July, 2013 Transferred to IEPF 6.00 with any Depositories. As per provisions of Section 20 of
2013-14 7 August, 2014
th
Transferred to IEPF 6.00 the Act read with Rules made thereunder, a document
may be served on any member by sending it to him
2014-15 31 July, 2015
st
31 August, 2022
st
12.00*
by post or by registered post or by speed post or by
2015-16 28 July, 2016
th
1 September, 2023
st
6.00 courier or by delivering at his office or address, or by
2016-17 25 July, 2017
th
29 August, 2024
th
6.00 such electronic or other mode as may be prescribed
including by facsimile telecommunication or to electronic
2017-18 30 July, 2018
th
30 August, 2025
th
6.00
mail address, which the member has provided to his /
2018-19 26 July, 2019
th
27 August, 2026
th
6.00 her Depository Participant / the Company’s Registrar
& Share Transfer Agent from time to time for sending
*Special Dividend by way of an Interim Dividend of ` 6 per share and
Final Dividend of ` 6 per share.
communications, provided that a member may request
for delivery of any document through a particular mode,
Members are requested to note that, pursuant to the for which he shall pay such fees as may be determined
provisions of section 124 of the Act read with Investor by the Company in its Annual General Meeting. In cases,
Education and Protection Fund Authority (Accounting, where any member has not registered his / her e-mail
Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”), address with the Company or with any Depository, the
all shares on which dividend has not been paid or
service of documents, etc. will be effected by other
claimed for seven consecutive years or more shall be
modes of service as provided in Section 20 of the Act
transferred to IEPF Authority as notified by the MCA.
read with the relevant Rules thereunder. Those members,
who desire to receive notice / financial statement /
In accordance with the aforesaid IEPF Rules, the
other documents through e-mail, are requested to
Company has sent individual communication to all
communicate their e-mail ID and changes thereto, from
Members whose shares are due for transfer to the
IEPF Authority informing them to claim their unclaimed/ time to time, to his / her Depository Participant (in case
unpaid dividend before due date to avoid such transfer of Shares held in dematerialised form) / KFin in Form ISR
of shares to IEPF Authority and has also published 1 (in case of Shares held in physical form).
notice in this regard in Newspapers. The complete
details of the Members are being uploaded on the Accordingly, soft copy of the Annual Report including
Company’s website on https://www.mahindralifespaces. the notice of the 23rd Annual General Meeting of the
com/investor-center/?category=agm-egm Company in electronic form, inter-alia, indicating the
process and manner of e-voting along with Attendance
Members whose unclaimed dividends/shares are/will Slip and Proxy Form would be sent to all members
be transferred to the IEPF Authority can claim the same whose email IDs are registered with the Company / KFin
by making an online application to the IEPF Authority in / Depository Participant(s). For Members who have not
the prescribed Form No. IEPF-5 by following the refund registered their e-mail addresses or have requested for
procedure as detailed on the website of IEPF Authority a physical copy, physical copy of the Annual Report
http://www.iepf.gov.in/IEPF/refund.html including the notice of the 23rd Annual General Meeting,

inter-alia, indicating the process and manner of e-voting 21. VOTING THROUGH ELECTRONIC MEANS I.E.
along with Attendance Slip and Proxy Form would be E-VOTING:
sent by permitted mode.
a. In terms of the provisions of Section 108 of the Act
Members may also note that the Notice of the 23rd Annual read with Rule 20 of the Companies (Management
General Meeting and the Annual Report for the financial and Administration) Rules, 2014 (“the Rules”), as
year 2021 - 22 will also be available on the Company’s amended and Regulation 44 of LODR Regulations
website https://www.mahindralifespaces.com/investor- read with SEBI circular dated 9th December, 2020,
center/?category=annual-reports for download and also the Company is providing remote e-voting facility
on the website of KFin http://www.kfintech.com/. Even to those members whose names appear in the
after registering for e-communication, members are register of members/list of Beneficial Owners
entitled to receive such communication in printed form, as received from National Securities Depository
upon making a request for the same to the Company’s Limited (“NSDL”) and Central Depository Services
investor email id: investor.mldl@mahindra.com. (India) Limited (“CDSL”) as on Wednesday, 20th
July, 2022 being the “cut-off date” fixed for the
19. ANNUAL INTEGRATED REPORT: In addition to purpose, to exercise their right to vote at the
Annual Report FY 2022, the Company is pleased to 23rd AGM by electronic means. Members may
present its first Integrated Report highlighting key
transact the business through e-voting. A person
milestones and significant developments in FY 2022.
who is not a member as on the cut-off date should
The Integrated Report is emailed to all the Members
treat this Notice for information purpose only;
whose email ids are registered with the Company / KFin
/ Depository Participant. A copy of the Integrated Report
b. The facility for voting through electronic voting
is also available on the website of the Company at
system shall also be made available at the meeting
ht t p s : / / www. ma h i n d ra l i fe s p a c e s .c o m /i n vestor-
and members attending the meeting who have not
center/?category=annual-reports.
already cast their vote by remote e-voting shall be
able to exercise their right at the meeting.
20. PROCEDURE FOR REGISTERING THE EMAIL
ADDRESS AND OBTAINING THE ANNUAL REPORT,
c. The e-voting period commences on Saturday, 23rd
AGM NOTICE BY THE MEMBERS WHOSE EMAIL
July, 2022 (9:00 AM IST) and ends on Tuesday,
ADDRESSES ARE NOT REGISTERED:
26th July, 2022 (5:00 PM IST). During the e-voting
The Company has made special arrangement with period, members of the Company, holding shares
KFin for registration of email address of the Members either in physical form or in dematerialised form,
to facilitate Members to receive Annual Report and may cast their votes electronically. The e-voting
this Notice electronically. Members are requested to module shall be disabled by KFin for voting after
click on the link:- https://ris.kfintech.com/clientservices/ 5:00 PM IST Tuesday, 26th July, 2022. Once the
mobilereg/mobileemailreg.aspx and thereafter, select vote on a resolution is cast by a member, whether
the Company name viz. Mahindra Lifespace Developers partially or otherwise, the Member shall not be
Limited and follow the steps for registration of email allowed to change it subsequently or cast vote
address. again.
Alternatively, the Members may also visit the website of

d. The members who have cast their vote by remote
the Company at https://www.mahindralifespaces.com/
e-voting prior to the meeting may also attend the
investor-center/?category=agm-egm under Heading
meeting but shall not be entitled to cast their vote
‘Shareholders Meeting’ - ‘AGM/EGM’ and click on ‘Email
again at the Meeting.
Registration FY 2021-22’ and follow the registration
process as guided thereafter.
e. A member can opt for only single mode of voting,
After successful submission of the email address, a that is, through remote e-voting or voting at the
copy of Annual Report and AGM Notice will be made Meeting. If a member casts vote(s) by both modes,
available to the Members. In case of any queries, then voting done through remote e-voting shall
Members are requested to write to KFin at einward.ris@ prevail and vote(s) cast at the Meeting shall be
kfintech.com. treated as “INVALID”.
192
Notice
The Members, who have not cast their vote through 1. Information and Instructions for Remote e-voting by
remote e-voting can exercise their voting rights at the individual Members holding shares of the Company
AGM. The facility for voting through electronic voting in demat mode
system (‘Insta Poll’) shall be made available at the
Meeting. As per circular of SEBI on e-voting facility dated December 9,
2020, all individual Members holding shares of the Company
22. REMOTE E-VOTING: in demat mode can cast their vote, by way of a single
login credential, through their demat accounts / websites
The manner of remote e-voting by (1) individual Members of Depositories / Depository Participants. Accordingly, the
holding shares of the Company in demat mode, (2) procedure to login and access remote e-voting, as devised
Members (other than individuals holding shares of the by the Depositories / Depository Participant(s), is given
Company in demat mode) and Members holding shares below:
of the Company in physical mode, and (3) Members who
have not registered their e-mail address are provided
hereinbelow:
PROCEDURE TO LOGIN THROUGH WEBSITES OF DEPOSITORIES (FOR USERS REGISTERED WITH NSDL/CDSL)
National Securities Depository Ltd (“NSDL”) Central Depository Services (India) Ltd (“CDSL”)
Procedure for user already registered for NSDL IDeAS Procedure for users already registered for Easi / Easiest facility
facility: of CDSL:
Visit URL: https://eservices.nsdl.com a. Visit URL:
a. Click on the “Beneficial Owner” icon under “Login” https://web.cdslindia.com/myeasi/home/login

under
OR
b. ‘IDeAS’ section.
b. Click on www.cdslindia.com and then click on New System
c. A new page will open, enter User ID and Password. Myeasi / to My Easi option under Quick Login (best
operational in Internet Explorer 10 or above and Mozilla
d. Post successful authentication, click on “Access to
Firefox)
e-voting”
c. Enter your registered user id and password.
e. Click on company name – ‘Mahindra Lifespace
Developers Ltd’ and you will be re-directed to d. The user will see the e-voting Menu. Click on e-voting link
e-voting page of KFin for casting the vote during the available against the name of the Company - ‘Mahindra
remote e-voting period. Lifespace Developers Ltd’ and you will be re-directed to
e-voting page of KFin for casting the vote during the remote
e-voting period.
PROCEDURE TO LOGIN THROUGH WEBSITES OF DEPOSITORIES (FOR USERS NOT REGISTERED WITH NSDL/
Procedure for user NOT registered with NSDL IDeAS Procedure for user NOT registered with Easi / Easiest facility of
facility: CDSL:
a. To register click on link: https://eservices.nsdl.com a. Option to register is available at

and select “Register Online for IDeAS”
https://web.cdslindia.com/myeasi/Registration/
OR EasiRegistration
directly click at https://eservices.nsdl.com/ b. Proceed to complete registration using your DP ID-Client ID
SecureWeb/IdeasDirectReg.jsp (BO ID), etc.
b. Proceed to complete registration using your DP ID, c. Follow the steps given in point 1
Client ID, Mobile Number etc.
c. Follow steps given in points 1

PROCEDURE TO LOGIN DIRECTLY THROUGH E-VOTING MODULE OF NSDL / CDSL

Procedure for login directly through NSDL website: Procedure for login directly through CDSL website:
a. Open URL: https://www.evoting.nsdl.com/ a. Open URL:
b. Click on the icon “Login” which is available under https://evoting.cdslindia.com/Evoting/EvotingLogin

‘Shareholder/Member’ section.
b. Provide your demat Account Number and PAN No.
c. A new screen will open. You will have to enter
c. System will authenticate user by sending OTP on registered
your User ID (i.e. your sixteen digit demat account
Mobile & Email as recorded in the demat Account.
number held with NSDL), type Password (if
registered) or otherwise through OTP (in case your d. On successful authentication, you will enter the e-voting
mobile/e-mail address is registered in your demat module of CDSL. Click on the e-voting link available against
account) and a verification code as shown on the Mahindra Lifespace Developers Ltd and you will be re-
screen. directed to the e-voting page of KFin to cast your vote
without any further authentication.
d. On successful authentication, you will enter the
e-voting module of NSDL. Click on “Active E-voting
Cycles / VC or OAVMs” option under E-voting. You
will see Company Name: “Mahindra Lifespace
Developers Ltd” on the next screen. Click on the
e-voting link available against Mahindra Lifespace
Developers Ltd and you will be redirected to the
e-voting page of KFin to cast your vote without any
further authentication.
PROCEDURE TO LOGIN THROUGH THEIR DEMAT ACCOUNTS / WEBSITE OF DEPOSITORY PARTICIPANT

You can also login using the login credentials of your Demat account through your Depository Participant registered with
NSDL/ CDSL for e-voting facility. An option for “e-voting” will be available once you have successfully logged-in through your
respective logins. Click on the option “e-voting” and you will be redirected to e-voting modules of NSDL/CDSL (as may be
applicable). Click on options available against the Company’s Name: Mahindra Lifespace Developers Limited or E-Voting
Service Provider – KFin. You will be redirected to e-voting website of KFin for casting your vote during the remote e-voting
period without any further authentication
Note:
1. Members who are unable to retrieve User ID / Password b. Securities held with CDSL
are advised to use “Forgot User ID” / “Forgot Password”
options available on the websites of Depositories / Please contact CDSL helpdesk by sending a
Depository Participants. request at helpdesk.evoting@cdslindia.com or
contact at 022- 23058738 or 022-23058542-43
2. Helpdesk for Individual Members holding securities in
demat mode for any technical issues related to login Information and Instructions for Remote E-Voting by
through Depository i.e. NSDL and CDSL. Members (Other than Individual Members) holding
shares of the Company in demat mode AND all Members
Login type Helpdesk details: holding shares in Physical Mode:
a. Securities held with NSDL A. Procedure for Members whose email IDs are registered
with the Company / Depository Participant(s), and who
Please contact NSDL helpdesk by sending a receives email from KFin which will include details of
request at evoting@nsdl.co.in or call at toll free no.: E-Voting Event Number (EVEN), User ID and password:
1800 1020 990 and 1800 22 44 30
194
Notice
I. Launch internet browser by typing / clicking the IX. Voting has to be done for each item of the notice
URL: https://evoting.kfintech.com separately. In case you do not desire to cast your
vote on any specific item, it will be treated as
II. Enter the login credentials (i.e. User ID and abstained.
password). In case of physical folio, User ID will be
EVEN (E-Voting Event Number), followed by folio X. You may then cast your vote by selecting an
number. In case of Demat account, User ID will appropriate option and click on “Submit”.
be your DP ID and Client ID. However, if you are
already registered with KFin for e-voting, you can XI. A confirmation box will be displayed.
use your existing User ID and password for casting
the vote. XII. Click “OK” to confirm or else “CANCEL” to modify.
Once you have voted on the resolution(s), you will
III. After entering these details appropriately, click on not be allowed to modify your vote. During the
“LOGIN”. voting period, Members can login any number of
times till they have voted on the Resolution(s).
IV. You will now reach password change menu wherein
you are required to mandatorily change your B. In case email ID of Members is not registered with the
password. The new password shall comprise of Company/Depository Participants, then such Members
minimum 8 characters with at least one upper case are requested to register/update their email addresses
(A- Z), one lower case (a-z), one numeric value with the Depository Participant(s) (in case of shares
(0-9) and a special character (@,#,$, etc,). The held in Dematerialised form) and inform KFin at the
system will prompt you to change your password email id: evoting@kfintech.com (in case of Shares held
and update your contact details like mobile in physical form):
number, email ID etc. on first login. You may also
i. Upon registration, Member will receive an e-mail
enter a secret question and answer of your choice
from KFin which includes details of E-Voting Event
to retrieve your password in case you forget it. It is
Number (EVEN), USER ID and password.
strongly recommended that you do not share your
password with any other person and that you take
ii. Please follow all steps mentioned above to cast
utmost care to keep your password confidential.
your vote by electronic means.
V. You need to login again with the new credentials.

Any member who has forgotten the user id and
password, may obtain / generate / retrieve the same
VI. On successful login, the system will prompt you
from KFin in the manner as mentioned below:
to select the E-voting Event Number (EVEN) for
Mahindra Lifespace Developers Ltd” and click on
i. If the mobile number of the member is registered
“Submit”.
against Folio No. / DP ID / Client ID, the member
may send SMS: MYEPWD <space> E-Voting Event
VII. On the voting page, enter the number of shares
Number + Folio No. or DP ID Client ID to the mobile
(which represents the number of votes) as on the
no. 9212993399
Cut-off Date under “FOR/AGAINST” or alternatively,
you may partially enter any number in “FOR” and Example for NSDL: MYEPWD <SPACE>
partially “AGAINST” but the total number in “FOR/ IN12345612345678
AGAINST” taken together shall not exceed your
total shareholding as mentioned herein above. Example for CDSL: MYEPWD <SPACE>
You may also choose the option “ABSTAIN”. If 1402345612345678
the Member does not indicate either “FOR” or
“AGAINST” it will be treated as “ABSTAIN” and the Example for Physical: MYEPWD <SPACE>
shares held will not be counted under either head. XXXX1234567890
VIII. Members holding multiple folios/demat accounts ii. If e-mail address or mobile number of the
shall choose the voting process separately for member is registered against Folio No. /
each folio/ demat accounts. DP ID Client ID, then on the home page of

https:// evoting.kfintech.com, the member may e. The route map of the venue of the Meeting is given
click “Forgot Password” and enter Folio No. or DP in the Notice. The prominent landmark for the
ID Client ID and PAN to generate a password. venue is that it is ‘next to Sachivalaya Gymkhana’.
iii. Members who may require any technical assistance f. A member desirous of getting any information
or support before or during the AGM are requested on the accounts or operations of the Company is
to contact KFin at toll free number 1800-309-4001 requested to write to the Company at investor.mldl@
or write to them at evoting@kfintech.com. mahindra.com at least seven working days prior to
the meeting, so that the required information can
23. GENERAL INSTRUCTIONS: be made available at the meeting;
a. Members holding shares as on the cut-off date g. Details of persons to be contacted for issues
i.e. Wednesday, 20th July, 2022 shall be entitled to relating to e-voting:
vote through e-voting or at the venue of the Annual
i. Further, in case of queries and / or grievance,
General Meeting.
in respect of voting by electronic means,
members may refer to the Help & Frequently
b. The notice of Annual General Meeting is being
Asked Questions (FAQs) and E-voting user
sent (by email where email ID is available and by
manual available at the download section
permitted mode in physical copy in other cases) to
of https://evoting.kfintech.com or contact at
the Members holding shares of the Company. User
evoting@kfintech.com.
ID and password for e-voting is sent in the email
where notice is sent by email and is printed on the ii. For any further clarification, Members may
attendance slip where notice is sent in physical contact Ms. Sheetal Doba, Manager Corporate
form. Members whose name is recorded in the Registry, KFin Technologies Limited, Unit:
register of members or in the register of beneficial
Mahindra Lifespace Developers Limited,
owners maintained by the depositories as on “Cut-
Selenium Tower B, Plot 31-32, Gachibowli,
off” date only shall be entitled to avail the facility
Financial District, Nanakramguda, Hyderabad
of remote e-voting or voting at the Annual General
– 500 032. Contact No. 040-6716 1500/1509
Meeting, as the case may be. The voting rights
Toll Free No.: 1800-309-4001, E-mail: einward.
shall be reckoned on the basis of number of equity
ris@kfintech.com.
shares held by the members as on Wednesday, 20th
July, 2022, being the cut-off date for the purpose. h. It is strongly recommended not to share your
c. Members holding shares as on the cut-off date password with any other person and take utmost
shall be entitled to vote through e-voting or during care to keep your password confidential. Login
the AGM. In case of joint holders, the Member to the e-voting website will be disabled upon
whose name appears as the first holder in the order five unsuccessful attempts to key in the correct
of names as per the Register of Members / List of password. In such an event, you will need to go
Beneficial Owner of the Company will be entitled to through the “Forgot User Details/Password?” or
vote during the AGM. “Physical User Reset Password?” option available
on https://evoting.kfintech.com/ to reset the
d. The Register of Directors and Key Managerial password;
Personnel and their shareholding maintained under
Section 170 of Companies Act, 2013, a certificate i. The Board of Directors has appointed Mr. Martinho
from the Secretarial Auditor confirming that the Ferrao, Company Secretary (Membership no.
Stock Option Schemes have been implemented FCS 6221) Partner, at Messrs Martinho Ferrao
by the Company in accordance with the applicable and Associates as the Scrutinizer to scrutinize the
SEBI Regulations and relevant documents referred e-voting process and voting at the venue of the
to in this Notice of AGM and Explanatory Statement, Annual General Meeting in a fair and transparent
is available for inspection by the members at the manner, and to ascertain requisite majority during
Registered Office of the Company on all working the AGM;
days (Monday to Friday), from 10:00 a.m. to 1:00
p.m. up to the date of the Meeting except Public j. The Scrutinizer shall immediately after the
Holidays. conclusion of voting at the general meeting, first
196
Notice
count the votes cast during the meeting, thereafter Members can download the mobile application, register
unblock the votes cast through remote e-voting in themselves (onetime) for availing host of services viz.,
the presence of at least two (2) witnesses not in consolidated portfolio view serviced by KFin, dividends
the employment of the Company and make, not status etc. through the mobile app, members can also
later than two working days of conclusion of the download Annual reports, standard forms and keep
meeting, submit a consolidated scrutiniser’s report
track of upcoming General Meetings and dividend
of the total votes cast in favour or against, if any, to
disbursements. The mobile application is available
the Chairman or to any person authorised by him,
for download from Android Play Store. Alternatively,
who shall countersign the same.
Investors can also visit the link https://kprism.kfintech.
k. The Chairman or authorized person shall declare com/app/ to download the mobile application.
the result of the voting forthwith on receiving of the
Scrutinizer’s Report. The Results declared along For and on behalf of the Board,
with the Scrutinizer’s Report shall be placed on
the Company’s website www.mahindralifespaces.
Ankit Shah
com and on the website of KFin at https://evoting.
Assistant Company Secretary &
kfintech.com/public/Downloads.aspx and shall be
Compliance Officer
communicated to the Stock Exchanges. If, as per
the report of the scrutinizer, a resolution is passed, ACS-26552
then the resolution shall be deemed to have been Mumbai, 13th May, 2022
passed at the AGM of the Company scheduled on
Registered Office:
Wednesday, 27th July, 2022.
5th Floor, Mahindra Towers,
24. KPRISM- MOBILE SERVICE APPLICATION BY KFIN: Worli, Mumbai 400 018.
Members are requested to note that, KFin has a mobile e-mail: investor.mldl@mahindra.com
application - KPRISM and website https://kprism. Website: www.mahindralifespaces.com
kfintech.com for online service to Members. Tel. : 022- 67478600 / 67478601

ANNEXURE TO NOTICE Hyderabad, Coimbatore, Kochi, Pune, Jamshedpur and Goa.

EXPLANATORY STATEMENT PURSUANT TO The registered office of the Firm is One International Center,
Tower 3, 27th to 32nd Floor, Senapati Bapat Marg, Elphinstone
SECTION 102 OF COMPANIES ACT, 2013
Road (West), Mumbai - 400013, Maharashtra, India.
Item No. 5:
This explanatory statement is in terms of Regulation 36(5) of Accordingly, the Board recommends re-appointment of
the SEBI (Listing Obligations and Disclosure Requirements) Messrs Deloitte Haskins & Sells, Chartered Accountants
Regulations, 2015 (“LODR Regulations”), however, the same (ICAI Firm Registration Number 117366W/W-100018), as
is strictly not required as per Section 102 of the Act. Statutory Auditors of the Company for a second term of 5
years from the conclusion of this AGM till the conclusion of
The Members at the 18th Annual General Meeting held on 28th AGM to be held in 2027.
25th July, 2017, approved appointment for the first term of
Messrs Deloitte Haskins & Sells LLP, Chartered Accountants, None of the Directors, Key Managerial Personnel of the
Mumbai (ICAI Registration Number-117366W/W-100018), Company and their relatives are, in any way, concerned or
as Statutory Auditors of the Company, to hold office until interested, financially or otherwise, in the Resolution set out
the conclusion of the 23rd Annual General Meeting of the at Item No. 5 of the Notice.
Company to be held in the year 2022.
Item No. 6:
After evaluating and considering various factors such as Mr. Ameet Hariani was appointed as a Non-Executive
industry experience, competency of the audit team, efficiency Independent Director on the Board of your Company,
in conduct of audit, independence, etc., the Board of Directors pursuant to the provisions of section 149 of the Companies
of the Company has, based on the recommendation of the Act, 2013 (“the Act”) read with the Companies (Appointment
Audit Committee, at its meeting held on 27th April, 2022, and Qualifications of Directors) Rules, 2014, by the Members
proposed the re-appointment of Messrs Deloitte Haskins & at the 19th Annual General Meeting (“AGM”) of the Company
Sells LLP, Chartered Accountants, Mumbai (ICAI Registration held on 30th July, 2018 for a period of 5 years from 4th
Number-117366W/W-100018), as the Statutory Auditors of September, 2017 upto 3rd September, 2022 (“first term”).
the Company, for a second term of five consecutive years
from the conclusion of 23rd Annual General Meeting till the The Nomination and Remuneration Committee (“NRC”) and
conclusion of 28th Annual General Meeting of the Company the Board of Directors at their respective meetings held on
to be held in the year 2027, at a remuneration as may be 13th May, 2022, on the basis of the outcome of performance
mutually agreed between the Board of Directors and evaluation of Mr. Ameet Hariani, acknowledged his
Statutory Auditors. The Board of Directors at their meeting valuable contribution to the Board/Committee deliberations,
held on 13th May, 2022, basis recommendation of the Audit business knowledge, acumen, integrity and experience.
Committee, approved statutory audit fees for financial year The performance evaluation of Independent Director was
2022-23 of ` 27.40 lakh excluding statutory taxes and any based on various criteria, inter-alia, including attendance
other fees payable upon availing of any non-audit services at Board and Committee Meetings, skill, experience, ability
in accordance with the Companies Act, 2013. The statutory to challenge views of others in a constructive manner,
audit / non-audit fees payable to the Statutory Auditors for the knowledge acquired with regard to the Company’s business,
remaining tenure will be determined by the Board as per the understanding of industry and global trends, etc.
recommendation of audit committee.
Considering the above attributes, NRC and Board are of the
Messrs Deloitte Haskins & Sells LLP, Chartered Accountants view that service of Mr. Ameet Hariani as an Independent
have consented to their appointment as Statutory Auditors Director of the Company would be beneficial to the Company
and have confirmed that if appointed, their appointment will and accordingly, recommends re-appointment of Mr. Ameet
be in accordance with Section 139 read with Section 141 of Hariani (DIN: 00087866), as a Non-Executive Independent
the Act. Director of the Company, not liable to retire by rotation, to
hold office for a second term of 5 (five) consecutive years
Deloitte Haskins & Sells was constituted in 1997 and was on the Board of the Company from 4th September, 2022 to
converted to a Limited Liability Partnership, Deloitte Haskins 3rd September, 2027.
& Sells LLP (“DHS LLP” or “Firm”), in November 2013. DHS
LLP is registered with the Institute of Chartered Accountants Profile:
of India (Registration No. 117366W/W-100018). The Firm has Mr. Ameet Hariani, aged 61 years, has over 35 years of
around 4,000 professionals and staff. DHS LLP has offices experience advising clients on corporate and commercial
in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Ahmedabad, law, mergers and acquisitions, real estate and real estate
198
Notice
finance transactions. He has represented large organisations

in international transactions, arbitrations and prominent Director Mr. Ameet Hariani
litigations. He was a partner at Ambubhai and Diwanji, Mumbai Remuneration last As a non-executive independent
and Andersen Legal India, Mumbai. He is the Founder and drawn director Mr. Hariani is entitled to
Managing Partner of Hariani & Co. since the year 1991. He sitting fees for attending Board/
has now transitioned to advisory practice as a senior legal Committee meetings. Additionally,
counsel and acting as arbitrator. He holds a Bachelor of Members have authorized the
Law degree from Government Law College, Mumbai and NRC/Board to determine and
pay commission not exceeding
Masters in Law degree from the University of Mumbai. He is a
1% of the net profits. The details
Solicitor enrolled with the Bombay Incorporated Law Society
of the sitting fees paid during
and the Law Society of England and Wales. He is also a FY 2021-22 is provided in
member of the Law Society of Singapore, the Bar Council of Corporate Governance Report.
Maharashtra and the Bombay Bar Association. Mr. Hariani Mr. Hariani was last paid
is a speaker at many events; he also writes frequently. He commission amounting to ` 15 lakh
has authored a book on “Real Estate Laws”. Mr. Hariani also in FY 2018-19.
holds Independent, Non-Executive Director positions in other Remuneration sought Apart from Sitting Fees and
listed and unlisted companies. Mr. Hariani is a Trustee, inter- to be paid Commission, no other remuneration
alia, of Healing Touch, an organization for assisting children payable to Mr. Ameet Hariani as a
with heath issues. Director.
Date of first Appointed on 4th September, 2017.
The details with regard to Mr. Ameet Hariani as stipulated appointment on the
under the LODR Regulations and the applicable Secretarial Board
Standard are as under: Number of Board During the year 1st April, 2021 to
meetings attended 31st March, 2022, 7 Board Meetings
during the year of the Company were held, and
Director Mr. Ameet Hariani Mr. Ameet Hariani had attended all
the Meetings.
Director Identification 00087866
Number Relationship with Mr. Ameet Hariani is not related
other Directors, and to any of the other Directors or
Age 61 years
other Key Managerial Key Managerial Personnel of the
Qualification LLB, Masters in Law Personnel of the Company.
Brief Profile, Nature Please refer to the brief profile Company
of expertise/ above
Directorships held Listed Companies:
experience
in other companies 1. Batliboi Ltd
No of shares held Nil as on the date of the
in the Company 2. Ras Resorts and Apart Hotel Ltd.
Report
(including as a 3. Mahindra Logistics Limited
beneficial owner) Unlisted Companies:
Terms and conditions Re-appointment as a Non-
1. Mahindra World City (Jaipur)
of appointment/re- Executive Independent Director
Ltd.
appointment of the Company, not liable to
retire by rotation, to hold office 2. Mahindra Happinest Developers
for a second term of five years Ltd.
from 4th September, 2022 up to 3rd 3. Mahindra World City Developers
September, 2027. Ltd.
4. Capricon Realty Ltd.
5. Juhu Beach Resorts Ltd.
6. HDFC Ergo General Insurance
Company Ltd.
7. Trust AMC Trustee Pvt. Ltd.

Director Mr. Ameet Hariani Director Mr. Ameet Hariani

Membership / Audit Committee: Skills and Mr. Hariani has been serving the
Chairmanship of 1. Batliboi Ltd. Capabilities Board as an Independent Director
Committees in other required for the since 2017. The NRC and the
2. Ras Resorts and Apart Hotel Ltd.
companies as on role of Independent Board considered the performance
date the Report 3. Juhu Beach Resorts Ltd. of Mr. Hariani as a member of the
Director and the
(Chairman) Board and Committees. NRC and
manner in which Mr.
4. HDFC Ergo General Insurance the Board also considered his
Hariani meet such
Company Ltd. educational background and rich
requirements
Nomination and Remuneration professional experience of over 35
Committee: years advising eminent business
1. Ras Resorts and Apart Hotel Ltd. houses, real estate owners,
developers, investors, financial
2. Juhu Beach Resorts Ltd.
institutions, real estate funds,
3. Capricon Realty Ltd. (Chairman) tenants and housing societies, in
Corporate Social Responsibility diverse real estate transactions.
Committee:
Mr. Ameet Hariani is a Solicitor
1. HDFC Ergo General Insurance enrolled with the Bombay
Company Ltd. (Chairman) Incorporated Law Society and
Risk Management Committee: the Law Society of England and
1. HDFC Ergo General Insurance Wales. He is also a member of
Company Ltd. the Law Society of Singapore,
Stakeholders Relationship the Bar Council of Maharashtra
Committee: and the Bombay Bar Association.
Mr. Hariani has authored a book on
1. Batliboi Ltd. (Chairman)
“Real Estate Laws”.
Policyholder and Protection
Grievance Redressal Committee Considering the above attributes
and his valuable contribution to the
1. HDFC Ergo General Insurance
Board/Committee deliberations, the
Company Ltd.
NRC and the Board is of the view
Listed entities from NIL that Mr. Hariani fulfils the criteria
which director of skills and capabilities required
resigned in the past on the Board viz knowledge and
three years experience in the real estate
business and that his continued
association would be beneficial to
the Company.
Mr. Ameet Hariani is not disqualified from being appointed

as Director in terms of section 164 of the Act and has given
his consent to act as a Director. Copy of the draft letter of
re-appointment of Mr. Ameet Hariani setting out terms and
conditions of re-appointment are available for inspection
by the Members in electronic form as per the instructions
provided in the Note No. 6 of this Notice.
The Company has received declaration from Mr. Ameet

Hariani stating that he meets the criteria of independence as
prescribed under sub-section (6) of section 149 of the Act
and LODR Regulations. Mr. Ameet Hariani is not debarred
from holding the office of Director pursuant to any Order
issued by the Securities and Exchange Board of India or any
other authority.
200
Notice
In the opinion of the Board, Mr. Ameet Hariani fulfils the Communications, the Strategic Digital Intelligence Cell and
conditions for appointment as Independent Director as Mahindra Racing. She is also responsible for Mahindra’s
specified in the Act and the LODR Regulations. Mr. Ameet Customer Data Platform – the largest repository of the entire
Hariani is independent of the management. Groups’ customer data that offers cutting-edge customer
analytics to drive business impact for Group Companies. Ms.
The Board is of the view that Mr. Ameet Hariani’s knowledge Asha serves on the Boards of several Mahindra Companies.
and experience will continue to be of immense benefit and
value to the Company and pursuant to the recommendation of Ms. Asha has 25 years of rich experience that spans FMCG,
the NRC, recommends his re-appointment as an Independent financial services and advertising. She joined the Mahindra
Director to the Members. Group from Axis Bank where she was the Executive Vice-
President and Group Chief Marketing Officer for the Bank
The Company has received notice in writing from a Member
and its subsidiaries. Before Axis Bank, she was with Unilever
under section 160 of the Act, proposing the candidature of
for almost a decade in a variety of brand and marketing roles.
Mr. Ameet Hariani, for the office of Director of the Company.
She is experienced in building trusted brands that include new
Save and except Mr. Hariani, and his relatives to the extent category adoption as well as driving exponential growth on
of their shareholding interest, if any, in the Company, none of large brands. She led the consumer and customer centricity
the other Directors, Key Managerial Personnel (KMP) of the agenda at HUL and launched Unilever’s sustainability living
Company and their relatives are, in any way, concerned or plan in India. Her last role in Hindustan Unilever Ltd. was as
interested, financially or otherwise, in the Resolution set out at Marketing Director of the 600 mln euros (2016 figures) tea
Item No. 6 of the Notice. Mr. Hariani is not related to any other business for South Asia. Ms. Asha spent the first decade of
Director / KMP of the Company. her career with leading advertising agencies that include
Leo Burnett, J Walter Thompson and TBWA, and has
The Board recommends the Special Resolution set out at worked on brands like Lux, Close-Up, Tide, Mattel Toys,
Item No. 6 of the Notice for approval of the Members. Nivea, Samsonite, Sony Entertainment Television, Frooti,
and Swissair amongst a host of others. Externally, she has
Item No.7:
been recognised as India’s Top 20 Most Influential Women
The Board of Directors, pursuant to Section 161 of the in Marketing and Advertising, by Business World. Ms. Asha
Companies Act, 2013 and recommendation of Nomination is an MBA in Marketing from Mumbai University. One of her
& Remuneration Committee, appointed Ms. Asha Kharga, greatest personal beliefs is that solidarity between women
as an Additional Director of the Company in the category of can be a potentially transforming force and hence helping
Non-Executive Non-Independent Director on 13th May, 2022. young women leaders reach their true potential is a personal
As per Section 161 of the Act and Article 128 of the Articles motivation.
of Association, Ms. Asha Kharga holds office upto the date
The details with regard to Ms. Asha Kharga as stipulated
of this AGM.
under LODR Regulations and the applicable Secretarial
The Company has received notice in writing from a Member Standards are stated herein and are also provided in the
under section 160 of the Act, proposing her candidature for Corporate Governance Report forming part of the Annual
the office of Director of the Company. Report:
Profile
Director Ms. Asha Kharga
Ms. Asha Kharga, aged 48 years is the Chief Customer &
Brand Officer for Mahindra and Mahindra Group (M&M). Director Identification 08473580
She is responsible for stewarding the Corporate Brand Number
and building organisation capability to repivot brands on Age 48 years
customer experience, in a rapidly evolving economic and Qualification MBA in Marketing from Mumbai
social marketplace. University
Brief Profile, Nature of Please refer to the brief profile
Ms. Asha’s broad business experience across large
expertise/experience above
organisations and her track-record in driving change at scale,
is critical to lead the transformation of Mahindra into a future- No. of shares held Nil
fit, purpose-led organisation at the leading edge of customer in the Company
experience. Ms. Asha is on the Group Executive Board (including as a
and as a part of her larger mandate oversees Corporate beneficial owner)

The Board is of the view that Ms. Asha Kharga’s knowledge

Director Ms. Asha Kharga and experience will be of benefit and value to the Company,
Terms and conditions Appointment as an Additional and therefore, has recommended her appointment as a
of appointment/re- Director effective 13th May, 2022 Director of the Company.
appointment in the category of Non-Executive
Non-Independent Director, liable The Directors recommend the passing of the Resolution at
to retire by rotation. Item No. 7 as an Ordinary Resolution.
Remuneration last Not Applicable
Save and except Ms. Asha Kharga, and her relatives to the
drawn
extent of their shareholding interest, if any, in the Company,
Remuneration sought Ms. Asha Kharga, is the Chief none of the other Directors, Key Managerial Personnel (KMP)
to be paid Customer and Brand Officer
of the Company and their relatives are, in any way, concerned
at M&M and continues to draw
or interested, financially or otherwise, in the Resolution set
remuneration from M&M. As of now,
out at Item No. 7 of the Notice.
neither sitting fees nor commission
is payable to Ms. Asha Kharga.
Item No. 8:
Date of first Appointed on 13th May, 2022.
In accordance with the provisions of Section 148 of the
appointment on the
Board Companies Act, 2013 (the Act) and the Companies (Audit
and Auditors) Rules, 2014 (the Rules), the Company is
Number of Board Not Applicable
required to appoint a cost auditor to audit the cost records
meetings attended
during the year of the Company.
Relationship with Ms. Asha Kharga is not related On the recommendation of the Audit Committee, the Board
other Directors, and to any of the other Directors or of Directors of the Company at its meeting held on 28th
other Key Managerial Key Managerial Personnel of the
July, 2021, has approved the appointment of Messrs CMA
Personnel of the Company.
Vaibhav Prabhakar Joshi, Cost Accountants as the Cost
Company
Auditor of the Company for the financial year ended on 31st
Directorships held Unlisted Companies:
March, 2022 at a remuneration of `1,35,000/- (Rupees One
in other companies
Lakh Thirty Five Thousand Only) plus reimbursement of out
as on the date of the 1. Mahindra Holdings Ltd.
of pocket expenses and other actual expenses incurred
Report
Foreign Body Corporates: during the course of audit and applicable statutory levies.
The remuneration of the cost auditor is required to be ratified
1. Mahindra Racing UK Ltd. subsequently by the Members, in accordance with the
provisions of the Act and the Rules.
2. East India Company
Membership / NIL In view thereof, the Board recommends passing of the
Chairmanship of Resolution at Item No. 8 as an Ordinary Resolution.
Committees in other
None of the Directors, Key Managerial Personnel of the
companies as on
Company and their respective relatives are, in any way,
date the report
financially or otherwise, deemed to be concerned or
Listed entities from NIL
interested, in this item of business.
which director
resigned in the past
Item Nos. 9 to 14:
three years
The provisions of related party and related party transaction
Ms. Asha Kharga is not disqualified from being appointed as as envisaged under Regulations 2(1)(zb), 2(1)(zc) and
23 of the Securities and Exchange Board of India (Listing
a Director in terms of section 164 of the Act and has given her
Obligations and Disclosure Requirements) Regulations,
consent to act as Director. Ms. Asha Kharga is not debarred
2015 were amended by the Securities and Exchange Board
from holding the office of Director pursuant to any Order of India (Listing Obligations and Disclosure Requirements)
issued by the Securities and Exchange Board of India or any (Sixth Amendment) Regulations, 2021 effective 1st April,
other authority. 2022.
202
Notice
As per the Regulation 2(1)(zb) of SEBI (Listing Obligations Accordingly, Audit Committee of the Company considers and
and Disclosure Requirements) 2015 (LODR Regulations), grants omnibus approval to the Related Party Transactions
Related Party means and includes related parties as defined which are repetitive in nature in accordance with Regulation
under the Companies Act, 2013 (the Act) and applicable 23(3) of LODR Regulations and Companies Act Rule. The
Accounting Standards and, inter-alia, includes an entity transactions entered into pursuant to the omnibus approval
forming part of the promoter or promoter group of a company. are placed before the Audit Committee on quarterly basis
Accordingly, all subsidiaries / associate companies / joint for review. In line with the same, the Audit Committee, at
venture companies / the holding company of the Company, its meeting held on 29th March, 2022, has granted omnibus
fellow subsidiaries and other companies forming part approval for transactions proposed to be entered into during
of Mahindra Group are related parties to the Company FY 2022-23 with the Related Parties.
(collectively referred to as ‘Related Parties’).
The transactions, which are not part of omnibus approval, are
Further, Regulation 2(1)(zc) of LODR Regulations, as executed after seeking approval of the Audit Committee and
Members, if applicable. These transactions are usually in the
amended, inter-alia, provides that a transaction involving
nature of land purchase, funding requirements, investment
transfer of resources, services or obligations between a listed
etc to meet business objectives of the Company. Accordingly,
entity or any of its subsidiaries on one hand and a related
the Company has, from time to time, sought approvals for
party of the listed entity or any of its subsidiaries on the other
transactions relating to land purchase, funding/investment in
hand as a “Related Party Transaction”. The Related Party
subsidiaries etc.
Transaction shall be construed to include a single transaction
or a group of transactions in a contract. The Company had also taken approval of the Members of
the Company at its Annual General Meeting held on 30th July,
Regulation 23(1) of LODR Regulations, as amended, 2018 for material related party transactions which, inter-alia,
specifies that a transaction with a related party shall be included, providing or availing loans, providing or availing
considered material, if the transaction(s) to be entered into guarantees or security for loans borrowed by the Company
individually or taken together with previous transactions or the Related Parties. Pursuant to the said approval, the
during a financial year, exceeds rupees one thousand crore or Company has, based on the business requirements, from
ten per cent of the annual consolidated turnover of the listed time to time, entered into transactions for inter-corporate
entity as per the last audited financial statements of the listed loans with its Related Parties.
entity, whichever is lower. Accordingly, the limit of material
related party transactions for the Company, based on the Proposal:
consolidated audited financial statement of the Company as A. Availing of inter-corporate loans:
on 31st March, 2022, is ` 39.36 crore (“Materiality Threshold”).
Regulation 23(4) of LODR Regulations provides for obtaining The Company, to meet its growth objective, proposes to avail
prior approval of the Members of the Company for all related financial assistance in the form of loan from following Related
party transactions which exceeds Materiality Threshold and Parties:
subsequent material modifications thereof.
Name of the Related Party Value upto
Regulation 23(2) provides that the prior approval of the Audit ` crore
Committee is required for all Related Party Transactions
where a listed entity is a party. A Related Party Transaction Tech Mahindra Limited (TML) 500
to which a subsidiary of a listed entity is a party but the listed Mahindra Holidays & Resorts India 150
entity is not a party, shall require prior approval of the Audit Limited (MHRIL)
Committee of the listed entity if the value of such transaction Mahindra Homes Private Limited (MHPL) 250
whether entered into individually or taken together with Mahindra World City (Jaipur) Limited 250
previous transactions during a financial year, exceeds ten (MWCJL)
percent of the annual consolidated turnover as per the last
audited financial statements of the listed entity. However, The maximum value in aggregate of loan(s) proposed to be
as per Regulation 23(3) of SEBI LODR and Rule 6A of the availed by the Company from Related Parties mentioned
Companies (Meetings of Board and its Powers) Rules, 2014 above, during FY 2022-23, shall not exceed fifty percent of
(Companies Act Rule), for transaction which are repetitive the net worth of the Company i.e. ` 745.65 crore. As on 31st
in nature, Audit Committee may grant omnibus approval for March, 2022, the net worth of the Company is ` 1,491.30
such Related Party Transactions. crore.

Rationale and Residential & Social Zone. MWCDL is an 89:11 subsidiary

and joint venture company of the Company in partnership with
The Company is currently developing residential projects Tamil Nadu Industrial Development Corporation Limited. At
totalling 4.04 million square feet and in the form of future the end of 2021-22, the total number of industrial customers in
projects another 6.72 million square feet, of which 2.85 million MWC Chennai was 68, of which, 59 companies are currently
square feet are new phases of ongoing projects and 3.87 operational. MWCDL has also leased land within MWC
million square feet are forthcoming projects. The Company
Chennai to a subsidiary of the Company, Mahindra Integrated
has identified certain strategic priorities for its growth
Township Limited (MITL) and further permitted subleasing
objectives. The Company has a healthy pipeline of land deals
of land from MITL to its wholly owned subsidiary, Mahindra
and continues to evaluate further opportunities in this space
Residential Developers Limited (MRDL), both for undertaking
through asset light models including joint-development, JVs
residential developments. MITL’s current approved residential
and development management routes with landowners. It
development potential is 2.71 million square feet, of which
also sees considerable opportunities for redevelopment
1.68 million square feet is completed, 0.21 million square feet
projects and acquisition of stressed assets. The Company’s
is currently being developed and 0.82 million square feet is
strategy is to capitalise on these opportunities and build a
available in the form of future projects. MRDL has launched
stronger presence in its key markets and also look forward
and completed construction of 1.35 million square feet out
to expanding its presence in additional geographies based
on specific opportunities, if any. In the industrial business, of total development potential of 1.58 million square feet.
its focus is on accelerating the leasing activity and explore MWCDL is in the process of synergising MITL and MRDL
other business models. Additionally, the Company, as part by integrating business operations and to garner benefits
of its overall strategy, actively monitors the ongoing inflation arising out of economies of large scale. The integration will
and adopt various mitigation measures to protect business expand the business operations of MWCDL to residential
margins. Towards this, the Company adopts all reasonable development. Also, MWCDL, through its subsidiary, Mahindra
measures for cost optimization, wherever feasible, by Industrial Park Chennai Limited (MIPCL), is developing
leveraging synergies within the group companies by entering Industrial Cluster project at North Chennai. This project is in
range of Related Party Transactions with the Related Parties, partnership with Sumitomo Corporation and has a gross area
from time to time, in the ordinary course of business and at of 289 acres with leasable potential of 209 acres. Till date
arm’s length, which also includes availing / providing inter- MIPCL has leased 53 acres of Industrial land and is actively
corporate loans. The entities referred in the resolution nos. pursuing leasing activity under the pipeline. MIPCL is also
9 to 12, at times, have temporary surplus funds due to their planning the second stage of the project for which land
nature of business operations, which can be availed for a acquisition is in progress. Given above and operating plan of
temporary period on an arm’s length basis. its associates and subsidiary, MWCDL may require financial
assistance in the form of loan for various business means.
B. Providing inter-corporate loans to Mahindra World After seeking requisite approvals, MWCDL has in the past
City Developers Ltd (MWCDL): availed loan from the Company as well as from TML.
Providing financial assistance in the form of loan to MWCDL As mentioned herein, Related Party Transaction proposed to
from following Related Parties: be entered by a subsidiary with a Related Party, wherein the
Company is not a party to the transaction, will also require
Name of the Related Party Value upto approval of the Members if it crosses Materiality Threshold.
` crore Accordingly, approval for availing of loan by MWCDL from
TML, will require approval of the Members of the Company.
Mahindra Lifespace Developers Limited 250
Tech Mahindra Limited 250 The Audit Committee and the Board of Directors of the
Company in their respective meetings held on 13th May,
Rationale 2022, accorded their approval for seeking an enabling
approval of the Members to the proposed material Related
The Company’s presence in the Integrated Cities and Party Transactions as set out in the resolution nos. 9 to 14.
Industrial Clusters segment spans two Mahindra World Cities
(MWCs) at Chennai and Jaipur, and two other projects in In view of the above and considering amendment to LODR
Chennai and Ahmedabad. MWCDL is the developer of MWC Regulations, the Company is seeking an enabling approval
Chennai which is Company’s first integrated city project with from the Members of the Company to enter into proposed
gross area of 1,524 acres and a leasable potential of 1,145 transaction(s), during financial year 2022-23, on arm’s length
acres across its Special Economic Zone, Domestic Tariff Area basis and in the ordinary course of business.
204
Details of the transaction and other particulars thereof as per the applicable provisions of the Companies Act, 2013 and SEBI Circular No. SEBI/HO/CFD/CMD1/
CIR/P/2021/662 dated 22nd November, 2021 for resolution nos. 9 to 14 are as under:
Name of Related Party(ies) Tech Mahindra Limited (TML) Mahindra Mahindra Homes Mahindra Mahindra World Transaction
Holidays & Private Limited World City City Developers between TML
Resorts India (MHPL) (Jaipur) Limited Limited and MWCDL
Limited (MHRIL) (MWCJL) (MWCDL)
Nature of relationship TML is an associate company of MHRIL and the Direct Subsidiary Direct Subsidiary Direct Subsidiary MWCDL is a
[including nature of its interest Mahindra and Mahindra Ltd. (M&M), Company are subsidiary of
(financial or otherwise)] holding company of the Company. subsidiaries of the Company
M&M and hence, and TML is
MHRIL is a fellow an associate
subsidiary to the company of
Company M&M, ultimate
holding
company of
MWCDL.
The extent of shareholding As on 31st March, 2022, M&M holds As on 31st March, M&M doesn’t M&M doesn’t hold M&M doesn’t As on 31st
interest in Related Party(ies) 25.52% shareholding in TML. 2022, M&M hold any shares any shares directly hold any shares March, 2022,
of M&M (promoter of the holds 67.22% directly in MHPL. in MWCJL. directly in M&M holds
Company), director, manager, shareholding in MWCDL. 25.52%
if any, and of every other key MHRIL. shareholding in
managerial personnel of the TML.
Company
Type of the proposed Availing of financial assistance in the form of loan / inter-corporate deposit(s) Providing inter- Availing financial
transaction corporate loans assistance in
the form of loan
/ inter-corporate
deposit(s) by
MWCDL from
TML.
Tenure of the proposed The proposed material Related Party Transactions may be entered in tranches, from time to time, during Financial Year 2022-23.
transaction (particular tenure
shall be specified)
Value of the proposed Upto ` 500 crore Upto ` 150 crore Upto ` 250 crore Upto ` 250 crore Upto ` 250 crore Upto ` 250 crore
transaction
Maximum value of the The aggregate value of loan(s) proposed to be availed by the Company from the Related Parties, as The maximum The maximum
proposed transaction mentioned in Resolution Nos. 9 to 12, shall not exceed fifty percent of the net worth of the Company i.e. value of the value of the
` 745.65 crore. As on 31st March, 2022, the net worth of the Company is ` 1,491.30 crore. transaction shall transaction shall
not exceed not exceed
Notice
` 250 crore. ` 250 crore.

The percentage of the listed 127.05% 38.11% 63.52% 63.52% 63.52% 63.52%
entity’s annual consolidated
turnover, for the immediately
preceding financial year, that
is represented by the value of
the proposed transaction
Mahindra Lifespaces
205
206
The percentage for a RPT N.A N.A 103.14% 85.90% 877.19% 877.19%
involving a subsidiary,
calculated on the basis of the
subsidiary’s annual turnover
on a standalone basis
Details of the transaction relating to loans, intercorporate deposits, advances or investments made or given by the Company or its subsidiary:
i. details of the source of Not applicable, as the proposed transaction is in the nature The financial assistance would be provided by the Not applicable,
funds in connection with of availing loan(s) / inter-corporate deposit(s) from Related subsidiary(ies) from the internal accruals/ own funds. as the proposed
the proposed transaction Party(ies) which are not subsidiaries of the Company. transaction is
in the nature of
availing loan(s)
by MWCDL, a
subsidiary of the
Company, from
TML, a
Related Party
which is not a
subsidiary of the
Company.
ii. where any financial Not applicable
indebtedness is incurred
to make or give loans,
inter-corporate deposits,
advances or investments,
• nature of indebtednes;
• cost of funds; and
tenure;
iii. applicable terms, Loans availed or provided from / to / amongst Related Party(ies) mentioned above shall be unsecured and at a prevailing market rate of interest
including covenants, on arm’s length basis and subject to terms and conditions as shall be approved by the Audit Committee and the Board from time to time and
tenure, interest rate and acceptable to the Related Parties.
repayment schedule, The loan shall be availed or provided for short term basis and can be availed / provided in tranches, from time to time, during Financial Year
whether secured or 2022-23
unsecured; if secured, the
nature of security
iv. the purpose for which the Funds shall be utilized by the entities availing loan(s) towards meeting its working capital requirements and/or business objectives.
funds will be utilized by
the ultimate beneficiary of
such funds pursuant to the
RPT.
Justification as to why the RPT As mentioned in the Explanatory Statement above.
is in the interest of the listed
entity
A copy of the valuation or The transactions do not contemplate any valuation.
other external party report,
if any such report has been

relied upon
Any other information that may The Members at its Annual General Meeting held on 30th July, 2018 had accorded approval, inter-alia, for certain material related party transactions
be relevant including, but not limited to, relating to providing or availing of loans, providing or availing of guarantees or security for loans borrowed by the
Company or by Related Parties. Pursuant to the said approval, the Company has, based on the business requirements, from time to time,
had entered into transactions for intercorporate loans with its Related Parties. However, pursuant to the amendment to LODR Regulations, the
Company proposes to seek an enabling approval for the proposed material related party transactions mentioned in resolution nos. 9 to 14.
Details of nature of concern or interest of the Non-Executive Non-Independent Directors (NENID) / Independent Directors (IDs) / Managing Director and Chief
Executive Director (MD & CEO) / Key Managerial Personnel (KMP) of the Company / MWCDL in Related Parties:
Related Parties Directors and/or KMPs of the Company and / or MWCDL

Mr. Arun Nanda Dr. Anish Shah Ms. Amrita Mr. Ameet Hariani Mr. Arvind Mr. Vimal Agarwal
(NENID of the (NENID of the Chowdhury (ID of the Company Subramanian (KMP of the
Company and Company) (ID of the Company) and MWCDL) (MD & CEO of the Company and
MWCDL) Company and MWCDL)
NENID of MWCDL)
TML NA NENID NA NA NA NA
MHRIL Chairman, NENID NENID NA NA NA NA
MHPL NA NA ID NA Chairman, NENID NENID
MWCJL NENID NA ID ID NENID NA
MWCDL Chairman, NENID NA NA ID NENID CEO
It is pertinent to note that no related party shall vote to approve Resolution(s) at item nos. 9 to 14 of the Notice, whether the entity / related party, is a related party
to the particular transaction(s) or not.
The Board recommends, basis recommendation of the Audit Committee, passing of the Resolution(s) at resolution nos. 9 to 14, as an Ordinary Resolution.
None of the Directors and / or Key Managerial Personnel of the Company and / or their respective relatives are concerned or interested, financially or otherwise,
either directly or indirectly, in the proposed transactions, except to the extent of their directorship and / or shareholding in the Company and /or Related Parties.
For and on behalf of the Board,
Ankit Shah
Notice
Assistant Company Secretary and Compliance Officer

ACS-26552
Mumbai, 13th May, 2022
Registered Office
5th Floor, Mahindra Towers, Worli, Mumbai 400 018.
e-mail: investor.mldl@mahindra.com
Mahindra Lifespaces
Website: www.mahindralifespaces.com
Tel. : 022- 67478600 / 67478601
207
Route Map for 23rd Agm
(Source : Google Maps)
208
Board’s Report
BOARD’S REPORT
Board’s Report to the Members
Your Directors present their twenty-third report together with the audited financial statement of your Company for the year
ended on 31st March, 2022.
Financial Highlights (Standalone)

(` In lakh)
2022 2021
Income from Operations 25,281 8,964
Other Income 5,369 4,675
Total Income 30,650 13,639
Profit / (Loss) Before Depreciation, Finance cost and Taxation (7,070) (5,935)
Less: Depreciation (618) (665)
Profit / (Loss) Before Finance cost and Taxation (7,688) (6,601)
Less: Finance Cost (474) (367)
Profit / (Loss) Before exceptional item and Taxation (8,162) (6,967)
Less: Exceptional Item (Income)/Expense 1
(10,412) -
Profit / (Loss) after exceptional item and before Tax 2,250 (6,967)
Less: Provision for Taxation
• Current Tax - -
• Deferred Tax (including MAT Credit) 2,039 1,742
Profit / (Loss) After Tax 4,289 (5,225)
Add: Balance of Retained earnings of earlier years 27,139 32,379
Retained earnings available for appropriation 31,428 27,154
Add: Other Comprehensive Income / (Loss)2 31 (15)
Retained earnings carried forward 31,459 27,139
1
Mahindra Homes Private Limited (MHPL), a Joint Venture of the Company, is executing residential projects at NCR and Bengaluru. The residential project in NCR
is a Joint Development with the land owner. During the year, MHPL saw significant increase in sales with improvement in selling price, volumes and collections
from the projects and there was a buy back of its Class C equity shares. Pursuant to above, the Company has evaluated the carrying value of its investment and
on the basis of estimated Net Present Value of forecasted cash flows expected to be generated by MHPL, reversed provision for impairment loss of ` 10,412 lakh.
Re-measurement of (loss)/gain (net) on defined benefit plans, recognised as part of retained earnings.
2
Dividend Dividend Distribution Policy

For the Financial Year 2021-22, your Directors have In terms of Regulation 43A of SEBI (Listing Obligations
recommended a dividend of ` 2 (20 percent) per equity share and Disclosure Requirements) Regulations, 2015 (“LODR
of the face value of ` 10 each of the Company on the Share Regulations”), the Board of Directors of the Company has
Capital out of the profits of the financial year 2021-22. formulated and adopted a ‘Dividend Distribution Policy’.
The Policy is attached herewith and marked as Annexure
The equity dividend outgo for the Financial Year 2021-22 1 and is also available on the Company’s website at
would be ` 3,090.68 lakh. Dividend will be payable subject to Dividend Distribution Policy
approval of members at the ensuing Annual General Meeting
and deduction of tax at source to those Shareholders whose Reserves
names appear in the Register of Members as on the Book During FY 2021-22, no amount has been transferred to any
Closure Date. The Board of your Company decided not to reserves.
transfer any amount to the General Reserve for the year under
review.

Operations / State Of The Company’s Total consolidated income of your Company increased from
Affairs ` 18,782 lakh in 2020-21 to ` 40,824 lakh in 2021-22. PBT
after incorporating share in profit of Associates stood at
After the slowdown due to the Covid-19 pandemic, Indian
` 244 lakh in 2021-22. After accounting for an exceptional
economy registered a sharp turnaround in performance
gain from reversal of provision for an impairment losses in
in 2021-22. GDP growth is estimated at 8.9% in 2021-22, one of its projects, PBT increased further to ` 9,928 lakh in
compared to a decline of 6.6% in the previous year. All key 2021-22. Consolidated PAT after deducting non-controlling
sectors contributed to this growth, with industry and services interest was ` 15,449 lakh as compared to loss of ` 7,174
sectors recording a strong improvement over last year. lakh in 2020-21.
The construction sector, which is closely linked to the real
estate industry, also grew at an impressive 10% in 2021-22, No material changes and commitments have occurred after
compared to a contraction of 7.3% in 2020-21. the close of the year till the close of this Report, which affects
the financial position of the Company.
During the year, your Company launched two new projects,
“Mahindra Happinest” in Mahindra World City, Chennai and Awards And Recognition
“Mahindra Happinest Kalyan 2” in the Mumbai Metropolitan Your Company and its subsidiaries received several awards
Region (MMR). It also launched fresh inventory in three of its and recognitions during the financial year 2021-22. Some of
existing projects, Vicino and Alcove in MMR and Happinest the prestigious awards are:
Avadi in Chennai.
• The Company was awarded as one of ‘India’s Top
Your Company registered sales of `1,02,765 lakh in 2021-22, Builders 2021’ in the National category by Construction
growing from ` 69,519 lakh in the previous year. Area sold World Architect and Builder Awards 2021.
also increased from 1.07 million square feet (msft) in 2020-21
• The Company ranked ‘1st in Asia in Public Disclosure’
to 1.28 msft in 2021-22. Collections grew to `1,15,253 lakh
(2nd year in a row) by Global Real Estate Sustainability
in 2021-22, compared to ` 75,811 lakh in 2020-21. Equally,
Benchmark.
the concerted efforts in project execution resulted in the
completion of 1.30 msft in 2021-22, which is a considerable • The Company received ‘Leadership’ status in the 2021
step-up from 0.39 msft in the previous year. Your Company Global Climate Change report by Carbon Disclosure
handed over 925 units to homeowners during the year. Project (CDP). The Company is the only real estate
company from India to have secured ‘Leadership’
Overall, in the residential business, the Company is currently ranking in CDP’s Climate Change assessment in the last
developing 4.03 msft with another 6.72 msft available in the five years. It is also one of only ten Indian companies in
form of forthcoming projects, new phases of ongoing projects the ‘A-’ band for Climate Change in 2021.
and new projects that are under planning.
• The Company is awarded as a ‘Supplier Engagement
The Integrated Cities and Industrial Clusters business, too, Leader 2021’ by CDP.
saw a sharp turnaround in performance during the year, with
leasing of 111 acres of land in 2021-22, compared to 56 • The Company is awarded with ‘Plaque Award’ for
acres in the previous year. Total lease premium generated in “Special Recognition” in Category II - Climate Change
2021-22 was ` 29,750 lakh1 again a considerable increase of ICAI International Sustainability Reporting Awards
over `12,870 lakh generated in 2020-21. 2020-21.
• The Company bagged 1st position in ‘Sustainability

Total income of your Company as a standalone entity
Performance Award’ category in 12th edition of Corporate
increased from ` 13,639 lakh in 2020-21 to ` 30,650 lakh
Governance and Sustainability Vision Awards – 2022
in 2021-22. The Company reported a loss before taxes of
(3rd year in a row) by Indian Chamber of Commerce.
` 8,162 lakh in 2021-22. But, after accounting for an
exceptional gain from reversal of impairment losses in one • Mahindra World City, Chennai is awarded as ‘Best
of its projects, profit before taxes (PBT) stood at ` 2,250 Smart city/Sub city Projects’ by Construction Industry
lakh. Profit after taxes (PAT) in 2021-22 was ` 4,289 lakh as Development Council (CIDC) Vishwakarma Awards.
compared to loss of ` 5,225 lakh in 2020-21.
• Mahindra World City, Chennai, SEZ, has received ‘Export
1
Total lease premium includes Rs. 4,692 lakh for 15.64 acres of land leased by Excellence Awards’ for the years 2016-17 and 2017-18
Mahindra Integrated Township Limited (MITL), a subsidiary of Mahindra World by MEPZ SEZ and HEOUs, Office of the Development
City Developers Limited (MWCDL) for development of a senior living housing
Commissioner, Chennai.
project.
210
Board’s Report
• Mahindra World City, Chennai and Jaipur ranked as The allotment of 153,189 equity shares of the Company
‘Leaders’ in the Industrial Parks Rating for Special has been kept in abeyance in accordance with Section
Economic Zones (SEZ) by Department for Promotion of 206A of the Companies Act, 1956 (corresponding
Industry and Internal Trade, Government of India. Section 126 of the Companies Act, 2013), till such time
the title of the bona-fide owners of the shares is certified
• Mahindra World City, Chennai and Jaipur are by the concerned Stock Exchange or the Special Court
awarded ‘Chairman’s Commendation Award’ by CIDC (Trial of offenses relating to transactions in Securities).
Vishwakarma Awards.
During the year, Company has not issued any equity
• Mahindra World City, Jaipur received ‘Gold Award’ in the
shares with differential rights or any sweat equity shares.
Service Sector / 4th National Safety Practice Competition
for excellence in workplace safety by CII National Safety Employee Stock Options Scheme
Practice Awards.
During the year, Nomination and Remuneration Committee
• Mahindra World City, Jaipur is awarded with ‘Gold Award’ (NRC) approved grant of total 67,867 Stock Options under
in Real Estate and Construction Sector for Outstanding ESOS-2012 to the eligible employees, at an exercise price
achievement in Occupational Health and Safety by of ` 10 each which is equal to the face value of the equity
Sustainable Development Foundation. share of the Company. No stock options were granted under
ESOS-2006.
• Mahindra Integrated Township Limited was awarded
as ‘Developer of the year - Residential Chennai’ at Real Consequent to the issue of bonus shares and approval of the
Estate Infrastructure Summit and Awards 2021. shareholders, NRC and Board of Directors at their respective
meetings held on 26th October 2021 approved adjustment to
Share Capital the outstanding stock options under the ESOS – 2006 and
(a) Bonus Shares ESOS – 2012 in the bonus issue ratio of 2:1 (Bonus Stock
Option). Accordingly, the Bonus Stock Option were allocated
Pursuant to the recommendation of the Board of Directors
to the eligible grantees holding stock options as on Record
at its Meeting held on 28th July, 2021 and approval of the
Date i. e. 15th September, 2021.
Members of the Company through a Postal Ballot, the
Results of which were declared on 6th September, 2021, The Company does not have any scheme envisaged under
your Company has on 16th September, 2021 allotted Section 67 of the Companies Act, 2013 (“the Act”) in respect
10,27,87,676 Equity Shares of ` 10 each as fully paid-up of shares on which voting rights are not directly exercised by
Bonus Shares in the ratio of two Bonus Share for every the employees.
one existing Equity Share of the Company held by the
Shareholders as on the Record Date i. e. 15th September, Pursuant to advent of SEBI (Share Based Employee Benefits
2021. & Sweat Equity) Regulations, 2021 (SBEB & SE Regulations)
replacing erstwhile SEBI (Share Based Employee Benefits)
(b) Shares allotted pursuant to exercise of Stock Regulations, 2014 (SBEB Regulations), the NRC, had made
Options certain administrative changes to both ESOS – 2006 and
During the year, the Company has issued and allotted ESOS – 2012 to align with the SBEB & SE Regulations.
3,00,000 and 46,350 equity shares of ` 10 each to the None of the changes made under both the Schemes were
eligible employees pursuant to exercise of stock options material in nature. The existing schemes including changes
granted under Employee Stock Option Scheme – 2006 made during the year are in compliance with SBEB & SE
(ESOS – 2006) and Employee Stock Option Scheme – Regulations and other applicable regulations and circulars in
2012 (ESOS – 2012), respectively. force, from time to time.
After FY 2021-22, till date, the Company has allotted A certificate from the Secretarial Auditor, will be placed before
16,267 equity shares of ` 10 each to the eligible the members in the Annual General Meeting, confirming that
employees pursuant to exercise of stock options granted the above-mentioned Schemes i. e. ESOS-2006 and ESOS-
under ESOS - 2012. 2012 have been implemented by the Company in accordance
with SBEB & SE Regulations and SBEB Regulations and
Consequently, the issued equity share capital of resolution passed by the Members of the Company.
the Company has increased from ` 5,143.43 lakh to
` 15,468.67 lakh and the subscribed and paid-up The disclosure in relation to ESOS-2006 and ESOS-2012
equity share capital of the Company has increased from under the SBEB & SE Regulations is uploaded on the website
` 5,138.32 lakh to ` 15,453.35 lakh. of the Company at Weblink for Annual Report 2021-22.

Holding Company Mahindra World City (MWC), Jaipur, is being implemented by

Mahindra World City (Jaipur) Limited (MWCJL), a 74:26 joint
As on 31st March, 2022, the Promoter and the Holding
venture between the Company and Rajasthan State Industrial
company i.e. Mahindra and Mahindra Limited (M&M) holds
Development and Investment Corporation Limited (RIICO), a
7,93,19,550 equity shares representing 51.33 percent of the
Government of Rajasthan enterprise, respectively. The project
total paid-up equity capital of the Company. Consequent to
is spread across 2,913 acres of land and a leasable potential
allotment of equity shares to eligible employees under ESOS-
of 2,011 acres and offers multi product SEZ, along with DTA
2006 and ESOS-2012, the shareholding of M&M was reduced
and Social and Residential Infrastructure. The Company
by 0.13% during the year.
has partnered with International Finance Corporation (IFC),
a member of the World Bank Group for the development of
The Company continues to be a Subsidiary Company of M&M.
MWC, Jaipur. IFC has invested ` 19,480 lakh in MWCJL and
All subsidiary companies of the Company are consequently
is entitled to economic rights to the extent of 50% on 500
subsidiary companies of M&M.
acres of gross land comprising first 250 acres of SEZ and
first 250 acres of DTA. In FY 2021-22, MWCJL has clocked
Subsidiaries, Joint Ventures And leasing revenue of ` 25,100 lakh which accounts for nearly
Associate Companies As Per Companies 85% of the total leasing revenue of IC&IC business.
Act, 2013
A report highlighting performance of each of the subsidiaries, Mahindra Industrial Park Chennai Limited (MIPCL),
associates and joint venture companies as per the Act, and is a 60:40 joint venture between MWCDL and Sumitomo
their contribution to the overall performance of the Company Corporation, Japan, respectively. MIPCL is setting up an
is provided in the consolidated financial statement at note industrial cluster in North Chennai (the NH-16 corridor) on
approximately 289 acres with a leasable potential 209 acres
no 44. During the year, no company became or ceased to
under the brand ‘Origins by Mahindra World City’. Till date,
be a Subsidiary / Associate / Joint Venture company of the
MIPCL has leased 53 acres of industrial land.
Company.
Mahindra Industrial Park Private Limited (MIPPL), a wholly
Subsidiary And Joint Venture
owned subsidiary of the Company has acquired around 340
Companies
acres of contiguous land at Jansali near Ahmedabad for
Mahindra World City (MWC), Chennai, is being implemented setting up an industrial cluster having leasable potential 255
by Mahindra World City Developers Limited (MWCDL), acres. The Company has partnered with International Finance
an 89:11 joint venture between the Company and the Tamil Corporation (IFC), a member of the World Bank Group for
Nadu Industrial Development Corporation Limited (TIDCO), the development of upcoming project at Jansali. IFC, till
respectively. MWC, Chennai is India’s first integrated business date, has invested ` 7,565 lakh in MIPPL and is entitled to
city and corporate India’s first operational SEZ spread across economic rights to the extent of 50% in MIPPL. The Company
1,524 acres with a leasable potential of 1,154 acres and has obtained all major approvals for the project and the onsite
comprising of multi sector Special Economic Zones (SEZs) development of the core infrastructure is in progress.
and a Domestic Tariff Area (DTA) and Residential and Social
Mahindra Homes Private Limited (MHPL), is a 72.51: 27.49
Zone (R&S). It is the first township in India to receive the
joint venture between the Company and Actis Mahi Holding
Green Township Certification (Stage I Gold certification)
(Singapore) Private Limited (‘Actis’), respectively and is
from IGBC. MWC, Chennai has leased 100% of its existing
developing in collaboration with a developer and landowning
land inventory in the SEZ and DTA, but continues to offer
companies, a group housing project “Luminare” at NCR on
lease options in the R&S. During the year, MWC, after Board
approximately 6.80 acres. It has also completed a residential
approvals of respective companies, has filed a scheme of
project “Windchimes” at Bengaluru on approximately 5.90
merger with National Company Law Tribunal, Chennai, acres. In the year 2021-22, MHPL completed buyback of
for merger of Mahindra Integrated Township Limited and 18,900 equity shares each of Series B and Series C held
Mahindra Residential Developers Limited with MWCDL. by Actis and the Company at an aggregate consideration
MWCDL has received an Assessment Order and notice of of ` 5,505 lakh each. MHPL has launched third phase of
demand from Income Tax Authorities for an aggregate sum its existing residential project, ‘Luminare – Phase 3’ with
of ` 10,181 lakh (including interest) against return of income development potential of 0.43 msft.
filed for the assessment year 2016-17. MWCDL has received
an interim stay order from Madras High Court till 10th June, Mahindra Integrated Township Limited (MITL) is a co-
2022. developer in developing the residential township area at
212
Board’s Report
Mahindra World City, Chennai (MWC Chennai). Its project procuring the required land area. KTL is focusing on
developments include ‘Iris Court’, ‘Nova’, ‘Lakewoods’ and completing necessary compliances and obtaining requisite
‘Mahindra Happinest’ with current approved development approvals for acquisition of land parcels to achieve contiguity.
potential of upto 2.71 msft. MITL has handed over projects
- ‘Iris Court’ and ‘Nova’ to customers. During the year, MITL Deep Mangal Developers Private Limited (DMDPL) is a
had launched its fourth project ‘Mahindra Happinest’ at MWC subsidiary of Mahindra World City (Maharashtra) Limited and
Chennai. The launch received an overwhelming response consequently a subsidiary of the Company. DMDPL intends
with 302 units out of total 348 units launched being booked to develop approx. 1,300 acres land at Murud on southern
within two months. Construction of projects - ‘Lakewoods’ and coast of Maharashtra as a one-of-itskind tourist destination
‘Mahindra Happinest’ is currently under progress. MITL also catering to globally growing need of holistic healthcare and
transferred land admeasuring 15.64 acres for development of wellness tourism, besides promoting adventure and heritage
a senior living project. The Company, directly and indirectly, tourism.
owns 97.14% of MITL.
Mahindra World City (Maharashtra) Limited, Industrial
Mahindra Residential Developers Limited (MRDL), which is Township (Maharashtra) Limited, Moonshine Construction
a wholly owned subsidiary of Mahindra Integrated Township Private Limited, Mahindra Knowledge Park (Mohali)
Limited (MITL), and a co-developer is developing a gated Limited and Anthurium Developers Limited, subsidiaries of
residential community in approximately 54 acres within the Company are evaluating viable business opportunities.
Mahindra World City, Chennai, under the name ‘Aqualily’.
The project offers villas and apartments with an estimated Associate Companies
saleable area of 1.58 msft of which 1.35 msft has been As of 31st March, 2022, no company is an associate of the
launched and completed. Company.
Mahindra Bloomdale Developers Limited (MBDL) is Consolidated Financial Statement

a wholly owned subsidiary of the Company. MBDL is
The audited consolidated financial statement of the Company
developing a gated residential community ‘Bloomdale’
prepared in accordance with the applicable Accounting
across approximately 25.2 acres at Multi-modal International
Standards along with all relevant documents and the Auditors’
Hub Airport at Nagpur (MIHAN). In the year 2021-22, MBDL
Report forms part of this Annual Report.
has acquired 3.2 acres of land parcel in Pimpri, Pune, from
Mahindra & Mahindra Ltd offering development potential of
The audited financial statement of each of the subsidiaries is
approx. 0.52 msft.
placed on the website of the Company at Weblink for Annual
Mahindra Happinest Developers Limited (MHDL) is a Report 2021-22.
51:49 joint venture between the Company and HDFC Capital
The Company will provide the financial statements of
Affordable Real Estate Fund – I (HDFC), respectively. Its
subsidiaries upon receipt of a written request from any
project include ‘Happinest Palghar 1 and 2’, ‘Mahindra
member of the Company interested in obtaining the same.
Happinest Kalyan -1’ having development potential of upto
The financial statement of subsidiaries will also be available
1.63 msft.
for inspection at the Registered Office of your Company
Mahindra Infrastructure Developers Limited (MIDL), during working hours up to the date of the Annual General
a wholly owned subsidiary of the Company, is an equity Meeting.
participant in the project company namely, New Tirupur Area
Development Corporation Limited (NTADCL) implementing Management Discussion And Analysis
the Tirupur Water Supply and Sewerage project. Report
The Management Discussion and Analysis Report, which
Mahindra Water Utilities Limited (MWUL) is engaged in the
gives a detailed account of state of affairs of the operations
business of operation and maintenance services for water
of the Company and its subsidiaries forms part of this Annual
and sewerage facilities at Tirupur, India and is a 98.99%
Report.
subsidiary of Mahindra Infrastructure Developers Limited and
consequently, a subsidiary of the Company.
Corporate Governance
Knowledge Township Limited (KTL), a wholly owned A report on Corporate Governance along with a certificate
subsidiary of the Company will be developing an industrial from the Auditors of the Company regarding the compliance
park in Maharashtra under the brand ‘Origins by Mahindra with the conditions of Corporate Governance as stipulated
World City’ for which the company is in the process of under the LODR Regulations forms part of this Annual Report.

Business Responsibility AND • Encourage employees to participate actively in the

SUSTAINABILITY Report (BRSR) Company’s CSR and give back to the society in an
organised manner through the employee volunteering
The Company regularly carries out several initiatives programme called Employee Social Options.
that contribute to the sustainability and well-being of the
environment and the communities in which it operates. The The Company registered an average loss during immediately
Company is committed to demonstrate integration of green preceding three financial years and therefore, the provision
and climate responsive design in our products and it aims with respect to CSR spending was not applicable for the
to be seen as a leader in net zero and climate responsive financial year ended on 31st March, 2022.
developments in the years to come. Sustainability is thus a
core agenda for the Company. The Company has provided The annual report on the CSR activities is attached herewith
Business Responsibility and Sustainability Report (BRSR), in and marked as Annexure 2 to this Report.
lieu of the Business Responsibility Report. The BRSR forms
part of this report providing insights on the initiatives taken by Directors
the Company from an environmental, social and governance
Pursuant to Section 152 of the Companies Act, 2013 and
perspective.
Article 116 of the Articles of Association of the Company,
Dr. Anish Shah (DIN: 02719429), Non-Executive Non-
Corporate Social Responsibility (Csr) Independent Director retires by rotation at the ensuing 23rd
The Company has constituted a Corporate Social Annual General Meeting of the Company and being eligible
Responsibility (CSR) Committee comprising Mr. Arun has offered himself for re-appointment. The Board, basis
Nanda, Non-Executive Non-Independent Director, Ms. recommendation of the Nomination and Remuneration
Amrita Chowdhury, Independent Director and Mr. Arvind Committee (NRC), has recommended his reappointment at
Subramanian, Managing Director & CEO. Mr. Arun Nanda is the forthcoming Annual General Meeting as a Non-Executive
the Chairman of the Committee. The role of the Committee, Non-Independent Director of the Company, liable to retire by
inter alia, is to formulate and recommend to the Board, a rotation.
Corporate Social Responsibility Policy, expenditure to be
The shareholders, at the Annual General Meeting of the
incurred on the CSR activities, an annual action plan in
Company held on 30th July, 2018, had appointed Mr. Ameet
pursuance of its CSR policy etc. Hariani (DIN: 00087866) as an Independent Director for the
first term of five years to hold the office from 4th September,
The Company’s CSR Policy lays out the vision, objectives and
2017 upto 3rd September, 2022. On the basis of performance
implementation mechanism. During the year, the CSR Policy
evaluation of Independent Directors, the Nomination and
of the Company was amended in line with the amendments
Remuneration Committee and the Board at their respective
made by the Companies (Amendment) Act, 2019, the meetings held on 13th May, 2022, have recommended to
Companies (Amendment) Act, 2020 and the Companies the shareholders for the continued association of Mr. Ameet
(Corporate Social Responsibility Policy) Amendment Rules, Hariani as an Independent Director of the Company, not liable
2021 by amending definitions viz. meaning of CSR, ongoing to retire by rotation, to hold office for a second term of five
project, guiding principles for selection, implementation, years from 4th September, 2022 upto 3rd September, 2027.
monitoring of activities and formulation of the Annual Action The recommendation was based on the business knowledge,
Plan, etc. The Company’s CSR policy is available on the integrity, expertise, experience and the contribution made by
Company’s website at MLDL CSR Policy. Mr. Ameet Hariani during his tenure. With regard to experience
which includes proficiency test, Mr. Ameet Hariani is exempted
The objective of the CSR policy is to: from undertaking the proficiency test in accordance with the
Rule 6(4) of the Companies (Appointment and Qualification of
• Promote a unified approach to CSR to incorporate Directors) Rules, 2014.
under one umbrella the diverse range of the Company’s
philanthropic activities, thus enabling maximum impact The Board, pursuant to recommendation of Nomination and
of the CSR initiatives; Remuneration Committee, at its meeting held on 13th May,
2022 appointed Ms. Asha Kharga (DIN: 08473580) as an
• Ensure an increased commitment at all levels in the Additional Director of the Company in the category of Non-
organisation, to operate in an economically, socially and Executive Non-Independent Director. Pursuant to Section 161
environmentally responsible manner while recognising of the Act and Article 128 of the Articles of Association of the
the interests of all its stakeholders; Company, Ms. Asha Kharga will hold office of the Additional
214
Board’s Report
Director upto the date of forthcoming Annual General Meeting. performance evaluation, structured questionnaires, covering
The Company has received a notice as per the provisions of various aspects of the evaluation such as adequacy of the
Section 160(1) of the Companies Act, 2013 from a member size and composition of the Board and Committee thereof
in writing proposing her candidature for the office of Director. with regard to skill, experience, independence, diversity,
The Board has recommended to the shareholders her attendance and adequacy of time given by the Directors to
appointment at the forthcoming Annual General Meeting as discharge their duties, Corporate Governance practices, etc.
a Non-Executive Non-Independent Director of the Company, were circulated to the Directors for the evaluation process. All
liable to retire by rotation. Directors unanimously expressed that the evaluation outcome
reflected high level of engagement of the Board of Directors
Brief resume and other details of Dr. Anish Shah, Mr. Ameet and its committees amongst its members with the Company
Hariani and Ms. Asha Kharga, in terms of Companies Act, and its management and that they are fully satisfied with the
2013, LODR Regulations and Secretarial Standards on same.
General Meeting, are provided in the Notice and/or Corporate
Governance Report forming part of the Annual Report. None The Company has received declarations from each of the
of the Directors of the Company are inter-se related to each Independent Directors confirming that they meet the criteria
other. The abovementioned Directors are not disqualified of independence as provided in the Companies Act, 2013
from being re-appointed / appointed as Directors by virtue and LODR Regulations. The declarations also confirm
of the provisions of Section 164 of the Companies Act, 2013. compliance with sub rule 3 of Rule 6 of the Companies
(Appointment and Qualifications of Directors) Rules, 2014.
The shareholders at its meeting held on 25th July, 2017 Further, the Board after taking these declaration/disclosures
had approved appointment of Mr. Bharat Shah (DIN: on record and acknowledging the veracity of the same,
00136969) as an Independent Director to hold office upto concluded that the Independent Directors are persons of
31st July, 2021. Mr. Bharat Shah ceased to be a Director integrity and possess the relevant expertise and experience
consequent to expiry of his first term of office as an to qualify as Independent Directors of the Company and are
Independent Director effective 31st July, 2021. The Board Independent of the Management.
places on record its sincere appreciation for the valuable
contributions made by Mr. Shah during his tenure as an The details of familiarization programme for Independent
Independent Director. Directors have been disclosed on website of the Company at
Weblink for Annual Report 2021-22.
Mr. S. Durgashankar, consequent to his retirement from the
services of Mahindra and Mahindra Limited, resigned as a The salient features of the following policies of the Company
Non-Executive Non-Independent Director of the Company are attached herewith and marked as Annexure 3:
effective from the conclusion of the Board Meeting held on
13th May, 2022. He has confirmed in the resignation letter that 1. Policy on appointment of Directors and Senior
there is no other material reason other than what is stated Management
in his resignation. The Board places on record its deep
appreciation for the valuable services rendered by Mr. S. 2. Policy on Remuneration of Directors and
Durgashankar during his tenure as a Director of the Company.
3. Policy on Remuneration of Key Managerial Personnel
The performance evaluation of Non-Independent Directors and Employees
and the Board as a whole, Committees thereof and Chairman
of the Company was carried out by Independent Directors. The aforesaid policies are also available at the link
Pursuant to the provisions of the Act, the Nomination and MLDL Policies.
Remuneration Committee (NRC) specified the manner of
effective evaluation of the performance of the Board, its The Managing Director & CEO draws remuneration only from
Committees and Individual Directors. In terms of manner the Company and does not receive any remuneration or
of performance evaluation specified by the NRC, the commission from any of its subsidiary companies / holding
performance evaluation of the Board, its committees and company.
individual Directors was carried out by NRC and the Board
of Directors. Further, pursuant to Schedule IV of the Act and Key Managerial Personnel (Kmp)
Regulation 17(10) of the LODR Regulations, the evaluation of As on 31st March, 2022, details of Key Managerial Personnel
independent directors was done by the Board of Directors. For under the Companies Act, 2013 are given below:

Sr. Name of the Person Designation Internal Financial Controls

No. The Company’s Financial Statements are prepared on the
basis of the Accounting Policies that are carefully selected by
1 Mr. Arvind Managing Director & CEO
Management and approved by the Audit Committee and the
Subramanian
Board. These Accounting policies are reviewed and updated
2 Mr. Vimal Agarwal Chief Financial Officer from time to time. The Company uses SAP ERP Systems as
3 Mr. Ankit Shah Assistant Company a business enabler and to maintain its Books of Account.
Secretary & Compliance The transactional controls built into the SAP ERP systems
Officer ensure appropriate segregation of duties, appropriate level
of approval mechanisms and maintenance of supporting
Meetings records. These systems and controls are audited by Internal
Audit and their findings and recommendations are reviewed
During the financial year 2021-22, the Board met seven times. by the Audit Committee which ensures its implementation. The
Detailed information regarding the meetings of the Board is Company has in place adequate internal financial controls
included in the report on Corporate Governance, which forms with reference to the Financial Statements commensurate
part of the annual report. The intervening gap between two with the size, scale and complexity of its operations. The
consecutive meetings was within the period prescribed under Company’s Internal Financial Controls were deployed through
the Companies Act, 2013, Secretarial Standards on Board Internal Control – Integrated Framework (2013) issued by the
Meetings and LODR Regulations as amended from time to time. Committee of Sponsoring Organizations of the Treadway
Commission (COSO), that addresses material risks in the
Directors’ Responsibility Statement Company’s operations and financial reporting objectives.
Such controls have been assessed during the year under
Pursuant to Section 134(5) of the Companies Act, 2013, the review taking into consideration the essential components
Directors, based on the representations received from the of internal controls stated in the Guidance Note on Audit of
operating management and after due enquiry, confirm that: Internal Financial Controls Over Financial Reporting issued by
The Institute of Chartered Accountants of India. Based on the
(a) in the preparation of the annual accounts, the applicable results of such assessments carried out by the Management,
accounting standards had been followed along with no reportable material weakness or significant deficiencies
proper explanation relating to material departures; in the design or operation of internal financial controls was
observed.
(b) they had selected such accounting policies and applied
them consistently and made judgments and estimates Audit Committee
that are reasonable and prudent so as to give a true and As on 31st March, 2022, the Audit Committee comprised
fair view of the state of affairs of the Company at the end of two Independent Directors, namely Mr. Ameet Hariani
of the financial year 31st March, 2022 and of the profit of and Ms. Amrita Chowdhury, and one, Non-Executive Non-
the Company for that period; Independent Director, Mr. Arun Nanda. Mr. Ameet Hariani is
the Chairman of the Committee. During the year, Mr. Bharat
(c) they had taken proper and sufficient care for the Shah, Independent Director, ceased to be a member of the
maintenance of adequate accounting records in Audit Committee upon expiry of his first term of office of
accordance with the provisions of the Companies Act, Independent Director effective 31st July, 2021.
2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; All members of the Audit Committee possess strong
knowledge of accounting and financial management.
(d) they had prepared the annual accounts on a going The Managing Director and Chief Executive Officer, Chief
concern basis; Financial Officer, the Internal Auditors and Statutory Auditors
are regularly invited to attend the Audit Committee Meetings.
(e) they had laid down internal financial controls to be The Company Secretary is the Secretary to the Committee.
followed by the Company and that such internal financial The Internal Auditor reports to the Chairman of the Audit
controls are adequate and are operating effectively; and Committee. The significant audit observations and corrective
actions as may be required and taken by the management are
(f) they had devised proper systems to ensure compliance presented to the Audit Committee. The Board has accepted
with the provisions of all applicable laws and that such all recommendations made by the Audit Committee from time
systems were adequate and operating effectively. to time.
216
Board’s Report
Vigil Mechanism / Whistle Blower as may be mutually agreed upon between the Board of
Mechanism Directors of the Company and the Auditors.
The Company has established a vigil mechanism by adopting
The Company has also received a written consent and
a Whistle Blower Policy for stakeholders including directors
a certificate from Messrs Deloitte Haskins & Sells LLP,
and employees of the Company and their representative
Chartered Accountants, to the effect that their appointment if
bodies to report genuine concerns in the prescribed manner to
made, would be in accordance with the provision of Section
freely communicate their concerns / grievances about illegal
139 and that they satisfy the criteria provided in Section 141 of
or unethical practices in the Company, actual or suspected,
fraud or violation of the Company’s Code or Policies. The vigil the Companies Act, 2013 read with Rules framed thereunder.
mechanism is overseen by the Audit Committee and provides
The Board is of the opinion that continuation of Messrs
adequate safeguards against victimisation of stakeholders
Deloitte Haskins & Sells LLP, Chartered Accountants will
who use such mechanism. It provides a mechanism for
stakeholders to approach the Chairman of Audit Committee be in the best interest of the Company and therefore, the
or the Business Ethics and Governance Committee (BEGC) members are requested to consider their re-appointment as
consisting of functional heads. No person was denied access Statutory Auditors of the Company for a term of five years
to the Chairman of the Audit Committee or BEGC. During from the conclusion of the ensuing Annual General Meeting
the year, the Company modified its Whistle Blower Policy to till the conclusion of Annual General Meeting to be held in the
strengthen the vigil mechanism. The modified Whistle Blower calendar year 2027.
Policy of the Company is in accordance with the Act and
LODR Regulations and the same is available at website of the The notes of the financial statements referred to in the
Company at Whistle Blower Policy. Auditors’ Report issued by Messrs Deloitte Haskins & Sells
LLP, Chartered Accountants, Mumbai for the financial year
Risk Management ended on 31st March, 2022 are self-explanatory and do not
call for any further comments. The Auditors’ Report does not
The Risk Management Committee comprised of Ms. Amrita
contain any qualification, reservation or adverse remark.
Chowdhury, Independent Director, Mr Arvind Subramanian,
Managing Director & CEO and Mr Vimal Agarwal, Chief
Financial Officer. Mr. S. Durgashankar, who was also a member
Cost Audit
of the Risk Management Committee, ceased to be a member The Board of Directors, on recommendation of the Audit
effective 13th May, 2022. The role of the committee inter alia, Committee, has appointed CMA Vaibhav Prabhakar Joshi,
includes, formulation, overseeing and implementation of risk Practising Cost Accountant, Mumbai (Membership No. 15797
management policy, business continuity plan, and to ensure and Firm Registration No. 101329), as Cost Auditor of the
that appropriate methodology, processes and systems are Company to conduct audit of the cost records maintained by
in place to monitor and evaluate risks associated with the the Company for the financial year 2021-22. CMA Vaibhav
business of the Company. Prabhakar Joshi has confirmed that his appointment is within
the limits of Section 141(3)(g) of the Companies Act, 2013
Auditors and has also certified that he is free from any disqualification
The shareholders at their meeting held on 25th July, 2017 specified under Section 141 and proviso to Section 148(3).
approved appointment of Messrs Deloitte Haskins & Sells LLP,
Chartered Accountants as Statutory Auditor of the Company As per the provisions of the Companies Act, 2013, the
for their first term of 5 years till the conclusion of 23rd Annual remuneration payable to the Cost Auditor is required to be
General Meeting (“AGM”) to be held in the calendar year placed before the Shareholders in a General Meeting for
2022. their ratification. Accordingly, pursuant to recommendation
of the Board, a resolution seeking Shareholders’ ratification
The Audit Committee and the Board of Directors at their for remuneration payable to CMA Vaibhav Prabhakar Joshi,
respective meeting held on 27th April, 2022, subject to Practising Cost Accountant is included in the notice of the
approval of the Shareholders, have approved re-appointment ensuing Annual General Meeting.
of Messrs Deloitte Haskins & Sells LLP as Statutory Auditors
of the Company for a period of five years commencing from The Company is required to maintain cost records as
the conclusion of 23rd AGM to be held in the calendar year specified under Section 148 (1) of the Companies Act, 2013
2022 until the conclusion of the 28th Annual General Meeting and such accounts and records are made and maintained by
to be held in the calendar year 2027 at such a remuneration the Company for the financial year 2021-22.

Secretarial Audit In view of the above, the requirement of giving particulars

of contracts / arrangements / transactions made with related
Pursuant to the provisions of Section 204 of the Companies
parties, in Form AOC-2, is annexed as Annexure 6.
Act, 2013 and Rules thereunder, the Board has appointed
Messrs Martinho Ferrao & Associates, Practising Company
Pursuant to amendment to provisions of related party
Secretaries, (Membership No: F.C.S. No. 6221 and C.P. No.
under LODR Regulations, the Company has amended its
5676) to conduct the secretarial audit of the Company.
‘Policy on materiality of and on dealing with related party
transactions’ to align and comply with the said provisions.
The Secretarial Audit Report for the financial year ended
The Policy may be accessed on the Company’s website at
31st March, 2022, is annexed herewith and marked as
https://mldlprodstorage.blob.core.windows.net/live/2021/10/
Annexure 4 to this Report. The Secretarial Audit Report does
RPT-Policy.pdf.
not contain any qualification, reservation or adverse remark.
The Directors draw attention of the members to note no. 36
Secretarial Audit Of Material Unlisted to the standalone financial statement which sets out related
Indian Subsidiary party disclosures.
For the Financial year 2021-22, Mahindra World City (Jaipur)
Limited, Mahindra Homes Private Limited, Mahindra World Deposits, Loans, Advances and other
City Developers Limited, Mahindra Industrial Park (Chennai) Transactions
Limited, Mahindra Residential Developers Limited, Mahindra Your Company has not accepted any deposits from public
Bloomdale Developers Limited, Mahindra Water Utilities or its employees and, as such no amount on account of
Limited and Mahindra Happinest Developers Limited are the principal or interest on deposit were outstanding as on 31st
material unlisted subsidiaries of the Company. As per LODR March, 2022. The details of loans and advances, which
Regulations, the Secretarial Audit of the material subsidiaries are required to be disclosed in the annual accounts of the
mentioned above has been conducted for the financial year Company pursuant to Regulation 34(3) read with Schedule
2021-22 by Practicing Company Secretaries. None of the V of the LODR Regulations are provided in the standalone
said Audit Reports contain any qualification, reservation or financial statement at note no. 40.
adverse remark. The Secretarial Audit Reports of material
subsidiaries for the financial year ended 31st March, 2022, are Further, in terms of Regulation 34(3) read with Schedule V
annexed herewith and marked as Annexure 5 to this Report. of the LODR Regulations, details of the transactions of the
Company, with the promoter and holding company Mahindra
Particulars of Loans, Guarantees or and Mahindra Limited holding 51.33 percent in the paid up
Investments Under Section 186 of the equity capital of the Company as on 31st March, 2022, in the
Companies Act, 2013 format prescribed in the relevant accounting standards for
annual results, are given in Note no. 36 to the standalone
The Company is engaged in the business of real estate
financial statement.
development (Infrastructural facilities) and hence, the
provisions of Section 186 of the Companies Act, 2013 related
to any loans made or any guarantees given, or any securities
Conservation of Energy, Technology
provided, or any investments made by the Company are not Absorption and Foreign Exchange
applicable. However, the details of the investments made, Earnings and Outgo
and loans given are provided in the standalone financial Information relating to the Conservation of Energy, Technology
statement at note nos. 7 and 15. Absorption and Foreign Exchange Earnings and Outgo as
per Section 134(3)(m) of the Companies Act, 2013 read with
Contracts and Arrangements with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is
Related Parties given in Annexure 7 to this report.
All contracts / arrangements / transactions entered by the
Company during the financial year with related parties were Particulars of Employees and Related
in the ordinary course of business and on an arm’s length Disclosures
basis. During the year, the Company had not entered into any Disclosures with respect to the remuneration of Directors,
contract / arrangement / transaction with related parties which KMPs and employees as required under Section 197(12) of
could be considered material except approval obtained from the Companies Act, 2013 read with Rule 5(1) of the Companies
shareholders through postal ballot for acquisition of land (Appointment and Remuneration of Managerial Personnel)
parcel from Mahindra and Mahindra Limited, a related party. Rules, 2014 are given in Annexure 8 to this Report.
218
Board’s Report
Details of employee remuneration as required under Cautionary Statement

provisions of Section 197(12) of the Companies Act, 2013
Certain statements in the Directors’ Report describing the
read with Rule 5(2) and 5(3) of Companies (Appointment
Company’s objectives, projections, estimates, expectations
and Remuneration of Managerial Personnel) Rules, 2014 are
available on your Company’s website at: Weblink for Annual or predictions may be forward-looking statements within
Report 2021-22. the meaning of applicable securities laws and regulations.
Actual results could differ from those expressed or implied.
Annual Return Important factors that could make a difference to the
The Annual Return in Form MGT-7 for the financial year ended Company’s operations include labour and material availability,
31st March, 2022 is available on the website of the Company and prices, cyclical demand and pricing in the Company’s
at Weblink for Annual Report 2021-22. principal markets, changes in government regulations, tax
regimes, economic development within India and other
General incidental factors.
• The Directors have devised proper systems to ensure
compliance with the provisions of all applicable Disclaimer
Secretarial Standards and that such systems are
The Company shall be registering its forthcoming projects
adequate and operating effectively.
at an appropriate time in the applicable jurisdictions /
• No fraud has been reported during the audit conducted States under the Real Estate (Regulation and Development)
by the Statutory Auditors, Secretarial Auditors and Cost Act, 2016 (RERA) and Rules thereunder. Till such time, the
Auditors of the Company. forthcoming projects are registered under RERA, none of
the images, material, projections, details, descriptions and
• During the year, no revision was made in the previous other information that are mentioned in the Annual Report
financial statement of the Company.
for the year 2021-22, should be deemed to be or constitute
advertisements, solicitations, marketing, offer for sale,
• During the year, the Company has not made any
application under Insolvency and Bankruptcy Code, invitation to offer, or invitation to acquire within the purview of
2016 (IBC). However, two applications have been filed the RERA. The Company uses carpet areas as per RERA in
against the Company by vendors under the IBC. The its customer communication. However, the data in saleable
Company has filed its response with respect to both area terms, if any, has been presented in the Annual Report
the matters for dismissal on the grounds of pre-existing for the year 2021-22 to enable continuity of information to
dispute and lack of jurisdiction. The matters as on date investors and shall not be construed to be of any relevance to
have not been admitted and are pending for hearing.
home buyers / customers.
• During the year, the Company has not made any one-
Acknowledgment
time settlement for loans taken from the Banks or
Financial Institutions, and hence the details of difference The Directors would like to thank all shareholders, customers,
between amount of the valuation done at the time of one- bankers, contractors, suppliers, joint venture partners and
time settlement and the valuation done while taking loan associates of your Company for the support received from
from the Banks or Financial Institutions along with the them during the year. The Directors would also like to place
reasons thereof is not applicable. on record their appreciation of the dedicated efforts put in by
employees of the Company.
• For the financial year ended on 31st March, 2022, the
Company has complied with provisions relating to the
For and on behalf of the Board
constitution of Internal Complaints Committee under the
Sexual Harassment of Women at Workplace (Prevention,
Arun Nanda
Prohibition and Redressal) Act, 2013.
Chairman
• No significant or material orders were passed by the DIN: 00010029
Regulators or Courts or Tribunals which impact the going Date: 13th May, 2022
concern status and Company’s operation in future. Place: Mumbai

ANNEXURE 1
Dividend Distribution Policy
The Dividend Distribution Policy (“the policy”) establishes • Internal Factors:
the principles to ascertain amounts that can be distributed
to equity shareholders as dividend by the Company as well 1. Profitable growth of the Company and specifically,
as to enable the Company strike a balance between pay-out profits earned during the financial year as compared
and retained earnings, in order to address future needs of with:
the Company. The policy shall come into force for accounting a. Previous years and
periods beginning from 1st April, 2016.
b. Internal budgets,
Dividend would continue to be declared on per share basis 2. Cash flow position of the Company,
on the Ordinary Equity Shares of the Company having face
3. Accumulated reserves,
value of ` 10 each. The Company currently has not issued
any other class of shares. Therefore, dividend declared will 4. Earnings stability,
be distributed amongst all shareholders, based on their
5. Future cash requirements for organic growth/
shareholding on the record date.
expansion and/or for inorganic growth,
Dividends will generally be recommended by the Board once 6. Brand acquisitions,
a year, after the announcement of the full year results and
7. Current and future leverage and, under exceptional
before the Annual General Meeting (AGM) of the shareholders,
circumstances, the amount of contingent liabilities,
out of the profits of the Company for current year or out of
profits of the Company for any previous financial years or out 8. Deployment of funds in short term marketable
of both, as may be permitted under the Companies Act, 2013 investments,
(“the Act”). 9. Long term investments,
In the event of inadequacy or absence of profits in any year, 10. Capital expenditure(s), and
the Board may recommend to declare dividend out of the 11. The ratio of debt to equity (at net debt and gross
accumulated profits earned by the Company in any previous debt level).
financial years and transferred to free reserves, provided
• External Factors:
such declaration of dividend shall be in accordance with the
provisions of the Act and Rules framed thereunder. 1. Business cycles,
2. Economic environment,
The Board may also declare interim dividend as may be
permitted by the Act. 3. Cost of external financing,
4. Applicable taxes including tax on dividend,

The Company has a consistent dividend policy that balances
the objectives of appropriately rewarding shareholders 5. Industry outlook for the future years,
through dividends and to support the future growth.
6. Inflation rate, and
As in the past, subject to the provisions of the applicable law, 7. Changes in the Government policies, industry
the Company’s dividend payout will be determined based on specific rulings and regulatory provisions.
available financial resources, investment requirements and Apart from the above, the Board also considers past dividend
taking into account optimal shareholder return. Within these history and sense of shareholders’ expectations while
parameters, the Company would endeavor to maintain a total determining the rate of dividend. The Board may additionally
dividend pay-out (including dividend distribution tax) ratio in recommend special dividend in special circumstances.
the range of 20% to 35% of the annual standalone Profits after
Tax (PAT) of the Company. The Board may consider not declaring dividend or may
recommend a lower payout for a given financial year, after
While determining the nature and quantum of the dividend analyzing the prospective opportunities and threats or in
payout, including amending the suggested payout range the event of challenging circumstances such as regulatory
as above, the Board would take into account the following and financial environment. In such an event, the Board will
factors: provide rationale in the Annual Report.
220
Board’s Report
The retained earnings of the Company may be used in any of Information on dividends paid in the last 10 years is provided
the following ways: in the Annual Report.
This policy may be reviewed periodically by the Board. Any

1. Capital expenditure for working capital,
changes or revisions to the policy will be communicated to
2. Organic and/ or inorganic growth, shareholders in a timely manner.
3. Investment in new business(es) and/or additional The policy will be available on the Company’s website at https://
investment in existing business(es), mldlprodstorage.blob.core.windows.net/live/2022/02/2-
Dividend-Distribution-Policy.pdf.
4. Declaration of dividend,
The policy will also be disclosed in the Company’s annual
5. Capitalisation of shares, report.
6. Buy back of shares,
7. General corporate purposes, including contingencies,
Arun Nanda
8. Correcting the capital structure,
Chairman
9. Any other permitted usage as per the Companies Act, DIN: 00010029
2013. Place: Mumbai
Date: 13th May, 2022

ANNEXURE 2
CORPORATE SOCIAL RESPONSIBILITY
Annual Report On Corporate Social Responsibility (“Csr”) Activities
For The Financial Year 2021-22
1. Brief outline on CSR Policy of the Company:
The Company’s responsible business practices include being responsible for our business processes, products; and
engaging in responsible relations with employees, customers and the community. Hence for the Company, Corporate
Social Responsibility goes beyond just adhering to statutory and legal compliances but create social and environmental
value while supporting the company’s business objectives and reducing operating costs; and at the same time enhancing
relationships with key stakeholders and customers. This is clearly articulated in the redefined Core Purpose which reads
as “we will challenge conventional thinking and innovatively use of all our resources to drive positive change in the lives
of our stakeholders and communities across the world, to enable them to Rise. Our other endeavor is to have inclusive
development at all our project locations to help the communities that live around these projects to prosper in all walks of life.
2. Composition of CSR Committee:
Sr. Name of Director Designation / Nature of Number of meetings Number of meetings of

No. directorship of CSR Committee CSR Committee attended
held during the year during the year
1. Mr Arun Nanda Chairman – Non-Executive 1 1
Non- Independent Director
2. Ms Amrita Chowdhury Member – Non-Executive 1 1
Independent Director
3. Mr Arvind Subramanian Member – Managing Director 1 1
& CEO
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR Projects approved by the board are
disclosed on the website of the Company
The weblink for CSR committee composition, CSR Policy and CSR Projects are as under:
CSR committee composition CSR Committee composition

CSR policy CSR policy
CSR project (FY 2021-22) Not Applicable
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report).
The provisions pertaining to impact assessment of CSR projects are not applicable to the Company.
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any.
Sr. Financial Year Amount available for Amount required to be

No. set-off from preceding set- off for the financial
financial years (in `) year, if any (in `)
1. 2018-19 -- --
2. 2019-20 -- --
3. 2020-21 -- --
222
Board’s Report
6. Average net profit of the company as per section 135(5) – ` (2,093) lakh
7. Sr. Particulars ` in lakh

No.
1 Two percent of average net profit of the company as per section 135(5) (42)
2 Surplus arising out of the CSR projects or programmes or activities of the previous Nil
financial years
3 Amount required to be set off for the financial year, if any Nil
4 Total CSR obligation for the financial year (7a + 7b – 7c) Nil
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Spent Amount Unspent (in `)

for the Financial Year Total Amount transferred to Amount transferred to any fund specified
(Amount in lakh) Unspent CSR Account as per under Schedule VII as per second proviso to
section 135(6). section 135(5).
Amount Date of Name of the Amount Date of transfer
transfer Fund
Nil NA NA NA NA NA
(b) Details of CSR amount spent against ongoing projects for the financial year:
Sr. Name Item from Local Location of the Project Amount Amount Amount Mode of Mode of
No. of the the list of area project. duration. allocated spent in transferred to Implementation Implementation –
project activities in (Yes / for the the current Unspent CSR Direct (Yes/No). Through Implementing
Schedule VII No) project financial Account for the Agency
to the Act. (in `). Year project as per
State District Name CSR
(in `). Section 135(6)
Registration
(in `).
No
-----Not Applicable----
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
Sr. Name Item from the list of Local Location of the Amount allocated for Mode of Mode of Implementation – Through
No. of the activities in Schedule area project. the project Implementation Implementing Agency
project VII to the Act. (Yes / (in `) Direct (Yes/No).
State District Name CSR Registration No
No)
-----Not Applicable----
(d) Amount spent in Administrative Overheads: Nil
(e) Amount spent on Impact Assessment, if applicable: Nil
(f) Total amount spent for the Financial Year (8b +8c +8d+ 8e): Nil

(g) Excess amount for set off, if any:
Sr. Particulars Amount in lakh

No. (`)
1 Two percent of average net profit of the company as per section 135(5) (42)
2 Total amount spent for the Financial Year Nil
3 Excess amount spent for the financial year [(2)-(1)] Nil
4 Surplus arising out of the CSR projects or programmes or activities of the previous Nil
financial years, if any
5 Amount available for set off in succeeding financial years [(3)-(4)] Nil
9. (a) Details of Unspent CSR amount for the preceding three financial years
Sr. Preceding Amount Amount Amount transferred to any fund specified under Amount
No. Financial transferred to spent in the Schedule VII as per section 135(6), if any. remaining to
Year. Unspent CSR reporting Name of the Amount (in Date of transfer be spent in
Account under Financial Year Fund lakh). succeeding
section 135 (Amount in financial
(6) (Amount in lakh). years.
lakh.) (Amount in
lakh)
----Not Applicable ----
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
Sr. Project Name Financial Year Project Total amount Amount spent Cumulative Status of
No. ID of the in which the duration allocated for on the project amount spent the project-
Project project was the project in the reporting at the end Completed /
commenced. (Amount in Financial Year of reporting Ongoing
lakh) (Amount in lakh) Financial Year.
(Amount in
lakh)
----Not Applicable ----
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through
CSR spent in the financial year: (asset-wise details)
(a) Date of creation or acquisition of the capital asset(s). Nil

(b) Amount of CSR spent for creation or acquisition of capital asset. Nil
(c) Details of the entity or public authority or beneficiary under whose name such Nil
capital asset is registered, their address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete Nil
address and location of the capital asset)
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5) –
Not applicable.
Arun Nanda Arvind Subramanian

Chairman of CSR Committee Managing Director & CEO
224
Board’s Report
ANNEXURE 3
POLICIES
A.
Salient Features of Policy on • In addition to the above, the Directors are
Appointment of Directors and entitled for sitting fees for attending Board
Senior Mangement / Committee meetings, reimbursement of
expenses incurred in discharge of their
Appointment of Director:
duties, stock options (other than Independent
• The Nomination and Remuneration Committee Directors).
(NRC) reviews and assesses the Board composition
and recommends the appointment of new Directors. • A Non-Executive Non-Independent Director
who receives remuneration from the holding
• NRC evaluates suitability of individual for Board company or any other group company is not
appointments based on merits, skills, experience, paid any sitting fees or any remuneration.
independence and knowledge.
2.
Remuneration to Managing Director and
• NRC also takes into account ability of candidates to Chief Executive Officer (MD & CEO) and
devote sufficient time in discharging his/her duties Executive Directors
and balanced decision making.
• The remuneration to MD & CEO is recommended
by NRC to the Board. While considering
• Based on NRC recommendation, the Board
remuneration to MD & CEO, NRC considers
evaluates the individual and decide on his/her
industry benchmarks, merit and seniority of
appointment as Director of the Company.
the person and ensure that the remuneration
proposed to be paid is commensurate with the
Appointment of Senior Management:
remuneration packages paid to similar senior
• NRC has also laid down criteria for identification level counterpart(s) in other companies.
of persons who may be appointed in the Senior
Management. • The remuneration consists of both fixed
compensation and variable compensation and
• The selection criteria for Senior Management is paid as salary, commission, performance
includes merit, experience and knowledge of the bonus, stock options (where applicable),
candidate. perquisites and fringe benefits as per the
policy of Company, as approved by the
• Senior Management personnel are appointed or
Board and within the overall limit specified by
promoted and removed/relieved with the authority
Shareholders.
of Chairman and/or Managing Director based
on the business need and the suitability of the • While the fixed compensation is determined
candidate. at the time of appointment, the variable
compensation is determined annually by the
During the year, no changes were made to the Policy.
NRC based on the performance.
B.
Salient Features of Policy for During the year, no changes were made to the
Remuneration of the Directors Policy.
1. Remuneration to Non- Executive Directors
including Independent Directors C.
Salient Features of Policy for
• NRC shall decide the basis for determining Remuneration of Key Mangerial
the compensation to Non- Executive directors, Personnel and Employees
whether as commission or otherwise and • All employees, irrespective of contract, are to be
submit its recommendations to the Board. remunerated fairly and the remuneration is to be
The Board shall determine the compensation externally competitive and internally equitable. The
to Non-Executive Directors within the overall remuneration is paid in accordance with the laid
limits specified in the Shareholders resolution. down Statutes.

• Remuneration for on-roll employees will include a • Based on the findings of the survey and the business
fixed component payable monthly and a variable performance, the Sector Talent Council decides the
component, based on performance, on annual
basis. increment for different performance ratings as well
as grades, the increment for promotions, the total
• Variable component will be a function of individual
maximum increment and the maximum increase in
performance as well as business performance.
compensation cost in % and absolute.
• Business performance is evaluated using a
Balanced Score Card (BSC) while individual
During the year, no changes were made to the Policy.
performance is evaluated on Key Result Areas
(KRA).
• Both BSC and KRA are evaluated at the end of the
fiscal to arrive at the BSC rating of the business and Arun Nanda
PPS rating of the individual. Chairman
• An annual compensation survey is carried out DIN: 00010029
to ensure that the Company’s compensation is Place: Mumbai
externally competitive and is around 60th percentile.
226
Board’s Report
ANNEXURE 4
SECRETARIAL AUDIT REPORT
For the financial year ended March 31, 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To, 5. The following Regulations and Guidelines prescribed

The Members, under the Securities and Exchange Board of India Act,
Mahindra Lifespace Developers Limited 1992 (‘SEBI Act’), as amended:
5th floor, Mahindra Towers, Worli,
Mumbai - 400018 (a) Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements)
We have conducted the secretarial audit of the compliance Regulations, 2015 (“SEBI LODR”);
of applicable statutory provisions and the adherence to good
corporate practices by Mahindra Lifespace Developers (b) Securities and Exchange Board of India (Substantial
Limited (hereinafter called “the Company”). Secretarial Audit Acquisition of Shares and Takeovers) Regulations,
was conducted in a manner that provided us a reasonable 2011;
basis for evaluating the corporate conducts/statutory
compliances and expressing our opinion thereon. (c) Securities and Exchange Board of India (Prohibition
of Insider Trading) Regulations, 2015;
Due to the work from home situation, we have examined the
papers, minute books, forms, returns filed and other records (d) Securities and Exchange Board of India (Issue of
maintained by the Company provided to us through electronic Capital and Disclosure Requirements) Regulations,
mode for the financial year ended on 31st March, 2022. Based 2018;
on our verification of the Company’s books, papers, minute
books, forms and returns filed and other records maintained (e) Securities and Exchange Board of India (Share
by the Company and also the information provided by the Based Employee Benefits) Regulations, 2014
Company, its officers, agents and authorized representatives (repealed effective 13th August, 2021) and
during the conduct of secretarial audit, we hereby report that Securities and Exchange Board of India (Share
in our opinion, the Company has, during the audit period Based Employee Benefits and Sweat Equity)
covering the financial year ended on 31st March, 2022, Regulations, 2021 (effective 13th August, 2021);
complied with the statutory provisions listed hereunder and
also that the Company has proper Board-processes and (f) Securities and Exchange Board of India (Issue
compliance-mechanism in place to the extent, in the manner and Listing of Debt Securities) Regulations, 2008
and subject to the reporting made hereinafter: and the Securities and Exchange Board of India
(Issue and Listing of Non-Convertible Securities)
The Audit has been conducted for the financial year ended Regulations, 2021; Not applicable during the
on 31st March, 2022 in accordance with the provisions of: financial year under review
1. The Companies Act, 2013 (the Act) and the rules made (g) Securities and Exchange Board of India (Registrars
thereunder; to an Issue and Share Transfer Agents) Regulations,
1993: Not applicable as the Company is not
2. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) registered as a Registrar to an issue and Share
and the rules made thereunder; Transfer Agent
3. The Depositories Act, 1996 and the Regulations and (h) Securities and Exchange Board of India (Delisting
Bye-laws framed thereunder; of Equity Shares) Regulations, 2009: Not
applicable as the Company has not delisted its
4. Foreign Exchange Management Act, 1999 and the equity shares from any Stock Exchange during
rules and regulations made thereunder to the extent of the financial year under review and
Foreign Direct Investment, Overseas Direct Investment
and External Commercial Borrowings; (i) Securities and Exchange Board of India (Buyback
of Securities) Regulations, 2018: Not applicable

as the Company has not bought back any of its i. Pursuant to Section 203 of the Companies Act, 2013
securities during the financial year under review. and SEBI LODR, Mr. Ankit Shah (ACS: 26552) was to
be designated as the “ Assistant Company Secretary &
We have also examined the compliances of the Compliance Officer”, who shall also be a whole-time Key
provisions of the following other laws applicable Managerial Personnel under the Act, with effect from 12th
specifically to the Company wherein we have also May, 2021.
relied on the representations made by the head of the
respective departments in addition to the checks carried ii. Mr. Bharat Dhirajlal Shah (DIN: 00136969) ceased
out by us: to be a Director of the Company w.e.f. 31st July, 2021
consequent to expiry of his first term of office of
(a) The Building & Other Construction Workers Independent Director.
(Regulation of employment and conditions of
service) Act, 1996. iii. Mr. Durgashankar Subramaniam (DIN: 00044713)
who was appointed as an Additional Director in
(b) Town & Country Planning Acts and Development the category of Non-Executive Non-Independent
Control Regulations & Building Bye Laws as Director w.e.f. 23rd March 2021 was appointed as a
applicable at various locations. Non-Executive Non-Independent Director at the
22nd AGM of the Company held on 28th July, 2021.
(c) The Special Economic Zone Act, 2005 and Rules
thereunder. Adequate notice is given to all Directors for the Board
Meetings. Agenda and detailed notes on agenda were,
(d) The Ownership Flats & Apartment Ownership Act in most cases, sent at least seven days in advance, and a
as applicable at various locations. system exists for seeking and obtaining further information
and clarifications on the agenda items before the meeting
(e) The Co-operative Societies Act, as applicable at and for meaningful participation at the meeting. Consent of
various locations. the Board of Directors was obtained in cases where Meetings
were scheduled by giving notice or agenda papers less than
(f) The Environment Protection Act, 1986. seven days.
(g) The Real Estate (Regulations & Development) Act, All decisions are carried through with requisite majority. There
2016. were no dissenting views from the Board members during the
period under review.
(h) The Child and Adolescent Labour (Prohibition and
Regulation) Act, 1986. We further report that there are adequate systems and
processes in the Company commensurate with the size and
We have also examined compliance with the applicable operations of the Company to monitor and ensure compliance
clauses of the following: with applicable laws, rules, regulations and guidelines.
i. Secretarial Standards issued by The Institute of We further report that; during the period under review:
Company Secretaries of India.
(i) The Shareholders vide Postal Ballot approved the
ii. the Listing Agreements entered into by the following:
Company with BSE Limited and National Stock
Exchange of India Limited. • increase in the Authorised Share Capital of the
Company from ` 1,21,00,00,000/- (Rupees One
We further report that: Hundred Twenty-one Crore only) divided into
The Board of Directors of the Company is duly constituted 11,50,00,000 (Eleven Crore Fifty Lakh) Equity
with proper balance of Executive Directors, Non-Executive Shares of ` 10/- (Rupees Ten only) each and
Directors and Independent Directors. The changes in the 60,00,000 (Sixty Lakh) unclassified shares of
composition of the Board of Directors that took place during ` 10/- (Rupees Ten only) each to ` 3,00,00,00,000/-
the period under review were carried out in compliance with (Rupees Three Hundred Crore only) divided into
the provisions of the Act and SEBI LODR and were as follows: 29,40,00,000 (Twenty Nine Crore Forty Lakh)
228
Board’s Report
Equity Shares of ` 10/- (Rupees Ten only) each (ii) The Company has allotted 346350 Equity shares under
and 60,00,000 (Sixty Lakh) unclassified shares of ESOS-2012 and ESOS-2006.
` 10/- (Rupees Ten only) each i.e. by creation of
additional 17,90,00,000 (Seventeen Crore Ninety For Martinho Ferrao & Associates
Lakh) Equity Shares of ` 10/- (Rupees Ten only) Company Secretaries
each and consequent amendment to the existing
Clause V of the Memorandum of Association of the Martinho Ferrao
Company Proprietor
FCS No. 6221
• Issue of Bonus shares in the proportion of 2 (Two) C P. No. 5676
new fully paid- up bonus equity shares of ` 10/- PR: 951/2020
(Rupees Ten only) each for every 1 (One) existing UDIN: F006221D000313781
fully paid-up equity shares of ` 10/- (Rupees Ten
only) each held by the Members. Place: Mumbai
• Related party transaction – purchase of land
parcel from Mahindra and Mahindra Limited for This report is to be read with our letter which is annexed as
development Annexure A and forms an integral part of this report.
To, ‘ANNEXURE A’
The Members,
Mahindra Lifespace Developers Limited
5th floor, Mahindra Towers, Worli,
Mumbai - 400018
Our report is to be read along with this letter. 5. Wherever required, we have obtained the Management
representation about the compliance of laws, rules and
1. Maintenance of secretarial record is the responsibility regulations and happening of events etc.
of the management of the Company. Our responsibility
is to express an opinion on these secretarial records 6. The compliance of the provisions of Corporate and
based on our audit. other applicable laws, rules, regulations, standards is
the responsibility of management. Our examination was
2. We have followed the audit practices and processes limited to the verification of procedures on test basis.
as were appropriate to obtain reasonable assurance
7. The Secretarial Audit report is neither an assurance as
about the correctness of the contents of the Secretarial
to the future viability of the company nor of the efficacy
records. The verification was done on test basis to
or effectiveness with which the management has
ensure that correct facts are reflected in secretarial
conducted the affairs of the company.
records. We believe that the processes and practices
we followed provide a reasonable basis for our opinion. For Martinho Ferrao & Associates
Company Secretaries
3. The minutes, documents, records and other information
checked for the purpose of audit were received from the Martinho Ferrao
Company in soft copy and through electronic mail due to Proprietor
work from home situation. We have accepted unsigned FCS No. 6221
documents during the course of the audit considering C P. No. 5676
the current situation. PR: 951/2020
UDIN: F006221D000313781
4. We have not verified the correctness and appropriateness
of financial records and Books of Accounts of the Place: Mumbai
Company. Date: 13th May, 2022

ANNEXURE 5
SECRETARIAL AUDIT REPORT ON MATERIAL SUBSIDIARIES
SECRETARIAL AUDIT REPORT OF MAHINDRA WORLD CITY (JAIPUR) LIMITED
for the financial year 2021-22
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, 4. Specific Laws applicable to the company - The

The Members, Special Economic Zones Act,2005
Mahindra World City (Jaipur) Limited,
4thFloor, 411, Neelkanth Tower, (IV) As observed and as per the information and
Bhawani Singh Road, C-Scheme, explanations given to us, since the company did not
Jaipur-302001. receive any Foreign Direct Investment and / or External
Commercial Borrowings and did not make any Overseas
(I) We have conducted the secretarial audit of the Direct Investment, the provisions of Foreign Exchange
compliance of applicable statutory provisions and Management Act, 1999 and the Rules and Regulations
adherence to good corporate practices by Mahindra made thereunder relating thereto were not applicable to
World City (Jaipur) Limited (hereinafter called the the company during the year under review.
Company). Secretarial Audit was conducted in a manner
(V) Since the company is an unlisted company, the Securities
that provided us a reasonable basis for evaluating the
and Exchange Board of India Act, 1992(‘SEBI Act’) and
corporate conducts and statutory compliances and
the Rules, Regulations and guidelines made there under
expressing our opinion thereon.
are not applicable to the company during the year under
review.
(II) Based on our verification of the Company’s statutory
registers and records, minutes books, forms and (VI) We have also examined the compliance with applicable
returns filed with various authorities and other records clauses of the Secretarial Standards issued by The
maintained by the Company and also the information Institute of Company Secretaries of India.
and explanation provided by the Company, its officers,
agents and authorized representatives during the (VII) Based on our above mentioned examination and
conduct of Secretarial Audit, we hereby report that in verification of records and information and explanation
our opinion, the Company has, during the audit period provided to us by the management, officers, employees
covering the financial year ended on 31st March, 2022 and staff of the company, we report that during the
complied with various provisions of statutory enactments financial year under review the Company has generally
listed hereunder at clause (III) and that the Company has complied with the provisions of the Acts, Rules,
proper Board processes and compliance mechanism in Regulations, Guidelines, Standards etc. mentioned
place to the extent and in the manner and subject to the above.
reporting made hereinafter.
(VIII) We further report that having regard to the size and nature
(III) We have examined the Statutory Registers, Minutes of the company the Board of Directors of the Company
books of the General Meetings, Board Meetings and is duly constituted with proper balance of Non-Executive
Committee Meetings, Forms and Returns filed with Directors and Independent Directors. The changes
various Authorities and other records maintained by the in the composition of the Board of Directors that took
Company for the financial year ended on 31st March, place during the year under review were carried out in
2022, according to the provisions of: compliance with the provisions of the Act.
1. The Companies Act, 2013 and the Rules made (IX) We further report that keeping in view the size and nature
thereunder; of the company, in our opinion adequate notices were
given to all directors to schedule the Board Meetings,
2. The Securities Contracts (Regulation) Act, 1956 agenda and detailed notes on agenda were sent in
(‘SCRA’) and the Rules made thereunder; advance and a system exists for seeking and obtaining
further information and clarifications on the agenda items
3. The Depositories Act, 1996 and the Regulations before the meeting and for meaningful participation at
and Bye-laws framed thereunder; the meeting.
230
Board’s Report
(X) We further report that decisions were observed to be 3. We have not verified the correctness and appropriateness
carried out by majority, however, we do not come across of financial records and books of accounts of the
or explained with any instance of dissenting members, Company;
whose views need to be separately recorded in the
minutes books as such. 4. Wherever required, we have obtained the Management
Representation, in writing as well as verbal, about the
(XI) We further report that there are adequate systems and
compliance of laws, rules and regulations and happening
processes in the company commensurate with the size
and operations of the company to monitor and ensure of events etc., which we believe to be true and correct;
compliance with applicable laws, rules, regulations and
guidelines. 5. The Compliance of the provisions of the Corporate and
other applicable laws, rules, regulations, standards etc.
(XII) We further report that during the audit period, there were is the responsibility of the management. Our examination
no instances of: was limited to the verification of the procedures on test
basis;
(i) Public / Rights / Preferential issue of shares / sweat
equity;
6. The secretarial audit report is neither an assurance as
(ii) Buy-back of securities; to the future viability of the Company nor of the efficacy
or the effectiveness with which the management has
(iii) Merger/ amalgamation / reconstruction etc.; conducted the affairs of the Company.
(iv) Foreign technical collaborations.

7. The compilation of the Secretarial Audit Report and the
Our above report is subject to the following: above mentioned contents are without any bias and/ or
prejudice.
1. Maintenance of Secretarial Records is the responsibility
of the management of the Company. Our responsibility FOR JPS & ASSOCIATES
is to express an opinion on these secretarial records, COMPANY SECRETARIES
based on our audit;
2. We have followed the audit practices and processes (JAI PRAKASH SHARMA)
as were appropriate to obtain reasonable assurance PARTNER
about the correctness of the contents of the secretarial C. P. No. : 5161
records. The verification was done on test check basis UDIN:- F005664D000184117
to ensure that correct facts are reflected in secretarial
records. We believe that the processes and practices Date : 22nd April, 2022
we followed, provide a reasonable basis for our opinion; Place : Jaipur

SECRETARIAL AUDIT REPORT OF MAHINDRA WATER UTILITIES LIMITED

for the financial year ended March 31, 2022
To, (a) The Securities and Exchange Board of India
The Members, (Substantial Acquisition of Shares and Takeovers)
Mahindra Water Utilities Limited Regulations, 2011;
We have conducted the secretarial audit of the compliance (b) The Securities and Exchange Board of India
of applicable statutory provisions and the adherence to (Prohibition of Insider Trading) Regulations, 2015;
good corporate practices by Mahindra Water Utilities Limited
(hereinafter called the Company). Secretarial Audit was (c) The Securities and Exchange Board of India
conducted in a manner that provided us a reasonable basis (Issue of Capital and Disclosure Requirements)
for evaluating the corporate conducts/statutory compliances Regulations, 2009;
and expressing my opinion thereon.
(d) The Securities and Exchange Board of India
Due to the work from home situation, we have examined the (Employee Stock Option Scheme and Employee
papers, minute books, forms, returns filed and other records Stock Purchase Scheme) Guidelines, 1999;
maintained by the Company provided to us through electronic
mode for the financial year ended on 31st March, 2022. Based (e) The Securities and Exchange Board of India (Share
on our verification of the Company’s books, papers, minute Based Employee Benefits) Regulations, 2014;
books, forms and returns filed and other records maintained
by the Company and also the information provided by the (f) The Securities and Exchange Board of India (Issue
Company, its officers, agents and authorized representatives and Listing of Debt Securities) Regulations, 2008;
during the conduct of secretarial audit, We hereby report that
in our opinion, the Company has, during the audit period (g) The Securities and Exchange Board of India
covering the financial year ended on 31st March, 2022, (Registrars to an Issue and Share Transfer Agents)
complied with the statutory provisions listed hereunder and Regulations, 1993 regarding the Companies Act
also that the Company has proper Board-processes and and dealing with client;
compliance-mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter: (h) The Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2009; -
The Audit has been conducted for the financial year ended and
on 31st March 2022 in accordance with the provisions of:
(i) The Securities and Exchange Board of India
(i) The Companies Act, 2013 (the Act) and the rules made (Buyback of Securities) Regulations, 1998;
thereunder;
(vi) As per information provided by the management, there
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) are no laws specifically applicable to the Company;
and the rules made thereunder;-Not applicable
We have also examined compliance with the applicable
(iii) The Depositories Act, 1996 and the Regulations and Bye- clauses of the following:
laws framed thereunder;
(i) Secretarial Standards issued by The Institute of
(iv) Foreign Exchange Management Act, 1999 and the Company Secretaries of India. (SS-1 and SS-2)
rules and regulations made thereunder to the extent of
Foreign Direct Investment, Overseas Direct Investment (ii) The Listing Agreements entered into by the Company
and External Commercial Borrowings; with Stock Exchanges. (not applicable to the Company)
(v) The following Regulations and Guidelines prescribed During the period the Company has complied with the
under the Securities and Exchange Board of India Act, provisions of the Act, Rules, Regulations, Guidelines,
1992 (‘SEBI Act’):- not applicable to the Company Standards, etc. mentioned above.
232
Board’s Report
Adequate notice is given to all directors to schedule the operations of the Company to monitor and ensure compliance
Board Meetings. Agenda and detailed notes on agenda are with applicable laws, rules, regulations and guidelines.
in most cases sent at least seven days in advance, and a
system exists for seeking and obtaining further information For Ferrao MSR & Associates
and clarifications on the agenda items before the meeting Company Secretaries
and for meaningful participation at the meeting. Consent of
the Board of Directors is obtained in cases where Meetings Sherlyn Rebello
are scheduled by giving notice or agenda papers less than Partner
seven days. FCS:11165
C.P No:16401
All decisions were carried through with requisite majority. PR: 1043/2020
There were no dissenting views from the members during the UDIN: F011165D000162998
period under review. Dated: 19th April, 2022
Place: Dubai
We further report that there are adequate systems and
processes in the Company commensurate with the size and This report is to be read with our letter which is annexed as
Annexure A and forms an integral part of this report.

‘ANNEXURE A’
To, 5. Wherever required, we have obtained the Management
The Members, representation about the compliance of laws, rules and
Mahindra Water Utilities Limited regulations and happening of events etc.
Our report is to be read along with this letter. 6. The compliance of the provisions of Corporate and
other applicable laws, rules, regulations, standards is
1. Maintenance of secretarial record is the responsibility of the responsibility of management. Our examination was
the management of the Company. Our responsibility is to limited to the verification of procedures on test basis.
express an opinion on these secretarial records based
on our audit. 7. The Secretarial Audit report is neither an assurance as
2. We have followed the audit practices and processes as or effectiveness with which the management has
were appropriate to obtain reasonable assurance about conducted the affairs of the company.
the correctness of the contents of the Secretarial records.
The verification was done on test basis to ensure that For Ferrao MSR & Associates
correct facts are reflected in secretarial records. We Company Secretaries
believe that the processes and practices we followed
provide a reasonable basis for our opinion. Sherlyn Rebello
Partner
3. The minutes, documents, records and other information FCS:11165
checked for the purpose of audit were received from C.P No:16401
the Company in soft copy and through electronic mail PR: 1043/2020
due to the nationwide lockdown caused pursuant to the UDIN: F011165D000162998
outbreak of Covid-19 (Coronavirus). Dated: 19th April, 2022
Place: Dubai
of financial records and Books of Accounts of the
Company.
234
Board’s Report
SECRETARIAL AUDIT REPORT OF MAHINDRA HAPPINEST DEVELOPERS LIMITED

To, (v) The following Regulations and Guidelines prescribed
The Members, under the Securities and Exchange Board of India Act,
Mahindra Happinest Developers Limited 1992 (‘SEBI Act’) - Not applicable to the Company
Mahindra Towers, 5th Floor,
Dr. G. M. Bhosale Marg, (a) The Securities and Exchange Board of India
Worli, Mumbai, MH 400 018, IN (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
We have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence to good (b) The Securities and Exchange Board of India
corporate practices by Mahindra Happinest Developers (Prohibition of Insider Trading) Regulations, 2015;
Limited (hereinafter called the Company). Secretarial Audit
was conducted in a manner that provided a reasonable basis (c) The Securities and Exchange Board of India
for evaluating the corporate conducts/statutory compliances (Issue of Capital and Disclosure Requirements)
and expressing my opinion thereon. Regulations, 2009;
Due to ongoing pandemic situation, we have examined the (d) The Securities and Exchange Board of India
papers, minute books, forms, returns filed and other records (Employee Stock Option Scheme and Employee
maintained by the Company provided to us through electronic Stock Purchase Scheme) Guidelines, 1999;
mode for the financial year ended on 31st March, 2022. Based
on verification of the Company’s books, papers, minute books, (e) Securities and Exchange Board of India (Share
forms and returns filed and other records maintained by the Based Employee Benefits) Regulations, 2014
Company and also the information provided by the Company, (repealed effective 13th August, 2021) and
its officers, agents and authorized representatives during Securities and Exchange Board of India (Share
the conduct of secretarial audit, hereby report that in our Based Employee Benefits and Sweat Equity)
opinion, the Company has, during the audit period covering Regulations, 2021 (effective 13th August, 2021);
the financial year ended on 31st March, 2022, complied with
the statutory provisions listed hereunder and also that the (f) Securities and Exchange Board of India (Issue
Company has proper Board-processes and compliance- and Listing of Debt Securities) Regulations, 2008
mechanism in place to the extent, in the manner and subject and the Securities and Exchange Board of India
to the reporting made hereinafter: (Issue and Listing of Non-Convertible Securities)
Regulations, 2021;
The Audit has been conducted for the financial year ended
on 31st March 2022 in accordance with the provisions of: (g) The Securities and Exchange Board of India
(Registrars to an Issue and Share Transfer Agents)
(i) The Companies Act, 2013 (the Act) and the rules made Regulations, 1993 regarding the Companies Act
thereunder; and dealing with client;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) (h) The Securities and Exchange Board of India
and the rules made thereunder; - Not applicable (Delisting of Equity Shares) Regulations, 2009; -
and
(iii) The Depositories Act, 1996 and the Regulations and
Bye-laws framed thereunder; (i) The Securities and Exchange Board of India
(Buyback of Securities) Regulations, 1998;
(iv) Foreign Exchange Management Act, 1999 and the
rules and regulations made thereunder to the extent of (vi) As per information provided by the management, there
Foreign Direct Investment, Overseas Direct Investment are no laws specifically applicable to the Company;
and External Commercial Borrowings; - Not applicable

We have also examined compliance with the applicable All decisions were carried through with requisite majority.
clauses of the following: There were no dissenting views from the members during the
period under review.
1. Secretarial Standards issued by The Institute of
Company Secretaries of India. (SS-1 and SS-2) We further report that there are adequate systems and
2. The Listing Agreements entered into by the operations of the Company to monitor and ensure compliance
Company with Stock Exchanges. (Not applicable with applicable laws, rules, regulations and guidelines.
except for Regulation 24A)
We further report that; during the period under review:
We further report that:
The Company has redeemed its Series 1 and 2 - Optionally
The Board of Directors of the Company is duly constituted with Convertible Redeemable Debentures (OCRDs) vide authority
proper balance of Non-Executive Directors and Independent granted by resolution dated 28th June, 2021 and consequent
Directors, as applicable. The changes in the composition of to this, Series 1 OCRDs and Series 2 OCRDs stand fully
the Board of Directors that took place during the period under redeemed.
review were carried out in compliance with the provisions of
the Act. For Ferrao MSR & Associates
Company Secretaries
Adequate notice is given to all directors to schedule the
Board Meetings. Agenda and detailed notes on agenda are Sherlyn Rebello
in most cases sent at least seven days in advance, and a Partner
system exists for seeking and obtaining further information FCS:11165
and clarifications on the agenda items before the meeting C.P No:16401
and for meaningful participation at the meeting. Consent of UDIN: F011165D000172799
the Board of Directors is obtained in cases where Meetings Place: Mumbai
are scheduled by giving notice or agenda papers less than Date: 21st April, 2022
seven days.
This report is to be read with our letter which is annexed as
Annexure A and forms an integral part of this report.
236
Board’s Report
‘ANNEXURE A’
Mahindra Happinest Developers Limited regulations and happening of events etc.
Our report is to be read along with this letter. 6. The compliance of the provisions of Corporate and
1. Maintenance of secretarial records is the responsibility the responsibility of management. Our examination was
of the management of the company. Our responsibility limited to the verification of procedures on test basis.
is to express an opinion on these secretarial records
based on our audit. 7. The Secretarial Audit report is neither an assurance as
2. We have followed the audit practices and processes as or effectiveness with which the management has
were appropriate to obtain reasonable assurance about conducted the affairs of the company.
The verification was done on test basis to ensure that For Ferrao MSR & Associates
believe that the processes and practices we followed
provide a reasonable basis for our opinion. Sherlyn Rebello
Partner
3. The minutes, documents, records and other information FCS:11165
checked for the purpose of audit were received from C.P No:16401
the Company in soft copy and through electronic mail UDIN: F011165D000172799
due to ongoing pandemic. We have accepted unsigned Place: Mumbai
documents during the course of the audit considering Date: 21st April, 2022
the current situation.

company.

SECRETARIAL AUDIT REPORT OF MAHINDRA Homes private LIMITED

To, under the Securities and Exchange Board of India Act,

The Members, 1992 (‘SEBI Act’):- Not Applicable to the Company
Mahindra Homes Private Limited
5th floor, Mahindra Towers, Worli, (a) Securities and Exchange Board of India (Substantial
Mumbai, MH 400018, IN Acquisition of Shares and Takeovers) Regulations,
2011;
We have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence to good (b) Securities and Exchange Board of India (Prohibition
corporate practices by Mahindra Homes Private Limited of Insider Trading) Regulations, 2015;
(hereinafter called “the Company”). Secretarial Audit was
conducted in a manner that provided us a reasonable basis (c) Securities and Exchange Board of India (Issue of
for evaluating the corporate conducts/statutory compliances Capital and Disclosure Requirements)Regulations,
and expressing my opinion thereon. 2009;
Due to ongoing pandemic, we have examined the papers, (d) Securities and Exchange Board of India (Share
minute books, forms, returns filed and other records Based Employee Benefits) Regulations, 2014
maintained by the Company provided to us through electronic (repealed effective 13th August, 2021) and
mode for the financial year ended on 31st March, 2022. Based Securities and Exchange Board of India (Share
on our examination as aforesaid and also the information Based Employee Benefits and Sweat Equity)
provided by the Company, its officers, agents and authorized Regulations, 2021 (effective 13th August, 2021);
representatives during the conduct of secretarial audit, we
hereby report that in our opinion, the Company has, during the (e) Securities and Exchange Board of India (Issue
audit period covering the financial year ended on 31st March, and Listing of Debt Securities) Regulations, 2008
2022, complied with the statutory provisions listed hereunder and the Securities and Exchange Board of India
and also that the Company has proper Board-processes and (Issue and Listing of Non-Convertible Securities)
compliance-mechanism in place to the extent, in the manner Regulations, 2021;
and subject to the reporting made hereinafter:
(f) Securities and Exchange Board of India (Registrars
We have examined the books, papers, minute books, forms to an Issue and Share Transfer Agents) Regulations,
and returns filed and other records maintained by the 1993 regarding the Companies Act and dealing
Company for the financial year ended on 31st March, 2022 with client;
according to the provisions of:
(g) Securities and Exchange Board of India (Delisting
1. The Companies Act, 2013 (the Act) and the rules made of Equity Shares) Regulations, 2009; and
thereunder;
(h) Securities and Exchange Board of India (Buyback
2. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) of Securities) Regulations, 2018;
and the rules made thereunder; Not Applicable
3. The Depositories Act, 1996 and the Regulations and clauses of the following:
Bye-laws framed thereunder;
i. Secretarial Standards issued by The Institute of
4. Foreign Exchange Management Act, 1999 and the Company Secretaries of India.
Foreign Direct Investment, Overseas Direct Investment ii. The Listing Agreements entered into by the Company
and External Commercial Borrowings; and Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
5. The following Regulations and Guidelines prescribed 2015. – Not Applicable except for Regulation 24A
238
Board’s Report
We further report that: We further report that there are adequate systems and
The Board of Directors of the Company is duly constituted operations of the Company to monitor and ensure compliance
with proper balance of Directors. The changes in the
with applicable laws, rules, regulations and guidelines.
composition of the Board of Directors that took place during
the period under review were carried out in compliance with
We further report that; during the period under review:
the provisions of the Act and the Articles of Association of the
Company and were as follows:
i. The Company has, after seeking approval of shareholders
i. Mr. Vimal Agarwal (DIN: 07296320) was appointed as vide special resolution passed at the 14th Extra Ordinary
an Additional Director in the category of Non-Executive General Meeting held on 9th December 2021, approved
Non-Independent Director w.e.f. 21st April, 2021 and and completed buy-back of Equity Shares to the extent
was appointed as a Non-Executive Non-Independent of 24.92% of the paid up share capital and free reserves
Director at the 11th Annual General Meeting of the (including securities premium) as on 30th September,
Company held on 22nd July, 2021.
2021 as per the following details:
ii. Mr. Raghvendra Chandak (DIN: 08955457) who was

appointed as an Additional Director in the category Shareholder’s Description of No. of
of Non-Executive Non-Independent Director w.e.f. 9th Names Shares bought back Shares
December, 2020 was appointed as a Non-Executive bought
Non-Independent Director at the 11th Annual General back
Meeting of the Company held on 22nd July, 2021.
Actis Mahi Series B - Equity 18,900
iii. Mr. Ameet Pratapsinh Hariani (DIN: 00087866) ceased Holdings
to be a Director w.e.f. 15th October, 2021 on account of (Singapore)
his resignation. Private Limited
Mahindra Series C - Equity 18,900
iv. Mr. Mukesh Tiwari (DIN: 06599112) ceased to be a Lifespace
Director w.e.f. 21st October, 2021 on account of his Developers
resignation. Limited
Total 37,800
v. Mr. Ashish Balram Singh (DIN: 02311126) was
appointed as an Additional Director in the category of
Non-Executive Non-Independent Director w.e.f. For Martinho Ferrao & Associates
21st October, 2021. Company Secretaries
Adequate notice is given to all directors to schedule the Martinho Ferrao

Board Meetings. Agenda and detailed notes on agenda are Proprietor
in most cases sent at least seven days in advance, and a FCS No. 6221
system exists for seeking and obtaining further information C P. No. 5676
and clarifications on the agenda items before the meeting
PR: 951/2020
and for meaningful participation at the meeting. Consent of
UDIN: F006221D000179581
the Board of Directors is obtained in cases where Meetings
are scheduled by giving notice or agenda papers less than
Place: Mumbai
seven days.
Dated: 21st April, 2022
All decisions were carried through with requisite majority.
There were no dissenting views from the members during the This report is to be read with our letter which is annexed as
period under review. Annexure A and forms an integral part of this report.

‘ANNEXURE A’
To, 4. We have not verified the correctness and appropriateness
The Members, of financial records and Books of Accounts of the
Mahindra Homes Private Limited company.
Worli, Mumbai 400018 5. Wherever required, we have obtained the Management
Our report is to be read along with this letter. regulations and happening of events etc.
1. Maintenance of secretarial record is the responsibility of 6. The compliance of the provisions of Corporate and
the management of the company. Our responsibility is to other applicable laws, rules, regulations, standards is
express an opinion on these secretarial records based the responsibility of management. Our examination was
on our audit. limited to the verification of procedures on test basis.
2. We have followed the audit practices and processes 7. The Secretarial Audit report is neither an assurance as
as were appropriate to obtain reasonable assurance to the future viability of the company nor of the efficacy
about the correctness of the contents of the Secretarial or effectiveness with which the management has
records. The verification was done on test basis to conducted the affairs of the company.
ensure that correct facts are reflected in secretarial
records. We believe that the processes and practices For Martinho Ferro & Associates
we followed provide a reasonable basis for our opinion. Company Secretaries
3. The minutes, documents, records and other information Martinho Ferrao

checked for the purpose of audit were received from Proprietor
the Company in soft copy and through electronic mail FCS No. 6221
due to ongoing pandemic. We have accepted unsigned C P. No. 5676
documents during the course of the audit considering PR: 951/2020
the current situation. UDIN: F006221D000179581
Place: Mumbai
Date: 21st April, 2022
240
Board’s Report
SECRETARIAL AUDIT REPORT OF MAHINDRA BLOOMDALE DEVELOPERS LIMITED

To, to the Company

The Members,
Mahindra Bloomdale Developers Limited 5. The following Regulations and Guidelines prescribed
Mahindra Towers, 5th floor, Worli, under the Securities and Exchange Board of India Act,
Mumbai, MH 400018, IN 1992 (‘SEBI Act’): Not Applicable to the Company
(a) Securities and Exchange Board of India (Substantial

Acquisition of Shares and Takeovers) Regulations,
We have conducted the secretarial audit of the compliance 2011;
of applicable statutory provisions and adherence to good
corporate practices by Mahindra Bloomdale Developers (b) Securities and Exchange Board of India (Prohibition
Limited (hereinafter called “the Company”). Secretarial Audit of Insider Trading) Regulations, 2015;
was conducted in a manner that provided us a reasonable
basis for evaluating the corporate conducts/statutory (c) Securities and Exchange Board of India (Issue of
compliances and expressing our opinion thereon. Capital and Disclosure Requirements) Regulations,
2009;
Due to the ongoing pandemic, we have examined the
papers, minute books, forms, returns filed and other records (d) Securities and Exchange Board of India (Share
maintained by the Company provided to us through electronic Based Employee Benefits) Regulations, 2014
mode for the financial year ended on 31st March 2022. Based (repealed effective 13th August, 2021) and
on our examination as aforesaid and also the information Securities and Exchange Board of India (Share
provided by the Company, its officers, agents and authorized Based Employee Benefits and Sweat Equity)
representatives during the conduct of secretarial audit, we Regulations, 2021 (effective 13th August, 2021);
hereby report that in our opinion, the Company has, during the
audit period covering the financial year ended on 31st March (e) Securities and Exchange Board of India (Issue
2022, complied with the statutory provisions listed hereunder and Listing of Debt Securities) Regulations, 2008
and also that the Company has proper Board-processes and and the Securities and Exchange Board of India
compliance-mechanism in place to the extent, in the manner (Issue and Listing of Non-Convertible Securities)
and subject to the reporting made hereinafter: Regulations, 2021;
We have examined the books, papers, minute books, forms (f) Securities and Exchange Board of India (Registrars
and returns filed and other records maintained by the to an Issue and Share Transfer Agents) Regulations,
Company for the financial year ended on 31st March 2022 1993 regarding the Companies Act and dealing
according to the provisions of: with client;
1. The Companies Act, 2013 (the Act) and the rules made (g) Securities and Exchange Board of India (Delisting
thereunder; of Equity Shares) Regulations, 2009; and
2. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) (h) Securities and Exchange Board of India (Buyback
and the rules made thereunder; Not Applicable to the of Securities) Regulations, 2018;
Company
(i) Securities and Exchange Board of India
3. The Depositories Act, 1996 and the Regulations and (Depositories and Participants) Regulations, 2018;
Bye-laws framed thereunder;
4. Foreign Exchange Management Act, 1999 and the clauses of the following:
Foreign Direct Investment, Overseas Direct Investment i. Secretarial Standards issued by The Institute of
and External Commercial Borrowings; Not Applicable Company Secretaries of India.

ii. The Listing Agreements entered into by the Company of the Company held on 19th July 2021.
and Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, Adequate notice is given to all directors to schedule the
2015: Not Applicable except for Regulation 24A Board Meetings. Agenda and detailed notes on agenda were
sent at least seven days in advance, and a system exists for
We further report that: seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful
The Board of Directors of the Company is duly constituted participation at the meeting.
with proper balance of Directors. The changes in the
composition of the Board of Directors that took place during All decisions are carried through with requisite majority. There
the period under review were carried out in compliance with were no dissenting views from the members during the period
the provisions of the Act and were as follows: under review.
i. Cessation of Mr. Rahul Gupta (DIN: 08295798) as We further report that there are adequate systems and
Director w.e.f. 19th April 2021 due to his resignation. processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance
ii. Appointment of Mr. Vimalendra Dashrath Singh (DIN: with applicable laws, rules, regulations and guidelines.
09128114) as an Additional Director in the category of
Non-Executive Non-Independent Director on 19th April For Martinho Ferrao & Associates
2021. Company Secretaries
iii. Mr. Vimalendra Dashrath Singh (DIN: 09128114) who Martinho Ferrao
was appointed as an Additional Director in the category Proprietor
of Non-Executive Non-Independent Director w.e.f. 19th FCS No. 6221
April, 2021 was appointed as Non-Executive Non- C.P. No. 5676
Independent Director at the 13th Annual General Meeting UDIN: F006221D000173245
of the Company held on 19th July 2021. PR: 951/2020
iv. Ms. Parveen Mahtani (DIN: 05189797) who was Place: Mumbai
appointed as an Additional Director in the category of Date: 20th April, 2022
Non-Executive Non-Independent Director w.e.f. 15th
January, 2021 was appointed as Non-Executive Non- This report is to be read with our letter which is annexed as
Independent Director at the 13th Annual General Meeting Annexure A and forms an integral part of this report.
242
Board’s Report
‘ANNEXURE A’
Mahindra Bloomdale Developers Limited regulations and happening of events etc.
Worli, Mumbai - 400018 6. The compliance of the provisions of Corporate and
Our report is to be read along with this letter. the responsibility of management. Our examination was
limited to the verification of procedures on test basis.
1. Maintenance of secretarial record is the responsibility of
the management of the Company. Our responsibility is to 7. The Secretarial Audit report is neither an assurance as
express an opinion on these secretarial records based to the future viability of the company nor of the efficacy
on our audit. or effectiveness with which the management has
conducted the affairs of the company.
2. We have followed the audit practices and processes as
were appropriate to obtain reasonable assurance about For Martinho Ferrao & Associates
the correctness of the contents of the Secretarial records. Company Secretaries
The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We Martinho Ferrao
believe that the processes and practices we followed Proprietor
provide a reasonable basis for our opinion. FCS No. 6221
C.P. No. 5676
3. The minutes, documents, records and other information UDIN: F006221D000173245
checked for the purpose of audit were received from the PR: 951/2020
Company in soft copy and through electronic mail due to
the ongoing pandemic. Place: Mumbai
Date: 20th April, 2022
Company.

SECRETARIAL AUDIT REPORT OF MAHINDRA INDUSTRIAL PARK CHENNAI LIMITED

To d) Indian Stamp Act, 1899
The Members,
Mahindra Industrial Park Chennai Limited e) The Prevention of Corruption Act, 1988
We have conducted the Secretarial Audit of the compliances f) The Prevention of Money Laundering Act, 2002
of applicable statutory provisions and the adherence to
g) The Public Liability Insurance Act, 1991
good corporate practices by M/s. Mahindra Industrial Park
Chennai Limited having (CIN: U45209TN2014PLC098543)
h) Town & Country Planning Acts and Development
(hereinafter called “the Company”). Secretarial Audit was
Control Regulations & Building Bye Laws as
conducted in a manner that provided us a reasonable basis
applicable at various locations
for evaluating the corporate conducts/statutory compliances
and expressing our opinion thereon. i) The Right to Fair Compensation & Transparency in
land Acquisition, Rehabilitation & Resettlement Act,
Based on our verification of the Company’s books, papers, 2013.
minute books, forms and returns filed and other records
maintained by the Company, the information provided by the j) The Environment Protection Act, 1986
Company, its officers, agents and authorized representatives
during the conduct of secretarial audit, the explanations and k) The Special Economic Zone Act, 2005 and rules
clarifications given to us and the representations made by thereunder
the Management, we hereby report that in our opinion, the
Company has, during the audit period covering the financial l) The Income Tax Act, 1961
year ended on 31st March, 2022, generally complied with
m) The Central Goods and Services Tax Act, 2017
the statutory provisions listed hereunder and also that the
Company has proper Board processes and compliance
n) The State Goods and Services Tax Act, 2017
mechanism in place to the extent, in the manner and subject
to the reporting made hereinafter: o) The Integrated Goods and Services Tax Act, 2017
We have examined the papers, minute books, forms and p) Labour Laws related to wages, gratuity, provident
returns filed and other records maintained by the Company fund, ESIC, compensation etc., including Welfare
for the financial year ended on 31st March, 2022, according Act of the States
to the provisions of:
q) Real Estate (Regulation and Development) Act,
(i) The Companies Act, 2013 (“the Act”) and the rules made 2016 and other related Real Estate Acts.
there under, as may be applicable;
r) The Co-operative Societies Act, as applicable at
(ii) Foreign Exchange Management Act, 1999 and the rules various locations.
and regulations made there under to the extent of FDI,
ODI and ECB; s) Shops & Establishment Act, as applicable at
various locations.
(iii) Other laws applicable to the Company as per the
representations made by the Management; t) Such other laws as may be applicable to the
Company.
a) Transfer of property act, 1882
clauses of Secretarial Standards issued by The Institute of
b) Registration Act, 1908
Company Secretaries of India (ICSI), as amended from time
c) The Land Acquisition Act, 1894 to time, were applicable to the Company for the period under
review.
244
Board’s Report
We further report that the Board of Directors of the Company 3. Mr. Shigeo Fukuda resigned as Director with effect from
is duly constituted with proper balance of Executive Directors, 16th April, 2021.
Non-Executive Directors and Independent Directors. The
changes in the composition of the Board of Directors that 4. Ms. Nidhi Seksaria resigned as Director with effect from
took place during the period under review were carried out in 22nd June, 2021.
compliance with the provisions of the Act.
5. The Articles of Association of the Company has been
amended by way of passing Special Resolution passed
We further report that adequate notice is given to all Directors
by the Shareholders at their Meeting held on 20th July,
to schedule the Board Meetings, agenda and detailed notes
2021.
on agenda were sent at least seven days in advance and a
system exists for seeking and obtaining further information and 6. Mr. Kenta Kawanabe, Mr. Karkala Rajaram Pai and
clarifications on the agenda items before the meeting and for Ms. Parveen Prakash Mahtani, appointed as an
meaningful participation including through Visual presence at Additional Directors with effect from 21st July, 2021.
the meeting. During the period under review, decisions were
carried through unanimously and no dissenting views were 7. The Company had filed the AOC-4 XBRL as per IND AS
observed, while reviewing the minutes. on 31st July, 2021.
We further report that as per the explanations given to us and 8. Mr. Chaitanya Cherukuri resigned as Chief Financial
the representations made by the Management and relied Officer of the Company with effect from 9th October,
upon by us there are adequate systems and processes in the 2021.
Company commensurate with the size and operations of the
9. Ms. Amrita Verma Chowdhury as an Additional Director
Company to monitor and ensure compliance with applicable
and Independent Director with effect from 20th October,
laws, rules, regulations and guidelines.
2021.
We further report that during the audit period the Company has
10. Ms. Bharathy appointed as Chief Financial Officer of the
filled all the relevant eforms with the Registrar of companies
Company with effect from 19th January, 2022.
within the statutory time period. During the audit period, the
Company has filed e-Form CFSS on 30th June, 2021 under 11. Mr. Vaibhav Mittal resigned as Chief Executive Officer of
Company Fresh Start Scheme – 2020. the Company with effect from 31st January, 2022.
We further report that during the audit period the Company 12. The Company had register fresh charge for ` 22.81 crore
has undertaken following significant and material corporate with Housing Development Finance Corporation Limited
events/actions having a bearing on the Company’s affairs on 10th February, 2022. The eform had been filed within
in pursuance of the above referred laws, rules, regulations, the statutory time period of 30 days.
guidelines, standards, etc:
For Khandelwal Arun & Associates
1. Mr. Ajay Seth and Mr. C. V. Krishnan, Independent Company Secretaries
Director on completion their tenure do not opted to (S2017TN553800)
continue as Independent Directors and accordingly
retired on 12th April, 2021. Arun Kumar Khandelwal
Proprietor
2. Mr. Rajagopalan Santhanam, Independent Director was FCS: 9350, CP No: 19611
appointed for further period of 1 year (Second Term) with UDIN: F009350D000169455
effect 13th April, 2021 at the shareholders Extra Ordinary
General Meeting held on 12th April, 2021. Place: Chennai
Dated: 20th April, 2022

‘ANNEXURE A’
To, 5. The compliance of the Corporate and other applicable
The Members, laws, rules, regulations, standards is the responsibility
Mahindra Industrial Park Chennai Limited of the management. Our examination was limited to the
verification of the procedures on test basis.
Our report is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of to the future viability of the Company nor of the efficacy
the management of the Company. Our responsibility is to or effectiveness with which the management has
express an opinion on these secretarial records based conducted the affairs of the Company.
on our audit.
7. We have also relied on electronic data for verification
2. We have followed the audit practices and processes as of certain records as the physical verification was not
were appropriate to obtain reasonable assurance about possible.
The verification was done on test basis to ensure that For Khandelwal Arun & Associates
believe that the processes and practices, we followed (S2017TN553800)
provide a reasonable basis for our opinion.
Arun Kumar Khandelwal
3. We have not verified the correctness and appropriateness Proprietor
of financial records and Books of Accounts of the FCS: 9350, CP No: 19611
Company. UDIN: F009350D000169455
4. Wherever required, we have obtained the Management’s Place: Chennai

representation about the compliance of laws, rules and Dated: 20th April, 2022
regulations and happening of events etc.
246
Board’s Report
SECRETARIAL AUDIT REPORT OF MAHINDRA RESIDENTIAL DEVELOPERS LIMITED

To e) The Prevention of Corruption Act, 1988

The Members,
Mahindra Residential Developers Limited f) The Prevention of Money Laundering Act, 2002
We have conducted the Secretarial Audit of the compliances g) The Public Liability Insurance Act, 1991
corporate practices by M/s. Mahindra Residential Developers h) Town & Country Planning Acts and Development
Limited having (CIN: U45200TN2008PLC066292) (hereinafter Control Regulations & Building Bye Laws as
called “the Company”). Secretarial Audit was conducted in a applicable at various locations
manner that provided us a reasonable basis for evaluating the
i) The Right to Fair Compensation & Transparency in
corporate conducts/statutory compliances and expressing
land Acquisition, Rehabilitation & Resettlement Act,
our opinion thereon.
2013.
Based on our verification of the Company’s books, papers,
j) The Intellectual Property Act
maintained by the Company, the information provided by the
k) The Environment Protection Act, 1986
during the conduct of secretarial audit, the explanations and l) The Special Economic Zone Act, 2005 and rules
clarifications given to us and the representations made by thereunder
the Management, we hereby report that in our opinion, the
Company has during the audit period covering the financial m) The Income Tax Act, 1961
the statutory provisions listed hereunder and also that the n) The Central Goods and Services Tax Act, 2017
mechanism in place to the extent, in the manner and subject o) The State Goods and Services Tax Act, 2017
to the reporting made hereinafter:
p) The Integrated Goods and Services Tax Act, 2017
We have examined the papers, minute books, forms and
returns filed and other records maintained by the Company q) Labour Laws related to wages, gratuity, provident
for the financial year ended on 31st March, 2022, according fund, ESIC, compensation etc., including Welfare
to the provisions of: Act of the States
(i) The Companies Act, 2013 (“the Act”) and the rules made r) Real Estate (Regulation and Development) Act,
there under, as may be applicable; 2016 and other related Real Estate Acts.
(ii) Foreign Exchange Management Act, 1999 and the rules s) The Co-operative Societies Act, as applicable at
and regulations made there under to the extent of FDI, various locations.
ODI and ECB.
t) Shops & Establishment Act, as applicable at
(iii) Other laws applicable to the Company as per the various locations.
representations made by the Management.
u) Such other laws as may be applicable to the
a) Transfer of property act, 1882 Company.
b) Registration Act, 1908 We have also examined compliance with the applicable
clauses of Secretarial Standards issued by The Institute of
c) The Land Acquisition Act, 1894 Company Secretaries of India (ICSI), as amended from time
to time, were applicable to the Company for the period under
d) Indian Stamp Act, 1899 review.

We further report that the Board of Directors of the Company We further report that during the audit period the Company
is duly constituted with proper balance of Executive Directors, has undertaken following significant and material corporate
Non-Executive Directors and Independent Directors. The events/actions having a bearing on the Company’s affairs
changes in the composition of the Board of Directors that in pursuance of the above referred laws, rules, regulations,
took place during the period under review were carried out in guidelines, standards, etc:
1. The Company has spent the entire amount allocated for
We further report that adequate notice is given to all Directors CSR of ` 12.41 lakh during the Financial Year 2021-22.
to schedule the Board Meetings, agenda and detailed notes
on agenda were sent at least seven days in advance and a 2. The Company had filed the AOC-4 XBRL as per IND AS
system exists for seeking and obtaining further information and on 14th August, 2021.
clarifications on the agenda items before the meeting and for
meaningful participation including through Visual presence at 3. Mr. Vimalendra Dashrath Singh has been appointed
the meeting. During the period under review, decisions were as an Additional Director with effect from 31st January,
carried through unanimously and no dissenting views were 2022.
observed, while reviewing the minutes.
4. Mr. Vaibhav Mittal resigned as Director with effect from
We further report that as per the explanations given to us and 31st January, 2022.
the representations made by the Management and relied
upon by us there are adequate systems and processes in the For Khandelwal Arun & Associates
Company commensurate with the size and operations of the Company Secretaries
Company to monitor and ensure compliance with applicable (S2017TN553800)
We further report that during the audit period the Company has Proprietor
filled all the relevant eforms with the Registrar of companies FCS: 9350, CP No: 19611
within the statutory time period. During the audit period, the UDIN: F009350D000144793
Company has filed e-Form CFSS on 30th June, 2021 under
Company Fresh Start Scheme – 2020. Place: Chennai
Dated: 18th April, 2022
248
Board’s Report
‘ANNEXURE A’
Mahindra Residential Developers Limited of the management. Our examination was limited to the
Our report is to be read along with this letter.
on our audit.
2. We have followed the audit practices and processes as of certain records as the physical verification was not
were appropriate to obtain reasonable assurance about possible.
correct facts are reflected in secretarial records. We For Khandelwal Arun & Associates
believe that the processes and practices, we followed Company Secretaries
provide a reasonable basis for our opinion. (S2017TN553800)
3. We have not verified the correctness and appropriateness Arun Kumar Khandelwal
of financial records and Books of Accounts of the Proprietor
Company. FCS: 9350, CP No: 19611
UDIN: F009350D000144793
4. Wherever required, we have obtained the Management’s
representation about the compliance of laws, rules and Place: Chennai
regulations and happening of events etc. Dated: 18th April, 2022

SECRETARIAL AUDIT REPORT OF MAHINDRA WORLD CITY DEVELOPERS LIMITED

To d) Indian Stamp Act, 1899
The Members,
Mahindra World City Developers Limited e) The Prevention of Corruption Act, 1988
We have conducted the Secretarial Audit of the compliances f) The Prevention of Money Laundering Act, 2002
corporate practices by Mahindra World City Developers g) The Public Liability Insurance Act, 1991
Limited (CIN : U92490TN1997PLC037551) (hereinafter
called “the Company”). Secretarial Audit was conducted in a h) Town & Country Planning Acts and Development Control
manner that provided us a reasonable basis for evaluating the Regulations & Building Bye Laws as applicable at
corporate conducts/statutory compliances and expressing various locations
our opinion thereon.
i) The Right to Fair Compensation & Transparency in land
Based on our verification of the Company’s books, papers, Acquisition, Rehabilitation & Resettlement Act, 2013.
maintained by the Company, the information provided by the j) The Intellectual Property Act
during the conduct of secretarial audit, the explanations and k) The Environment Protection Act, 1986
clarifications given to us and the representations made by
the Management, we hereby report that in our opinion, the l) The Special Economic Zone Act, 2005 and rules
Company has during the audit period covering the financial thereunder
the statutory provisions listed hereunder and also that the m) The Income Tax Act, 1961
mechanism in place to the extent, in the manner and subject n) The Central Goods and Services Tax Act, 2017
to the reporting made hereinafter:
o) The State Goods and Services Tax Act, 2017
We have examined the papers, minute books, forms and
returns filed and other records maintained by the Company p) The Integrated Goods and Services Tax Act, 2017
for the financial year ended on 31st March, 2022, according
to the provisions of: q) The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and
(i) The Companies Act, 2013 (“the Act”) and the rules made
Rules thereunder
there under;
(ii) Foreign Exchange Management Act, 1999 and the rules r) Labour Laws related to wages, gratuity, provident fund,
and regulations made there under to the extent of FDI, ESIC, compensation etc., including Welfare Act of the
ODI and ECB. States
We have also examined the compliances of the provisions s) Real Estate (Regulation and Development) Act, 2016
of the following other laws applicable specifically to the and other related Real Estate Acts.
Company wherein we have also relied on the representations
made by the Management in addition to the checks carried t) The Co-operative Societies Act, as applicable at various
out by us: locations.
a) Transfer of property act, 1882 u) Shops & Establishment Act, as applicable at various
b) Registration Act, 1908, locations.
c) The Land Acquisition Act, 1894 v) Such other laws as may be applicable to the Company.
250
Board’s Report
We have also examined compliance with the applicable 4. Ms. Vandana Garg, appointed as an Additional Director
clauses of Secretarial Standards issued by The Institute of of the Company with effect from 11th July, 2021 and
Company Secretaries of India (ICSI), as amended from time subsequently at the Annual General Meeting held on
to time, were applicable to the Company for the period under
23rd July, 2021 has been appointed as Non Executive
review.
Director.
We further report that the Board of Directors of the Company
is duly constituted with proper balance of Executive Directors, 5. The Company had register fresh charge for ` 49 crore
Non-Executive Directors and Independent Directors. The with Housing Development Finance Corporation Limited
changes in the composition of the Board of Directors that on 14th September, 2021. The eform had been filed
took place during the period under review were carried out in within the statutory time period of 30 days.
We further report that adequate notice is given to all Directors 6. The Board of Directors at their Meeting held on
to schedule the Board Meetings, agenda and detailed notes 30th September, 2021 had approved a scheme of
on agenda were sent at least seven days in advance and a amalgamation whereby Mahindra Integrated Township
system exists for seeking and obtaining further information Ltd and Mahindra Residential Developers Ltd will merge
and clarifications on the agenda items before the meeting with the Company.
and for meaningful participation at the meeting. During
the period under review, decisions were carried through 7. The Company had repaid the Loan amount of ` 225 crore
unanimously and no dissenting views were observed, while
with Housing Development Finance Corporation Limited
reviewing the minutes. We further report that the Company
on 10th October, 2021. The eform towards satisfaction of
has passed certain resolutions through circulation during the
Audit period. charge had been filed within the statutory time period of
30 days.
We further report that as per the explanations given to us and
the representations made by the Management and relied 8. Mr. A Muthukumaran resigned as Company Secretary
upon by us there are adequate systems and processes in the and Key Managerial Personnel of the Company with
Company commensurate with the size and operations of the
effect from 19th October, 2021.
Company to monitor and ensure compliance with applicable
9. Mr. Ameet Pratabsinh Hariani appointed as an Additional
We further report that during the audit period the Company has Director of the Company with effect from 22nd October,
filled all the relevant eforms with the Registrar of companies 2021.
within the statutory time period. During the audit period, the
Company has filed e-Form CFSS on 30th June, 2021 under 10. The Company had register Modified charge for ` 25
Company Fresh Start Scheme – 2020. crore with Axis Bank Limited on November 11, 2021. The
We further report that during the audit period the Company eform had been filed within the statutory time period of
has undertaken following significant and material corporate 30 days.
events/actions having a bearing on the Company’s affairs
in pursuance of the above referred laws, rules, regulations, 11. Mr. Antaryami Sahoo appointed as Company Secretary
guidelines, standards, etc: and Key Managerial Personnel of the Company with
effect from January 25, 2022.
1. The Company has spent the entire amount allocated for
CSR of ` 4.03 lakh during the Financial Year 2021-22.
2. Mr. Ramachandran Karthikeyan resigned from the Company Secretaries
Directorship of the Company with effect from 8th July, (S2017TN553800)
2021.
3. Mr. Bharat Dhirajlal Shah, Independent Director on
completion his tenure do not opted to continue as Proprietor
Independent Director and accordingly retired on 8th July, FCS: 9350, CP No: 19611
2021. UDIN: F009350D000407737

‘ANNEXURE A’
Mahindra World City Developers Limited of the management. Our examination was limited to the
Our report of even date is read along with this letter.
on our audit.
2. We have followed the audit practices and processes as
of certain records as the physical verification was not
were appropriate to obtain reasonable assurance about
possible.
Company Secretaries
correct facts are reflected in secretarial records. We
(S2017TN553800)
believe that the processes and practices, we followed
provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness Proprietor
of financial records and Books of Accounts of the FCS: 9350, CP No: 19611
Company. UDIN: F009350D000407737
4. Wherever required, we have obtained the Management’s

regulations and happening of events etc.
252
Board’s Report
ANNEXURE 6
FORM NO. AOC -2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.)
Form for Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub
section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transaction under third proviso thereto.
1. Details of contracts or arrangements or transactions not at Arm’s length basis.
Sr. Particulars Details

No.
a. Name (s) of the related party and nature of relationship
b. Nature of contracts/arrangements/transaction
c. Duration of the contracts/arrangements/transaction
d. Salient terms of the contracts or arrangements or transaction including the value, if any
e. Justification for entering into such contracts or arrangements or transactions’ Nil
f. Date of approval by the Board
g. Amount paid as advances, if any
h. Date on which the special resolution was passed in General meeting as required under
first proviso to section 188
2. Details of contracts or arrangements or transactions at Arm’s length basis.
Sr. Particulars Details

No.
a. i. Name (s) of the
Mahindra and Mahindra Limited (M&M)
related party
ii. Nature of relationship M&M holds 51.33% (as on 31st March, 2022) in the total paid up equity share capital
of the Company and accordingly, M&M is the holding company of the Company.
b. Nature of contracts/ The Company proposes to purchase land admeasuring approximately 9.24 acres
arrangements/transaction in Village Akurli, Kandivali (East), Taluka Goregaon, District Mumbai Suburban,
c. Duration of the contracts/ Mumbai – 400067 from M&M for a total consideration of ` 365 crore (Rupees Three
arrangements/transaction Hundred Sixty-Five crore only) (plus taxes, stamp duty, registration fees, conversion
d. Salient terms of the charges and such other charges wherever applicable).
contracts or arrangements The Company can pay the total consideration in tranches over a maximum of three
or transaction including the years with 7 percent p.a. interest payable on reducing balance.
value, if any Upon necessary due diligence and subject to certain approvals and payment of first
tranche, requisite agreements will be executed between M&M and the Company to
convey ownership of the land and its possession.
e. Date of approval by the Audit Committee and the Board of Directors approved the proposal at their
Board respective meetings held on 10th February, 2022
f. Amount paid as advances, As on date, the Company has not paid any advance. However, as per the agreed
if any terms, the Company can pay the total consideration in tranches over a maximum of
three years with 7 percent p.a. interest payable on reducing balance.
Arun Nanda
Chairman
DIN: 00010029
Place: Mumbai

ANNEXURE 7
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
A. CONSERVATION OF ENERGY:
(i) The steps taken or impact on : Aligned with the Company’s sustainability roadmap across businesses,
conservation of energy adequate measures have been undertaken to reduce energy consumption.
With an intent to meet sustainability commitments on science-based
targets, carbon neutrality, and aligned with our recent commitment to
Net Zero developments by 2030, the Company has incorporated Climate
Responsive Design (CRD) as a first step to build energy efficient residential
homes. This in turn benefits our customers in terms of reduced energy
consumption and hence the maintenance bills. The Company continue to
maintain100 percent green portfolio of products through the IGBC/GRIHA
certification for all our products.
In FY 2022, four of Company’s projects were IGBC certified – two were

platinum rated and two have been Gold rated. One of our recently
launched projects – Mahindra Eden in Bengaluru is India’s first Net Zero
Energy Residential project which consumes renewable energy generated
on-site using solar and wind energy, and the remaining energy would be
obtained from grid powered renewable energy sources.
The Company’s approach to build Net Zero Homes is as under:
1. Demand Reduction through Climate Responsive Design (CRD):
This involves passive design interventions such as use of roof and

wall insulation, heat reflective paints on wall, and roof, highly efficient
glass, etc.
2. Energy Efficiency measures:
This includes use of energy efficient lighting, LEDs, star rated

appliances – AC, Refrigerator, efficient fans, etc.
3. Integration of Renewable Energy:
This involves use of Solar PV, Wind turbines, etc, on-site to generate
and consume renewable energy, or use grid powered energy from
renewable sources.
Apart from these energy conservation measures, the Company also

educate our customers on few behavioural interventions that would
help conserve more energy and save cost.
Some more energy conservation measures include:
1. Artificial lighting control via daylight sensor in selective projects.
2. Adoption of high efficiency pumps, and motors.
3. Group control mechanism for lifts.
4. LED lamps for common areas and pathways and solar streetlights for
the landscape areas.
5.
Solar water heating systems and Solar photovoltaic systems for
selective projects.
The Company continue to adopt new technologies, and measures based

on feasibility and as aligned with our carbon action plan to meet our ESG
commitments.
254
Board’s Report
(ii) The steps taken by the company for : As stated earlier, integration of renewable energy is one of the three steps
utilising alternate sources of energy; to meet Net Zero commitments.
The Company has been using solar water heaters for hot water generation
and solar PV for common area lighting in selective projects. With our
recently launched Net Zero Residential project wherein 100 percent of
the energy demand is being met using solar and wind energy generated
onsite, and remaining energy being met using power from the grid
generated using renewable sources, the Company’s dependence on
clean sources of energy has increased, and been standardized for our
new developments based on the feasibility of the same.
Also, the Company continues to deploy rooftop solar in integrated cities
such as Mahindra World City (MWC), Jaipur, world’s largest integrated
city, to be C40 Climate Positive Development Program (C40 CPDP)
stage-2 certified, which aims for climate positive development by reducing
emissions onsite and offset emissions from neighbouring community
too as part of its action plan. Apart from reducing emissions in common
areas using solar energy, the Company encourage industrial customers
at MWC Jaipur to install solar through capacity building workshops
thereby contributing to the C40 Climate positive development. The total
installed solar capacity at MWC Jaipur is approx. 7.5 MWp (including our
customers), and 600 KWp under commissioning.
In FY22, MWC Chennai has been utilizing renewable energy obtained

from third party constituting 33 percent of the total energy requirement.
So, the Company’s share of renewable energy across businesses has

increased significantly which helps meet our sustainability commitments.
(iii) The capital investment on energy : 100 percent of the Company’s projects are IGBC/GRIHA certified.
conservation equipments Investments required to meet all the requirements for the green certification
are integrated into the development costs or cost of construction. During
the feasibility study of the project for green building rating, these expenses
are considered in the project budget and constitute about 1-3 percent of
the construction costs, but the benefits obtained for both environment and
customers are multi-fold.
The expenditures incurred are mainly for,
1. Use of energy efficient building envelopes (walls and roofs).
2. Fenestration like highly efficient glass.
3. Heat reflective paints.
4. Solar streetlights or LED lights for common areas.
5. Energy efficient equipment such as pumps and motors, etc.
6. Solar Water heating system.
7. Solar photovoltaic system, etc.

B. TECHNOLOGY ABSORPTION:
(i) The efforts made towards technology : Innovative technologies in new material adoption, construction process
absorption and automation has helped the Company to improve quality of product and
reduce construction timelines. The adoption of new technologies in our
construction process is integral to our goal of bridging the innovation gap
in the real estate development cycle, while continuously enhancing quality
standards and processes. Embedding new digital tools and methods into
the construction value chain enables us to deliver projects faster, with
greater value for our customers; and helps strengthen transparency and
collaboration across stakeholder groups.
A few of the initiatives include:
1. Water meter installation in few of the projects which provides data

of water consumed per apartment. This acts as a behavioural
intervention on reducing freshwater consumption through real time
data availability on water consumption. It also helps to identify
location of leakages in the water distribution system.
2. IP Video Door Phone’s (VDP) provided to our customers in a few

projects. VDP integrates with the CCTV system, thereby enhancing
level of security for the customers. VDP provides internal safety to the
customers such as panic call, integration with Gas leak detectors,
Glass break detectors, third party sensor etc. The system also acts
as a video enabled intercom between the apartments and common
areas.
3. FTTH (Fibre To The Home) – FTTH technology is provided to the

customers in a few projects. FTTH increases the internet bandwidth,
thereby providing a comprehensive solution for the services available
on the internet platform.
4. Building Management System (BMS) – The Company has provided
BMS in one of our luxury Project. This system helps the Company
to remotely control and monitor equipment and systems. Controlling
includes operating the pumps, DG’s, air conditioning systems,
ventilation system etc. Monitoring includes run / trip status of the
equipment’s, status of the monitoring sensors, health of the systems
and equipment’s etc. This also helps in scheduling preventive
maintenance and gives data for predictive maintenance also.
5. Project Management Lifecycle (PML) tool is developed to automate

the operations value chain. PML enables collaboration between
individual project stakeholders (both internal and external) by
providing details on real time basis of various stages in the project.
The real time feature enables the project managers to reduce the risk
of schedule and cost overruns.
6. Stay-in-place formwork technology
First real estate company in India to adopt ‘Stay-in-Place Formwork’ in

a large-scale residential project, which helps speed up construction,
and improve cost and quality. Benefits of the technology include rapid
construction, improved wall finishes, precision engineering, design
flexibility, reduced consumption of natural resources like water and
sand, reduced embodied carbon, scope of using alternative building
materials such as plastic waste, glass fibers, electronic waste, etc.
(ii) The benefits derived like product : As stated above, each of these initiatives positively impacts the ESG
improvement, cost reduction, product aspects by improving the product quality, reducing environmental impact,
development or import substitution and benefiting our customers. Benefits or each of the initiatives and
actions implemented have been listed above.
256
Board’s Report
(iii) In case of imported technology : Stay-in-place formwork, an Australian technology unifies the complete
(imported during the last three years construction life cycle on a real-time digital platform that enables synergy
reckoned from the beginning of the between stakeholders, trades and processes, and the Company is first
financial year) Indian real estate company to adopt the technology.
(iv) The expenditure incurred on Research : Climate Responsive Design (CRD), one of the key steps to build our Net
and Development Zero portfolio requires a detailed analysis, and study along with use of
efficient or passive measures, and the total investments constitute 1-3
percent of the total construction cost.
Along with these passive measures, the Company also contributes

towards research and development of energy efficient homes tailored
towards Indian climate through its CSR initiative on Mahindra TERI Centre
of Excellence, a joint initiative with ‘The Energy and Resources Institute
(TERI)’. Towards this, in FY22 Company contributed ` 40 lakh.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:

During the year, the Foreign Exchange earning was ` 3.40 lakh and the Foreign Exchange outgo in terms of actual
outflows was ` 203.87 lakh.
Arun Nanda
Chairman
DIN: 00010029
Place: Mumbai

ANNEXURE 8
DETAILS OF REMUNERATION
The details in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
1. The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary during the
Financial Year 2021-22, and ratio of the remuneration of each Director to the median remuneration of the employees of
the Company for the Financial Year 2021-22 are as under:
Name Designation % Increase / % Increase / Ratio of Ratio of

(decrease) in (decrease) in Remuneration Remuneration
FY 2021-22 FY 2021-22 of each Director of each Director
over FY 2020- over FY 2020- to Median to Median
21 (annualised 21 (annualised Remuneration Remuneration
basis excluding basis including of Employees of Employees
perquisite perquisite (Excluding (Including
value of ESOPs value of ESOPs perquisite perquisite
exercised) exercised) value of ESOPs value of ESOPs
exercised) exercised)
Mr. Arun Nanda Non-executive Non- NA NA NA 0.00
Independent Chairman
Mr. Ameet Hariani Non-executive Independent NA NA NA 0.00
Director
Ms. Amrita Non-executive Independent NA NA NA 0.00
Chowdhary Director
Dr. Anish Shah Non-executive Non- NA NA NA 0.00
Mr. S. Durgashankar Non-executive Non- NA NA NA 0.00
Mr. Arvind Managing Director and 10 203 33.80 94.69
Subramanian Chief Executive Officer
Mr. Vimal Agarwal Chief Financial Officer 7 11 NA NA
Mr. Ankit Shah Assistant Company NA NA NA NA
Secretary & Compliance
Officer
Note:
i. The percentage increase in remuneration of non-executive director is not applicable, as no remuneration in the form of commission was paid
for FY2021-22 and FY2020-21. No stock options have been granted to non-executive directors. Sitting fees and reimbursement of out-of-pocket
expenses incurred in attending the meetings of the Board and Committees have not been considered as remuneration.
ii. For the purpose of median, remuneration to directors, KMPs and employees is considered on paid basis.
iii. Mr. Ankit Shah was appointed with designation as Assistant Company Secretary & Compliance Officer with effect from 12th May, 2021.
2. The Percentage increase in the median remuneration of employees in the financial year 2021-22: The percentage
increase in the median remuneration of the employees in the financial year 2021-22 was negative 17.59 percent.
The percentage increase in median remuneration of employees is calculated by including all the employees of
Company who were paid remuneration during financial year 2021-22.
3. The number of permanent Employees on the rolls of the Company is 349 as on 31st March, 2022.
258
Management Discussion and
Analysis
4. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last
financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof
and exceptional circumstances for increase in the managerial remuneration, if any: The average percentage increase
made in the salaries of total eligible employees other than the Key Managerial Personnel for FY 2021-22 was 6.27
percent, and the average increase in the remuneration (excluding perquisite value of ESOPs exercised) of the Key
Managerial Personnel was 8.90 percent. This increment is in line with the factors more particularly described in
the Policy for Remuneration of the Directors and the Policy on remuneration of Key Managerial Personnel and
Employees.
5. Affirmation that the remuneration is as per the remuneration policy of the Company: Yes
Arun Nanda
Chairman
DIN: 00010029
Place: Mumbai

M ana g ement D isc u ssion and A na ly sis

Mahindra Lifespace Developers Limited (‘Mahindra From the real estate industry’s perspective, the construction
Lifespaces’, ‘MLDL’ or ‘the Company’) is one of the leading sector — which accounts for around 7.5 percent of GDP —
real estate development companies in India. Over the years, grew at 10 percent in 2021-22, compared to a decline of
the Company has anchored its approach in its brand promise 7.3 percent in 2020-21. As discussed later in this report, this
of ‘Crafting Life’ and has created a reputation for delivering revival is also reflected in MLDL’s performance in 2021-22.
an array of successful projects, thereby establishing industry Even as one cannot rule out more virulent future waves of
benchmarks in environmentally responsible homes and the pandemic, it is clear that Covid-19 related risks have
industrial developments. come down — in no small measure due to high penetration
of vaccines in India and large parts of the world as well as
Along with its subsidiary companies and joint ventures (JVs), much better medical therapies and infrastructure to deal
Mahindra Lifespaces is engaged in developing residential with hospitalisations and related emergencies. Another
projects in the premium and value housing segments, as important contributor to the reduction in Covid-related risks is
well as integrated cities and industrial clusters. This chapter the preparedness at all levels — be it the government, large
presents an overview of the performance of the Company organisations, small businesses or even households — to deal
during 2021-22 and its strategy for future growth. with the pandemic-induced lockdowns and restrictions with
minimal disruptions. This was evident in the speed with which
Macroeconomic Overview normalcy returned after the devastating second wave of the
pandemic in the first quarter of 2021-22. The experience during
Global economic activity witnessed an impressive turnaround
the third wave in January 2022 was even more reassuring.
in performance in 2021, as it recovered from the slowdown
triggered by the Covid-19 pandemic. According to the Today, the risks to the economy come primarily from sharp
IMF, world output grew at 6.1 percent in 2021, compared rise in global inflation and moves to wind down monetary
to a contraction of 3.1 percent in the previous year. The policy support in Advanced Economies. These risks have
recovery was broad-based, with both Advanced Economies exacerbated due to the war in Ukraine and ensuing economic
(AEs) as well as Emerging Markets and Developing sanctions, which has further disrupted global supply chains
Economies (EMDEs) rebounding strongly with a growth of 5.2 triggering spiralling inflation in global commodities including
percent and 6.8 percent respectively. energy, food, fertilisers, metals and minerals. As the events
unfold, further tightening of monetary policy to reign in prices,
India also registered a sharp turnaround in performance, supply-side bottlenecks and decline in world trade, strains in
emerging as the fastest growing large economy during the global financial architecture and aversion to emerging markets
year. According to the second advance estimates released assets, all point to a deterioration in the outlook for economic
growth, at least in the near term.
by the Central Statistics Office (CSO) on 28 February
2022, India’s Gross Domestic Product (GDP) grew by 8.9 Considering this, the IMF has toned down its growth forecast
percent in 2021-22, after a contraction of 6.6 percent in the in its most recent World Economic Outlook published in April
previous year. Both industry and services recorded a strong 2021. According to these latest estimates, global output
improvement, even as agriculture — which has been a pillar will grow at 3.6 percent in 2022, which is 130 basis points
of strength during the last couple of years — continued to lower than its earlier forecast of 4.9 percent made in
register steady growth. Chart A plots the data over the last October 2021. India, too, is expected to record a somewhat
two years. lower GDP growth — estimated at 7.2 percent in 2022-23
by the Reserve Bank of India (RBI) in its report released in
Chart A: Growth Rate (%) – GDP and Key Sectors
10.3 10.0
April 2022 compared to its earlier estimate of 7.8 percent
8.6 8.9 made in February 2022.
3.3 3.3
It is encouraging to note that, even with this moderation, India
will continue to be the fastest growing large economy in the
world. Besides, the fundamentals of the economy remain
strong, allowing sufficient room to take appropriate policy action
-3.3 both on the fiscal and monetary front. In its latest assessment
-6.6 on 4 May 2022, the RBI raised repo rates by 40 basis points
-7.8 -7.3
initiating the withdrawal of monetary accommodation to ensure
Agriculture Industry Services GDP Construcon that inflation remains range-bound and supports economic
2020 -21 2021 -22 recovery and growth.
260
Analysis
Opportunities its key markets — Mumbai and Pune — where it already

The market for real estate, and indeed for all high-value and has multiple successful projects. Bengaluru is another
discretionary spend categories, was affected at the start 2021- market where it is looking to build a presence. Other than
22 due to the intense second wave of the Covid-19 pandemic. these, its presence in additional geographies will be based
But as noted earlier, the return to normalcy in terms of both on specific opportunities that emerge from time to time.
consumer sentiment and ability of businesses to service
As for product segments, the Company will expand its offerings
customers was much faster compared to the previous year.
under both premium and value housing segments with a focus
The demand situation and opportunities presented in the two
on sustainable developments and delivering differentiated
key businesses of the Company are as below.
products through design and innovation that enhance the
Residential Developments living experience.
Demand for residential developments were impacted in the first Integrated Cities and Industrial Clusters (IC&IC)
quarter of 2021-22 but recovered quickly once the lockdowns
The improved demand outlook for industrial land and healthy
and restrictions were lifted. There was a strong momentum
increase in enquiries witnessed in the previous year gathered
as the year progressed, with the latter half of the year seeing
further momentum in 2021-22, albeit after a blip in the first
particularly strong demand.
quarter due to the second wave of Covid-19 infections.
Some key reasons contributing to this improvement in demand
The key factors behind this improved outlook are: (i) Growth in
are worth noting. First, the consumer sentiment among
domestic consumption-led demand is prompting a new cycle
home buyers was strong with well-identified needs and
of capital investment in manufacturing (ii) As global shipping
preferences shaped by the pandemic experience. Second,
routes remain bottlenecked, import-led categories are seeking
home affordability increased considerably with home loan domestic manufacturing alternatives. (iii) Large MNCs are
interest rates at sub-6.5 percent levels. According to Knight looking to diversify their operations outside China; India is a
Frank’s Affordability Index, which captures movements in viable alternative from a geopolitical standpoint and is poised
property prices, interest rate and average household income, to emerge as an export hub for key industries. (iv) India is
Indian markets were at their decadal best in terms of housing increasingly finding its place as one of the largest and fastest
affordability in 2021. growing economies; offers a stable economic and political
environment. (v) India is investing significantly in infrastructure;
This resulted in healthy demand across product segments
Government’s push for domestic manufacturing through
for both ongoing projects as well as ready inventory. Most
schemes and concessions make it an even more attractive
markets in which the Company operates saw a significant
destination. (vi) After limited capex in the last few years, the
improvement in demand-supply balance leading up to a
capacity utilisation has increased as global economy recovered
considerable increase in new launches in the latter half of the
from the pandemic-induced recession, making investments
year. In another sign indicating strong buyer sentiment, pricing
imminent (vii) Following an explosion in e-commerce, ancillary
pressures did not impact growth as the industry was able to
industries such as packaging, warehousing and logistics are
pass on increase in construction cost during the year through
also driving demand for space — much of it for ready-built
rate hikes.
and built-to-suit solutions in well-serviced environments (viii)
Sunrise sectors like renewables and electric vehicles are
Another important aspect of the current real estate market is
embracing rapid growth.
the marked preference for trusted and established developers
with a good track record. This has not only helped MLDL in It also helped that curbs on international travel were gradually
achieving better traction among homebuyers when it comes lifted as the year progressed, which paved the way for site
to marketing its projects, but has also opened-up significant visits, building a more definitive pipeline of potential deals and
opportunities in the society redevelopment space in Mumbai, leasing activity during the year.
which the Company is actively looking at for future growth.
On the supply side too, this preference for established Mahindra Lifespaces is well placed to deliver in this
brands coupled with its strong balance sheet has allowed environment. It is a pioneer in the Integrated Cities and
the Company to access better opportunities when it comes Industrial Clusters (IC&IC) segment, marketing its products
to land procurement and partnerships. Taking this forward, under two formats: large integrated cities under the brand
MLDL is also now looking at opportunities in stressed assets ‘Mahindra World City’ and smaller industrial clusters under the
and portfolios. brand ‘Origins’.
Even as Mahindra Lifespaces evaluates the emerging Currently, there are two operational Mahindra World Cities
opportunities in the society redevelopment and stressed in Chennai and Jaipur and an operational Origins project in
assets, the Company’s strategy for the residential Chennai. Development work is currently in progress in an
business continues to be to build a stronger presence in industrial cluster project called Origins Ahmedabad.

With these four projects, the Company has projects in

Chart C: Residenal – Collecons (`Crore)
some of the most important industrial corridors in India.
This is in line with its strategy to offer multiple destinations
to prospective customers that provide plug-and-play
infrastructure based on their needs and cater to all major
industrial sectors.
1,153
963 930
The Company’s offerings in the business will be bolstered 758
further with another industrial cluster project being planned in 603
Maharashtra. This project is currently at the land aggregation
and planning stage.
2017-18 2018-19 2019-20 2020-21 2021-22
Business Performance
This superior performance is also reflected in the strong
Mahindra Lifespaces’ residential and industrial businesses
collections recorded during the year. As shown in Chart C,
registered impressive performance in 2021-22, gathering
overall collections bounced back strongly to ` 1,153 crore
strong momentum after a weak first quarter due to the Covid-19
in 2021-22, compared to ` 758 crore in 2020-21. This is also
outbreak.
the highest ever collections recorded in the Company’s
Residential history — and is a testimony to its efficient project execution
capabilities and customer centric processes that enable
In 2021-22, Mahindra Lifespaces launched two new
timely payments.
projects: (i) Mahindra Happinest MWC in Chennai in the
second quarter and (ii) Mahindra Happinest Kalyan 2 in the
Construction activity and handover of units also increased
Mumbai Metropolitan Region (MMR) in the fourth quarter. The
considerably during the year. Mahindra Lifespaces
Company also launched fresh inventory in three of its existing
completed construction of 1.30 msft1 in 2021-22, compared
projects — Vicino and Alcove in MMR and Happinest Avadi
to 0.39 msft in 2020-21 — even surpassing 1.07 msft
in Chennai. These launches cumulatively accounted for
recorded in the pre-pandemic year of 2019-20. Handover
around 1.27 million square feet (msft) of saleable area.
of units to homeowners grew from 605 units in 2020-21 to
Chart B: Residenal – Sales Performance 925 units in 2021-22.
1.69
During the year, the Company made three land acquisitions
1.31 1.28
— two in MMR and one in Pune — in line with its strategy
1.16 for growth in the business. These three projects should
1.07
1,023 1,028
account for roughly 3 million square feet of development
695
potential amounting to around ` 3,800 crore in terms of Gross
611 670
Development Value over their lifecycle.
2017-18 2018-19 2019-20 2020-21 2021-22 Integrated Cities and Industrial Clusters (IC&IC)
Sales (` Crore) Sales (ms ) The performance of the Integrated Cities and Industrial
Clusters business also reflected a sharp turnaround in 2021-
Chart B provides data on MLDL’s sales performance in 22 (See Chart D). Land leased2 by the business increased
the last five years. The Company registered sales of from 56 acres in 2020-21 to 111 acres in 2021-22. Total lease
` 1,028 crore in 2021-22, which is not only a significant premium generated in 2021-22 was ` 297 crore, which is
improvement over last year, but also its best performance significant improvement over ` 129 crore generated in the
so far. Area sold also increased considerably during the previous year.
year from 1.07 msft to 1.28 msft and is now close to the
pre-pandemic level of 1.31 msft in 2019-20. It is important
to note that this performance was broad-based, with strong
sales across its entire project portfolio spanning all price 1
Completed area includes only the projects/phases where construction is
points, ticket sizes and markets. Several ongoing projects complete and occupancy certificate has been received.
or phases were sold out completely in 2021-22, which is 2
Figures for lease includes: (i) 15.64 acres in 2021-22 by Mahindra Integrated
commendable given the typical challenges involved in selling Township Limited (MITL), a subsidiary of Mahindra World City Developers
Limited (MWCDL), held by it within MWC and (ii) 9.2 acres in 2020-21 which
residual tail inventory. was outside the boundary of MWC Chennai, as per the master plan but held
by Mahindra World City Developers Limited (MWCDL).
262
Analysis
Table 1: Projects Snapshot as on 31 March 2022 (million

Chart D: IC and IC Lease Premium and Area
square feet#)
111
93 Location Completed Current Future
Development Development Development
62
56 MMR* 3.98 2.52 3.25
43 297
Pune 3.47 0.69 1.20
214
129 129 Nagpur 1.04 0.52 -
104
NCR** 3.90 - 0.43
2017-18 2018-19 2019-20 2020-21 2021-22 Bengaluru 0.87 - 0.79
Chennai^ 4.50 0.31 1.05
Lease Premium (` Crore) Area Leased (Acre)
Hyderabad 1.08 - -
Jaipur^ 0.40 - -
Operations – Projects Update Total 19.24 4.04 6.72
Residential # Estimated saleable area
Table 1 provides a snapshot of the Company’s project portfolio * MMR includes Mumbai, Boisar, Palghar, Thane, Kalyan and Alibaug
** NCR includes Delhi, Gurugram and Faridabad
across different markets. As of 31 March 2022, Mahindra
^ Includes residential and commercial developments inside MWC Chennai
Lifespaces and its subsidiaries have completed projects
and Jaipur
covering 19.23 million square feet (msft)3 in the residential
Mahindra Lifespaces is currently developing projects
segment, including 1.30 msft completed during the year.
totalling 4.04 million square feet. Another 6.72 million
square feet available in the form of future projects, of
3
Completed developments includes only projects/phases where construction is
complete and occupancy certificate has been received. Does not include under which 2.85 million square feet are new phases of ongoing
construction projects and selected projects that were completed by GESCO. projects and 3.87 million square feet are fresh projects
Includes commercial development inside residential complexes.
for which design development or approvals are underway.
Table 2 provides project-wise status of sales and construction in ongoing projects and information on new projects where
design and development is underway.
Table 2: Project-wise Status as on 31 March 2022
Market Project Area (million square feet) Status (%)

Total Laun- Ong- Forth- Sales@ Constr-
ched oing coming uction&
Completed / Ongoing Projects
MMR Roots 0.14 0.14 0.14 - 96.7% 82%
MMR Vicino 0.26 0.26 0.26 - 72.9% 76%
MMR Alcove # 0.39 0.39 0.39 - 38.3% 39%
MMR Meridian ** 0.16 0.03 0.00 0.13 8.9% 100%
MMR Happinest Palghar 1^ 0.43 0.43 0.00 - 82.6% 100%
MMR Happinest Palghar 2^ 0.36 0.18 0.18 0.18 63.8% 78%
MMR Happinest Kalyan 1^ 0.84 0.84 0.84 - 86.5% 66%
MMR Happinest Kalyan 2 1.09 0.71 0.71 0.38 15.6% 3%
Pune Centralis 0.34 0.34 0.18 - 99.3% 53%
Pune Happinest Tathawade 1.19 0.51 0.51 0.68 80.7% 24%
Nagpur Bloomdale^ 1.55 1.55 0.52 - 97.0% 60%
NCR Luminare^# 1.20 0.77 0.00 0.43 100% 100%
Chennai Aqualily^ 1.58 1.35 0.00 0.23 100% 100%
Chennai Lakewoods^ 0.90 0.28 0.00 0.62 96.9% 100%

Market Project Area (million square feet) Status (%)

Total Laun- Ong- Forth- Sales@ Constr-
ched oing coming uction&
Chennai Happinest Avadi 0.73 0.73 0.10 - 100% 85%
Chennai Happinest MWC^ 0.41 0.21 0.21 0.20 98.2% 15%
Total 11.57 8.72 4.04 2.85 85% 51%
New / Forthcoming Projects$
Kanakpura, Bengaluru 0.79
Dahisar, MMR # 0.86
Kandivali, MMR 1.70
Pimpri, Pune 0.52
Total 3.87
# All values and percentage are inclusive of joint developers’ share wherever applicable.
@ Percentage of Sales is based on total launched area and overall area sold of the launched area.
& Percentage of construction progress is based on ongoing development in such project.
^ Projects implemented by subsidiaries and JV companies.
$ The areas of the forthcoming projects are estimated areas and are subject to change basis approvals.
** Serenes was upgraded and re-launched as Meridian in 2021-22
Integrated Cities and Industrial Clusters (IC&IC) of 1,145 acres across its Special Economic Zone (SEZ),
The Company’s presence in this segment spans two Mahindra Domestic Tariff Area (DTA) and Residential and Social Zone
World Cities (MWCs) at Chennai and Jaipur, and two Origins (R&S).
projects in Chennai and Ahmedabad.
MWC Chennai has leased 100 percent of its existing land
inventory in the SEZ and DTA but continues to offer lease
These industrial projects have a combined gross area of options in the Residential and Social Zone. At the end
over 5,000 acres and a leasable potential4 of over 3,600 of 2021 - 22, the total number of industrial customers in
acres. In 2021-22, it leased 111 acres of land, up from 56 MWC Chennai was 68 — 24 in the SEZ and 44 in the DTA.
acres in the 2020-21, taking the cumulative area leased Of these, 59 companies are currently operational and
under IC&IC to 2,147 acres5. As on 31 March 2022, the another one is under construction. During the year, MWC
three operational projects — two MWCs in Chennai and Chennai also witnessed the inauguration of facilities of Dinex
Jaipur and Origins Chennai — had over 200 companies (Denmark), Emerson (USA) and Pegatron (Taiwan based
from over 20 countries, making these truly global manufacturer for Apple iPhones). For Pegatron, this is their
developments. Combined direct employment provided by first unit in India which will provide employment to close to
these projects stood at around 57,000 persons. 10,000 people once it is fully operational.
MWC Chennai and Jaipur have been ranked as Completed residential projects at MWC Chennai saw an
‘Leaders’, and among India’s top 13 Special Economic increase in occupancy to over 2,400 families. Construction
Zones (SEZ), in the latest Industrial Park Rating is currently in progress in residential projects Lakewoods
System report (IPRS 2.0) released by the Department and the newly launched Happinest MWC, for which details
for Promotion of Industry and Internal Trade (DPIIT), have already been provided in the section on residential
Ministry of Commerce and Industry, Government of developments. The city has all key infrastructure and
India for 2021-22. amenities for its residents such as retail and commercial
centre, health, education and hospitality. As a mature project,
the focus is on community building and other initiatives that
MWC Chennai is the Company’s first integrated city project enhances the liveability quotient of the city and promote it as
with gross area of 1,524 acres and a leasable potential a destination of choice.
4 Leasable potential for all IC&IC projects is based on management estimates.

5 Figures for lease includes: (i) 15.64 acres in 2021-22 by Mahindra Integrated Township Limited (MITL), a subsidiary of Mahindra World City Developers Limited
(MWCDL), held by it within MWC Chennai, and (ii) 9.2 acres in 2020-21 which was outside the boundary of MWC Chennai, as per the master plan but held by
Mahindra World City Developers Limited (MWCDL).
264
Analysis
Community building initiatives were kept on pause due and collaborate on new initiatives. Owing to Covid-19,
to pandemic in 2021-22 and are expected to resume these events were carried out online during 2021-22. MWC
gradually in 2022-23. MWC Chennai successfully organised Jaipur received several awards in 2021-22: (i) ‘Chairman’s
11 covid vaccination camps in 2021-22, which benefitted Commendation Award’ in the ‘Corona Warrior’ category
approximately 4,300 people in the city. at the 13th CIDC Vishwakarma Awards 2022, (ii) Gold
Award in the ‘11th EXCEED OHS AWARD 2021. by EKDN
Some key operations and maintenance projects implemented
for achievements in Occupational Health and Safety, and
during the year to enhance liveability include: (i) installation
(iii) Gold Award in the Service Sector for Excellence in
of 85 surveillance camera with AI interface, (ii) installation of
Workplace Safety at the CII 4th National Safety Practice
smart water metering to provide real time water management
Competition.
system, and (iii) replacement of MHSV lights to smart LED
lights with IoT network, which reduced energy cost by as MWC Jaipur is committed to sustainable development.
much as 40 percent. It is Asia’s first and world’s largest project to reach C40
Climate Positive Development Program (CPDP) Stage 2. It
As a part of the Mahindra Group, MWC Chennai has been
regularly carries out several initiatives that contribute to the
at the forefront of adopting sustainable and environmentally
sustainability and well-being of the environment and the
friendly practices. In 2021-22, it was certified as India’s first
communities in which it operates.
integrated city to be ‘Zero Waste to Landfill’ by Intertek for
the second consecutive year. Origins Chennai is the Company’s first industrial cluster
project, which is being developed through its step-down
MWC Chennai won several awards and recognitions in 2021-
subsidiary Mahindra Industrial Park Chennai Limited (MIPCL),
22. It received ‘Achievement Award for Best Smart City /
a JV with Sumitomo Corporation. Launched in April 2019, this
Sub City Projects’ and ‘Chairman’s Commendation Award’
project in North Chennai currently has a gross area of 289
in the ‘Corona Warrior’ category at the 13th Construction
acres with a leasable potential of 209 acres. Origins Chennai
Industry Development Council (CIDC) Vishwakarma
is also Tamil Nadu’s first IGBC Platinum Certified industrial
Awards 2022. For its achievements as a manufacturing
park, reflecting the strong focus on principles of sustainability
destination, it received Highest Annual Export and Highest
employed in its design and development.
Annual Employment (Second Place) non-IT/ITES SEZ by
Madras Export Processing Zone (MEPZ).
During the year, the enquiry pipeline for the project remained
strong. Development activity for common infrastructure
MWC Jaipur is the Company’s largest integrated city project
works including road, utilities and sewage treatment plant
with gross area of 2,913 acres and a leasable potential of
progressed as per schedule. Some of its early clients are
2,011 acres across its SEZ, DTA and the Residential and
in various stages of construction of their facilities, with
Social Zone. The project is being implemented under a
commencement of operations expected over the next couple
public-private partnership, in JV between the Company and
of years. Given the good response received so far, the
Rajasthan State Industrial Development and Investment
Company is also planning the second stage of the project for
Corporation (RIICO). It also has a strategic partnership with
International Finance Corporation (IFC), a member of the which land acquisition is in progress.
World Bank Group.
Origins Ahmedabad is the Company’s second industrial
cluster project, which is located near Ahmedabad, Gujarat.
In 2021-22, it leased around 95 acres to 13 new and 2
The project has gross area of around 340 acres and a leasable
existing customers — taking the cumulative leased
potential of 255 acres. It is being developed through its
area to 958 acres. MWC Jaipur ended the year with 114
subsidiary, Mahindra Industrial Park Private Limited (MIPPL),
customers — 59 in the SEZ, 54 in the DTA and 1 in Social
Infrastructure. Of these, 68 companies are operational, in partnership with International Finance Corporation. The
and another 20 companies are expected to start Company has obtained all major approvals for the project
operations in 2022-23. It currently caters to a wide range and the onsite development of the core infrastructure is in
of industries including IT/ITeS, e-commerce, warehousing, progress.
logistics, packaging, engineering, defence equipment, auto
components, construction equipment and materials, ATM Operations – Strategic Priorities
machines, food processing, apparel, furniture, handicrafts, Mahindra Lifespaces has identified certain strategic priorities
jewellery and herbal products. through careful analysis of its long-term growth objectives.
One common underlying theme is to institutionalise the
MWC Jaipur has institutionalised a customer engagement use of digital and technology-based solutions across the
platform called ‘Coalesce’ to discuss operational matters organisation to consolidate its gains and drive efficiencies in

these areas. At the same time, the whole premise is centred

around the insight of how well-designed spaces can be a true Box 2: MLDL’s Commitment to ‘Sustainability’
enabler of health, holistic well-being and success. This was • Mahindra Lifespaces contributes to Mahindra-TERI
articulated and unveiled as the Company’s brand promise of Centre of Excellence, its joint research facility with
‘Crafting Life’ which manifests itself across all its business The Energy and Resources Institute (TERI) to create
segments (See Box 1). innovative energy efficient solutions for the Indian
construction industry.
Box 1: Crafting Life — Three Pillars
• Since the close of the financial year, in April 2022,
Residential Business: it established a new benchmark in sustainable
development with the launch of India’s first net
 Thoughtful Design: Experience homes crafted with
zero energy residential project, Mahindra Eden, in
signature designs, technology and environment
Bengaluru certified by Indian Green Building Council
friendly features. Crafting wholesome living through
(IGBC). The unique design features of the project will
thoughtful designs. save over 18 lakh units (kWh) of electricity annually,
 Trust and Transparency: Relationships built on which is equivalent to powering over 800 homes.
courtesy, dignity, a spirit of win-win and simplified The energy demand for the project will be met from
processes. Crafting trust through clear and renewable sources including both on-site solar and
wind energy systems and purchase of green energy
transparent communication.
from the grid.
 Thriving Communities: Experience life crafted with
a ready ecosystem of amenities and services that • This marks a major milestone in Mahindra
Lifespaces’ sustainability journey and its pledge
fosters community living. Crafting a better world
to build only net zero buildings from 2030 onwards.
through communities that inspire.
IC&IC Business:
Second, focus on digital content and social media to: (i)
 Enabling Ecosystem: Make doing business easy generate pull for the brand and improve the quality of
by offering a responsive and efficient ecosystem that leads, and (ii) market its projects. In 2021-22, Mahindra
is crafted with high quality infrastructure and robust Lifespaces launched its ‘Crafting Life’ campaign through
governance. a digital video commercial, which achieved 38 million
impressions and around 8 million video views. It ran
 Thriving Communities: A well-crafted, self-
several digital advertisement campaigns for its new project
sustaining, and inclusive environment with co-located
launches, generating tremendous reach and visibility among
social and residential infrastructure, where work and
prospective buyers.
living go hand in hand, enhancing quality of life.
 Commitment To Sustainability: A safe and Third, significant additions were made to its channel partner
sustainability focused environment nurturing growth network. The Company has a highly effective mobile app for
and enabling you to fulfil your ESG commitments. channel partners called ‘HappiEdge’ which not just contains
all project marketing material but also has tools for lead
management and transaction processing. During the year, it
Customer Acquisition and Engagement also invested in building corporate partnerships and referral
MLDL’s activities in this area encompass marketing and network to facilitate sales.
brand building efforts to generate enquiries, convert them into
Customer Centricity
actionable leads and to drive sales. The Company’s efforts
Customer is at the core of all activities and processes
during the year can be structured into three broad themes.
throughout the entire project lifecycle at Mahindra Lifespaces.
Its recently unveiled brand promise ‘Crafting Life’ manifests
First, create relevant and differentiated products considering
the belief that purchase of a home is not merely the delivery
the changes in the needs, preferences, expectations and
of a physical structure but the starting point of a journey. In
priorities of customers through a continuous process of
that context, providing an industry-leading experience is a
dialogue and research (See Box 2). One important aspect
vital part in making the home buying journey a memorable
of the product development process at Mahindra Lifespaces
moment for its customers.
is that sustainability is in-built right from the design process,
which enables it to maximise the benefits and communicate it In line with this, 2021-22 marked a renewed commitment to
with the customers in terms of enhanced liveability and long- delight customers at all touchpoints. Several initiatives were
term savings. taken to simplify accessibility, make engagements meaningful
266
Analysis
and curate events to involve customers in their home buying

journey. Some of the key elements include: Box 3: Total Quality Management at Mahindra
Lifespaces
• Improve Response time: While prompt resolution of
• The Company has adopted the principles of Total
customer queries is non-negotiable, the Company has Quality Management (TQM) under the banner of
set a benchmark of an average resolution time of less ‘The Mahindra Way’ (TMW) — the Mahindra Group’s
than 24 hours. This was achieved through a combination integrated approach to promote excellence in all
of automation and intensive training to ensure that spheres of its operations. Both residential and IC&IC
quality of solution is not compromised while improving businesses moved up from Stage 3 to Stage 4 in the
on speed. Service category of this assessment in 2021-22.
• Process Automation: Processes have been automated • The organisation is ‘Integrated Management System’
with the core purpose of simplification to add value to certified since 2013 complying to standards of ISO
the customers. For instance, automation of customer 9001 - Quality Management System; ISO 45001-
invoicing, payments and launch of virtual account Occupational Health and Safety Management
payments have simplified the payment reconciliation System; and ISO 14001 - Environmental Management
process, saving valuable time of our customers. System.
Similarly, the standardisation of Virtual Contact Centre
• The Company has an established ‘Quality Policy’
(VCC) solution across locations has created a seamless
which is deployed through quality objectives for
virtual platform for customers to connect with their
each function. All processes starting from land
dedicated relationship and payment support managers.
acquisition to facility management are in place. Its
Technology initiatives behind these changes are
quality management system based on Plan-Do-
covered in greater detail in the section on IT.
Check-Act (PDCA) approach has been instrumental
• Customer Engagement: Given that home buying is the in improving quality of its products, thereby leading
largest investment of one’s lifetime, customers are quite to defect free delivery and enhanced customer
anxious on how the actual unit will shape up. To alleviate satisfaction.
such anxiety and involve customers in the home building
process, Mahindra Lifespaces has curated exclusive
To further improve the effectiveness of its project related
events that allow the customers to experience their flats
processes, the Company took several measures in 2021-22.
during construction. It has also entered into multiple
alliances for value added services to augment the living
• Established a cross-functional Operational Excellence
experience by nurturing community engagement. In a
Squad to deploy learnings horizontally across its project
first-of-its-kind initiative in the industry, the Company
portfolio. This involves brainstorming on chronic issues
offered group health insurance plan for the homebuyers
at project sites, carrying out the root cause analysis
of its newly launched value housing project Mahindra
Happinest Kalyan 2, which is conceived as a wellness- and present possible solutions, which is translated to
centric product. a policy to be followed across projects sites bringing
greater standardisation.
MLDL’s customers have appreciated these efforts, which
is also reflected in the improvement in the customer net • Initiated development of a Technology Manual, which
promoter scores during the year. is set to become the repository of technical know-how
for executing every task at project sites. The manual
Execution Excellence currently covers 24 key project activities.
Mahindra Lifespaces considers high-quality and timely
execution of projects as its key strategic and operational • Adopted the Stage Pass system to track progress at the
priority. Over the years, its focus on building robust processes unit-level which allows measuring project completion in
and standard operating procedures (SOPs) in line with total terms of units ready for handover along with traditional
quality management principles (See Box 3) have enabled it tracking. This has streamlined the inspection and
to deliver projects that meet the expectations of customers handover process, aligned it with unit-level delivery
and enhance satisfaction. schedule and enhanced on-time delivery.

The Company has always looked to deploy innovative, new ` 280 crore and the average cost of borrowing during
technologies in construction to enhance quality and reduce 2021-22 was 6.5 percent, down from 7.05 percent in the
construction time. During the year, it became the first real previous year. Consolidated cash balances stood at ` 198
estate company in India to adopt ‘Stay-in-Place Formwork’ in crore at the end of the year. The Company also has access
a large-scale residential project. This technology has several to capital through partnerships spanning all its business
benefits including faster construction, improved wall finish, segments. It has a track record of successful partnerships
lower consumption of material, reduced embodied carbon with: (i) Actis and HDFC Capital for residential developments
and scope to use alternative building materials such as glass and (ii) Sumitomo Corporation, Japan, and International
fibre, plastic and e-waste. It also deployed Holographic Finance Corporation (IFC) for IC&IC projects.
Computing for real-time, cloud-based, multi-stakeholder
collaboration in the construction process and is working In the residential business, the Company concluded three
on use of robotics, which has the capability to significantly land transactions during the year which would provide
reduce construction time. Other product improvements in around ` 3,800 crore in terms of Gross Development Value:
2021-22 included: (i) PU-based waterproofing, (ii) marine ply
doors, (iii) coloured silicon sealant and epoxy waterproofing 1. Pimpri, Pune: Acquired 3.2 acres of land to develop a
in toilets. residential project with a development potential of 0.52
million square feet (msft).
Box 4: Covid-19 Related Preparedness at Project Sites
2. Dahisar, MMR: Finalised terms for a joint development
on a 4.8 acres land parcel in Mumbai’s suburb Dahisar
Construction activity was affected at the start of the year
East, with a development potential of 0.86 msft.
due to the second wave of the Covid pandemic. But the
recovery was faster compared to last year.
3. Kandivali, MMR: Purchase of approximately 9.24 acres
of land to develop its second residential project in
The Company effectively utilised the processes
developed during the previous outbreak to retain workers Kandivali with a development potential 1.7 msft.
at project sites as well as to ensure their health and safety
Mahindra Lifespaces has a healthy pipeline of land deals and
as construction activity resumed. These included: (i)
will continue to evaluate further opportunities in this space
assessing risks early and putting in place safety protocols
through asset light models including joint development
for movement of labour, (ii) ensuring safety and hygiene
and JVs with landowners. As noted earlier, it also sees
protocols were followed at project sites, (iii) arranging for
considerable opportunities for redevelopment projects and
adequate health services, (iv) provisions for food, water
and essential items, and (v) conducting training and acquisition of stressed assets. The Company has dedicated
awareness sessions. teams in place to evaluate opportunities in this respect.
In the industrial business, its focus is on accelerating the

Mahindra Lifespaces’ success in dealing with the pandemic leasing activity and increasing deal sizes across its existing
(See Box 4) also owes a lot to its ‘inclusive safety culture’ projects. It is also working on expansion of Origins Chennai
which involves perceiving risks and rectifying it systematically. and establishing a new industrial cluster project in Pune to
Its projects have reached a maturity level in use of personal benefit from the opportunities in the market, which is in the
protective equipment, housekeeping, adherence to systems land aggregation and planning stage.
and aims to eliminate unsafe acts by proactive reporting of
incidents. There is suitable awareness among operatives at Information Technology (IT)
all levels which has paved the way for a good safety culture Mahindra Lifespaces has been at the forefront of deploying
in the organisation. technology across all key business and administrative
functions as well as its project sites. The Company’s IT
Land and Capital infrastructure includes SAP ERP for its core and peripheral
Mahindra Lifespaces is focused on growing its presence in business functions, which is fully integrated with SFDC — the
both its key businesses. Company’s integrated sales, servicing and communications
platform. It also includes primary and disaster recovery data
The Company has a strong balance sheet and has access to centres, best-in-class remote audio-visual communication
debt for its growth at extremely competitive rates. As on 31 and productivity tools, and access to specialised industry
March 2022, debt at IND-AS consolidated level stood at specific software for project management.
268
Analysis
As indicated earlier, its efforts to institutionalise the use SFDC were automated. One key application deployed in
of digital and technology-based solutions across the 2021-22 was the automated interest module comprising
organisation to drive efficiencies and scale received a calculation of interest accrual and charge leading upto
significant boost during the pandemic which required a payment adjustments, changes in demand and account
completely new operating paradigm to ensure business statement. Several processes have been identified for
continuity as well as to achieve its growth objectives. In further expanding the coverage of RPA in the future
effect, this enabled the development of an operating model which will result in significant cost savings and improving
where technology forms the backbone of the business. Some productivity by reducing errors and transaction time.
key elements of this technology-led model are:
• Analytics and Dashboarding capabilities of the
• Digital Sales Platform encompassing best-in- Company for data-based decision making have
class technologies for virtual tour of projects, fully kept pace with the proliferation of data resulting
digitised documentation and paperwork, all sales from deployment of technology and digitalisation of
and marketing workflows, bookings and payments. processes. All key platforms used by it are equipped
Key developments in 2021-22 included (i) real-time with powerful analytics engines which are used in
integration of virtual tours with SFDC to monitor lead combination with specialised business intelligence and
and booking management, and (ii) implementation reporting tools to process and present data in the form
of virtual payment accounts for capturing customer of meaningful dashboards and graphics. Going forward,
online payment transactions for better management of the focus will be on integrating data from multiple
receivables and immediate reconciliation of payments. platforms to generate real-time reports. An advanced
Sales and Marketing Dashboard along these lines is
• Customer Servicing and Communication Platform to scheduled for release in 2022-23.
provide unit details, contact information of relationship
manager, construction status, account statements, Mahindra Lifespaces will continue to leverage IT and digital
payment plan, upcoming payments, invoices and technologies to improve its efficiencies and gain competitive
receipts as well as handling customer queries and advantage. It seeks to further enhance its capabilities and
requests. An important initiative in this area was maintain its leadership in the real-estate sector when it comes
implementation of natural language processing to adopting technology for which it has identified several
(NLP) and artificial intelligence (AI) based Chatbot, projects in the areas such as enterprise network connectivity,
which is fully integrated with its customer and project IT security, compliance and litigation management.
database allowing them to access real-time information
— thereby providing spontaneous engagement and Human Resources
enhancing customer satisfaction. The Company is also Mahindra Lifespaces recognises that its people are the key to
in the process of upgrading its customer portal and its success and play a pivotal role in accelerating its growth.
mobile app to further augment their effectiveness. It has effective HR policies and processes that enable it to
galvanise its people and get the best out of them to meet
• Project Management Platform for real-time monitoring its business objectives. The ability of the organisation to
of the project sites. Modules currently operational provide adapt to the challenges posed by the Covid pandemic and
a 360 degree view of time and cost performance, work its success in attracting and retaining the best talent in the
completion and contractor payments; ability to track industry during these difficult times underscore the inherent
and close critical issues; capturing of quality and strength of its people-oriented and flexible HR policies.
safety parameters, inspection management, permits
and checklists; and dashboards and reports. Most During the year, focus continued to be on the three identified
new projects of the Company are live on the platform areas — Career, Connect and Care — to build a productive
providing accurate data on progress and project costs. and dynamic workplace as well as enhance its capabilities
The solution is being continuously upgraded to enhance as an organisation. Some key initiatives are presented below.
its efficacy and reporting capabilities.
• Career: These initiatives covered three areas: (i) The
• Robotic Process Automation (RPA) for tedious talent acquisition and onboarding process was further
user-dependent and time-consuming processes is strengthened with a more effective handholding
an important area of focus. During the year, several programme, periodic surveys of new employees and
processes such as monthly tax filings, vendor a goal-setting exercise within 30 days of joining, (ii)
management and reconciliation between SAP and Learning and development activities are carried out in

line with the annual training calendar and monitored percentage of women working as full-time associates stood
through the Company’s ‘My Real Learning’ portal. New at 16.67 percent.
training programmes in 2021-22 included an eight-
month long leadership development program ‘SCALE’ The Company endeavours to keep its workplaces safe,
for mid-management cadre; workshops on service transparent and friendly for people to work in. It has a policy
excellence, conflict management, and customer on Prevention of Sexual Harassment at Work (POSH) which
satisfaction for customer facing roles; adoption for is aligned to the Sexual Harassment of Women at Workplace
Harvard Spark platform for digital learning where (Prevention, Prohibition and Redressal) Act, 2013. There
around 68 percent of associates completed one or were no complaints related to POSH or violation of human
more learning modules. Overall, each associate of rights during the year under review.
Mahindra Lifespaces received an average of 18 man
Corporate Social Responsibility (CSR)
hours of training in 2021-22. (iii) The performance
As a part of its CSR activities, Mahindra Lifespace and its
appraisal system was also improved to establish a
subsidiaries contribute to local communities by focusing on
clear link between employee achievements and goals
the following areas: education, skill development, health,
— both individual and organisational — as well as to
environment and sustainability. Some of the key initiatives
augment its effectiveness in identifying training needs,
during 2021-22 are given below.
succession planning, and career management.
• Education and Skill Development: MWC Jaipur
• Connect: MLDL has adequate communication
contributed for education of underprivileged children,
opportunities so that employees are updated about
vocational skill development programmes and formation
organisational priorities, can share their thoughts, ask
of self-help groups. Around 250 rural youth were trained
questions and are motivated to contribute to its success. in various vocational skills and 202 women were helped
These include celebrating team events, individual in developing skills and formation of self-help groups
milestones and achievements, sessions with CEO in 2021-22, taking the total beneficiaries under the
and an effective reward and recognition programme project to 2,423 rural youth and 1,746 women, since the
which is now being managed through an online portal inception of this programme.
‘Pinnacle’. The Company carries out a pulse survey
to gauge employee satisfaction. It also participates • Environment and Sustainability: Around 20,745
in ‘MCARES’ — the M&M Group’s annual employee trees were planted under the Mahindra Group’s tree
engagement survey — which allows it to benchmark plantation initiative called Mahindra Hariyali. In another
itself within the Group. Besides, it reaches out to initiative, over 9000 saplings of rare trees were planted
its employees twice a year for feedback on internal by Mahindra Water Utilities Limited in Tirupur. LED
communications, based on which it introduced a tube lights were installed in 2,130 rural homes and
monthly newsletter in 2021-22. community establishments under its C40 initiative;
several cleanliness drives and awareness sessions
• Care: Mahindra Lifespaces has supported its workmen were carried out in government schools and colleges
and employees with food, medical support and and under the Swachh Bharat Mission. Solid waste
counselling during Covid-19 outbreaks. Through its management project in Anjur Panchayat and cloth
Apollo Homecare programme launched in 2021-22, bag distribution were carried out in the vicinity of MWC
it provided medical care and advisory services to its Chennai. Under the ‘Green Army’ initiative, it conducted
associates who tested positive for the complete duration workshops to educate children on sustainable living
of home quarantine. Similarly, its Family Assistance habits and encourage them to spread awareness their
Policy covered vaccination support as well as personal communities — reaching 90 family members in the
counselling. It also promoted healthy living through process.
employee challenges around following diets and
workout routines. • Health: MWC Jaipur supported over 1,000 under-
privileged families with dry ration kits and/or health
As on 31 March 2022, Mahindra Lifespaces together with its kits in Rajasthan during the Covid-19 pandemic. It
subsidiaries had 480 associates on its rolls. The Company also supported ENT Research Society for implantation
has a Diversity and Inclusion Council with the objective of of cochlear devices for 100 underprivileged deaf and
creating an inclusive environment in the workplace. As it mute children; provided care to needy cancer patients;
operates in a traditionally male dominated industry, special and donated an ambulance to a Government Hospital in
focus is on gender diversity. At the end of the year, the Rajasthan.
270
Analysis
Financials During the year, MLDL reversed provision for an impairment

Table 3 gives the abridged profit and loss statement of loss of ` 104.1 crore on account of a much better performance
Mahindra Lifespaces. of its project Luminare in NCR, which has been recorded as
an Exceptional Item in the Company’s books in 2021-22.
Table 3: Abridged Profit and Loss Statement After accounting for this one-time exceptional gain, PBT was
` 22.5 crore and PAT was ` 42.9 crore, reflecting a significant
(` Crore)
increase in profitability during the year.
Standalone Consolidated
Consolidated Financial Highlights
2021-22 2020-21 2021-22 2020-21
Operating Income 252.8 89.6 393.6 166.3 Consolidated Total Income8 increased from ` 187.9 crore in
Other Income 53.7 46.8 14.7 21.6 2020-21 to ` 408.3 crore in 2021-22. Operating loss (PBDIT)
Total Income 306.5 136.4 408.3 187.9 was ` 74.7 crore in 2021-22, compared to a loss of ` 71.9
crore in 2020-21. After accounting for share of profits from
Project and Operating 229.2 81.3 303.1 117.3
JVs and associates, profit before taxes (PBT) improved
Expenses
considerably to ` 2.4 crore in 2021-22, compared to a loss of
Employee and Other 148.0 114.4 179.9 142.5
` 77.7 crore in the previous year. This was primarily driven by
Expenses
an exceptional performance in MWC Jaipur.
Financial Expenses 4.7 3.7 6.5 11.0
Depreciation 6.2 6.7 6.5 7.0 At the consolidated level, MLDL reversed provision for an
Total Expenditure 388.1 206.1 496.0 277.8 impairment loss of ` 96.8 crore on account of a much better
PBDIT -70.7 -59.4 -74.7 -71.9 performance of its project Luminare in NCR, which has been
PBDT -75.4 -63.0 -81.3 -82.9 recorded as an Exceptional Item in the Company’s books in
PBIT -76.9 -66.0 -81.3 -78.9 2021-22. After accounting for this one-time exceptional gain,
Share in Profit of JVs 90.3 12.1 PBT was ` 99.3 crore and PAT was ` 161.7 crore, indicating a
and Associates considerable improvement in profitability in 2021-22.
PBT -81.6 -69.7 2.4 -77.7
Exceptional Item 6 104.1 0.0 96.8 0.0 Table 4 presents key financial ratios for MLDL as a standalone
PBT after Exceptional 22.5 -69.7 99.3 -77.7 entity.
Item
Table 4: Key Financial Ratios (Standalone)
Tax -20.4 -17.4 -62.4 -6.3
Profit After Taxes (PAT) 42.9 -52.3 161.7 -71.4
2021-22 2020-21
Non-Controlling 7.2 0.3
Interest (NCI) Debtors Turnover ^ 4.29 1.28
PAT (After NCI) 42.9 -52.3 154.5 -71.7 Inventory Turnover ^ 0.24 0.09
Diluted EPS7 (`) 2.77 -3.39 9.96 -4.64 Interest Coverage Ratio ^ 3.15 -8.13
Current Ratio 2.03 2.45
Standalone Financial Highlights Debt Equity Ratio ^ 0.11 0.08
Total Income of the standalone entity increased from ` 136.4 Operating Profit Margin (%) ^ 10.9% -43.5%
crore in 2020-21 to ` 306.5 crore in 2021-22. Operating loss Net Profit Margin (%) ^ 17.0% -58.3%
(PBDIT) was ` 70.7 crore in 2021-22, compared to a loss of Return on Net Worth ^ 2.9% -3.6%
` 59.4 crore in 2020-21. PBT of the standalone entity before
^ Ratios where change is significant (over 25 percent compared to previous
Exceptional Item was ` (-) 81.6 crore in 2021-22. year)
6
Mahindra Homes Private Limited (MHPL), a Joint Venture of the Company, is executing residential projects in NCR and Bengaluru. Luminare, its residential
project in NCR, is a Joint Development with the land owner. During the year, the project saw significant improvement in price, sales volumes and collections
and there was a buyback of 18,900 Class C equity shares for which MLDL received a total consideration of ` 55.05 crore. MLDL also evaluated the carrying
value of its investment in MHPL and based on estimated Net Present Value of forecasted cash flows reversed provision for an impairment loss of `104.1 crore
in its standalone books and `96.8 crore in its consolidated books. It may be noted that in 2019-20, following muted demand, declining prices and significant
cancellations in the project, MLDL had provided for a one-time aggregate impairment provision for its investment in the JV entity MHPL of `237.3 crore and
`134.6 crore at the standalone and consolidated levels respectively.
7
On 16 September 2021, MLDL allotted Bonus Shares in the proportion of 2:1 i.e., 2 Bonus Shares for every existing Ordinary Share of face value `10 held on the
Record Date of 15 September 2021. EPS for both period have been adjusted to reflect this.
8
Following the adoption of Indian Accounting Standards (IND AS) by the Company, classification of subsidiary is now based on control and not just shareholding.
As a result, a few of the entities, which were formerly being consolidated as subsidiaries as per erstwhile Accounting Standards, are now treated as JVs. As
per IND AS, for all JVs, equity method of accounting is applicable, whereby MLDL’s share of profit in joint ventures is directly credited to profit and loss account
instead of proportional line-by-line consolidation.

There was a significant increase in standalone operating Threats, Risks and Concerns
revenues of MLDL, which almost tripled from ` 89.6 crore
Mahindra Lifespaces has appropriate risk management
in 2020-21 to ` 252.8 crore in 2021-22. This led to an
systems in place for identification and assessment of risks,
improvement in debtor and inventory turnover ratios. The
decline in average debtors in 2021-22 further reinforced measures to mitigate them, and mechanisms for their proper
this improvement, with Debtor Turnover increasing from 1.28 and timely monitoring and reporting.
in 2020-21 to 4.29 in 2021-22. Although average inventory
levels grew in absolute terms, the corresponding growth in The Company has a Risk Management Committee consisting
revenues was much larger. Consequently, Inventory Turnover of four members — one Non-executive Director, one
also improved from 0.9 in 2020-21 to 0.24 in 2021-22. Independent Director, the MD & CEO and the Chief Financial
Officer — to review the risk management plan and oversee
After accounting for the reversal of provision for an impairment the complete process. The role of the committee inter alia,
loss9 noted earlier, the profits of the Company improved includes, formulation, overseeing and implementation of risk
considerably. This is reflected in the significant improvement management policy, business continuity plan, and to ensure
of Operating Profit Margin, Net Profit Margin and Return on
that appropriate methodology, processes and systems are
Net Worth.
in place to monitor and evaluate risks associated with the
Standalone debt equity ratio increased to 0.11 in 2021-22, business of the Company. The Board also regularly reviews
from 0.08 in 2020-21 due to increase in borrowings during risks.
the year. Even so, the Company continues to have a limited
debt exposure as a standalone entity. Besides, its average Box 5: Covid-19 — Risks and their Mitigation
cost of debt, at 5.7 percent at the standalone level in 2021-
22, is extremely competitive. Its ability to generate cash Despite a decline in Covid-related risks during the year,
and service its debt obligation continues to be robust, as one cannot rule of future outbreaks of the virus which can
reflected in the improvement in Interest Coverage Ratio from affect both day-to-day operations as well as long term
(-) 8.13 in 2020-21 to 3.15 in 2021-22 due to higher profits. plans and strategy.
The liquidity situation remained comfortable during the year.
Surplus funds available from time to time have been invested Mahindra Lifespaces has successfully handled the
in creditworthy investments, including deposits with banks. previous waves of the Covid-19 pandemic through
wide-ranging measures including: (i) Technology-aided
interventions and processes to ensure business continuity
Internal Controls under lockdown restrictions (ii) SOPs for implementation of
The Company has adequate internal control systems, comprehensive safety and health protocols at offices and
commensurate with the size and nature of its business. Well project sites (iii) SOPs to support workers with essential
documented policies, guidelines and procedures to monitor supplies, medical care and safe transport to mitigate
business and operational performance are supported by IT risks associated with disruption of construction activity.
systems, all of which are aimed at ensuring business integrity Its ability to bounce-back quickly after the devastating
and promoting operational efficiency. second wave of the pandemic in the first quarter of 2021-
22 was particularly encouraging.
An independent internal audit and assurance firm appointed The Company continues to monitor the situation
by the Company conducts periodic audits to ensure adequacy constantly and is prepared to take swift and effective
of internal control systems, adherence to management actions to deal with the situation, should the need arise. It
policies and compliance with laws and regulations. The scope also believes that its focus on design, innovative features
of work of this firm includes internal controls on accounting, and sustainability is bringing in greater differentiation for
efficiency and economy of operations. The internal auditors its products and aligning them with evolving customer
also report on the implementation of their recommendations. expectations in the current environment.
Reports of the internal auditors are regularly reviewed at the

Audit Committee meetings. The Internal Auditor reports to the Economic Risks
Chairman of the Audit Committee. The Audit Committee of
the Board also reviews the adequacy and effectiveness of Both global output and India’s GDP rebounded strongly
the internal control systems and suggests improvements, as during the year. Even as the risks emanating from the Covid
required. pandemic (see Box 5 for Covid-related risks) have come
9
Ratios in Table 4 are computed after incorporating the Exceptional Gain resulting from the reversal of provision for an impairment loss pertaining to the residential
project Luminare in NCR. However, Operating Profit Margin and PBT Margin for 2021-22 reflect a significant improvement over previous year even if one does
not include gains from this transaction.
272
Analysis
down, global inflation in commodities and energy markets — Policy and Regulatory Risks
further intensified by the war in Ukraine — have brought about The real estate industry is often affected by changes in
a significant deterioration in growth outlook. This has resulted government policies and regulations. There are considerable
in considerable hardening of prices of construction material procedural delays with respect to approvals related to
and energy cost during the year. If the trend continues, it acquisition and use of land, environment approval, etc.
can have a significant impact on the performance of the real Unfavourable changes in the government policies and
estate sector in India and hence, of the Company. the regulatory environment may adversely impact the
performance of the Company.
Mahindra Lifespaces is taking a multi-pronged approach to
mitigate concerns associated with spiralling inflation: (i) value The Company attempts to mitigate these risks through its
engineering and design efficiency to bring down costs (ii) approach towards acquisition of land based on thorough
procurement methods to insulate from inflation such as long- due diligence and its transparent processes in developing
term and forward contracts, and (iii) upward revision of prices the projects. Besides, its focus on environment friendly and
to reflect market realities. As one of the few organised players sustainable practices helps in mitigating risks associated
in the market with a strong balance sheet, the Company also with environmental regulations.
benefits from very attractive cost of capital, which enhances
its ability to stay competitive. Besides, its presence in both Outlook
residential and industrial sectors, coupled with prudent
India’s economy bounced-back strongly with a GDP growth
financial management, has been a significant source of
of 8.9 percent in 2021-22, compared to a contraction of 6.6
strength in dealing with a difficult market environment.
percent in the previous year. The construction segment of
GDP also registered an impressive growth of 10 percent in
Operational Risks
2021-22, after a decline of 7.3 percent in 2020-21 — reflecting
Key operational risks include: (i) inability to sell the project the broad-based recovery in the real estate market.
as per plan, (ii) inability to complete and deliver projects
according to the schedule leading to additional cost of Mahindra Lifespace also reported a marked improvement
construction and maintenance, (iii) erosion of brand value, in performance in both its businesses, with key operational
(iv) difficulties in the appointment and retention of quality parameters easily surpassing pre-Covid levels and reporting
contractors and manpower, (v) inability to attract and retain their best levels in recent history. For instance, the residential
talent, (vi) poor customer satisfaction, (vii) fraud and unethical business delivered record sales and collections whereas
practices, (viii) non-compliances with laws and regulations the industrial business achieved top-notch numbers in area
leading to fines, (ix) penalties, (x) delay in approvals and leased and lease premiums.
(xi) lengthy litigations. Some of these risks such as ability
to retain skilled and semi-skilled migrant workforce have While the Covid-related risks seem to have come down,
become more pertinent due to the Covid crisis. new challenges have emerged in the form of high global
inflation and hardening interest rates. The situation has been
Mahindra Lifespaces addresses these risks through a well- further exacerbated by the war in Ukraine and threatens to
structured framework which identifies desired controls and derail the fragile global recovery after the pandemic. These
assigns ownership to monitor and mitigate the risks. It has developments have also dampened India’s growth prospects
invested significant resources in transparent customer in the immediate future. But at the same time, fundamentals
friendly processes and an enabling IT infrastructure, which of the Indian economy continue to be strong, which should
are expected to effectively mitigate some of these risks. allow policy makers with sufficient room to navigate these
challenges. In fact, even with these risks, India is projected
The Company’s corporate governance policies ensure to continue to be the fastest growing large economy in the
transparency in operations, timely disclosures and world in 2022-23.
adherence to regulatory compliances. It also has a Code of
Conduct for all its associates. It believes that its employee- Mahindra Lifespaces expects the favourable demand
friendly policies and processes enhance engagement and situation in the real estate sector in India to continue. The
welfare, effectively mitigating risks associated with attracting Company is well placed to leverage this environment to grow
and retaining talent. The ability of the Company to adapt further, with strong additions in land bank for residential
to the new environment and manage its entire operations projects and plug-and-play infrastructure across multiple
under severe restrictions on mobility is testimony to its robust corridors in the industrial business. It also has a strong
processes and capabilities. balance sheet and the ability to raise capital at competitive

terms to fund its growth aspirations. Besides, its success Disclaimer

in deploying technology and innovative construction The Company shall be registering its forthcoming projects
techniques to drive efficiencies; focus on sustainability at an appropriate time in the applicable jurisdictions /
and creating differentiated offerings; and its ability to build States under the Real Estate (Regulation and Development)
motivated teams and a high-performance organisation sets it Act, 2016 (RERA) and Rules thereunder. Till such time, the
apart among its peers — and signals its inherent potential to forthcoming projects are registered under RERA, none of
move to a higher growth trajectory. Therefore, the outlook for the images, material, projections, details, descriptions and
2022-23 is positive. other information that are mentioned in the Annual Report
for the year 2021-22, should be deemed to be or constitute
Cautionary Statement advertisements, solicitations, marketing, offer for sale,
Certain statements in the Management Discussion and invitation to offer, or invitation to acquire within the purview
Analysis describing the Company’s objectives, projections, of the RERA.
estimates, expectations or predictions may be forward-
looking statements within the meaning of applicable securities The Company uses carpet areas as per RERA in its customer
laws and regulations. Actual results could differ from those communication. However, the data in saleable area terms
expressed or implied. Important factors that could make a has been presented in the Annual Report for the 2021-22 to
difference to the Company’s operations include labour and enable continuity of information to investors and shall not be
material availability, and prices, cyclical demand and pricing construed to be of any relevance to home buyers / customers.
in the Company’s principal markets, changes in government
regulations, tax regimes, economic development within India
and other incidental factors.
274
C O R P O R AT E G O V E R N A N C E R E P O R T
CORPORATE GOVERNANCE PHILOSOPHY and Independent Directors receive sitting fees for
Mahindra Lifespaces is committed to good corporate attending the meetings of the Board, the Committees
governance and endeavors to implement the Code of (except Corporate Social Responsibility Committee) and
Corporate Governance in its true spirit. The philosophy meetings of Independent Directors and are also entitled
of the Company on corporate governance is to ensure to commission under the Act, as may be approved by
transparency in all its operations, provide disclosures, and the Board.
enhance stakeholder value without compromising in any way
on compliance with the laws and regulations. The Company The Chairman and Independent Directors who are on
believes that good governance brings sustained corporate the Board of subsidiary companies of the Company
growth and long-term benefits for all its stakeholders. are entitled to sitting fees and commission as may
be approved by the Boards of respective subsidiary
Mahindra Lifespaces believes in implementing corporate companies. Dr. Anish Shah, and Ms. Asha Kharga are
governance practices in letter and in spirit and has adopted not on the Board of any subsidiary companies of the
practices mandated by the Companies Act, 2013 (“the Company. Dr. Anish Shah is the Managing Director and
Act”) and Securities and Exchange Board of India (Listing Chief Executive Officer at Mahindra & Mahindra Limited
Obligations and Disclosure Requirements) Regulations, 2015 (M&M) and Ms. Asha Kharga, is the Chief Customer
(“LODR Regulations”) and has established procedures and and Brand Officer at M&M. Both Dr. Anish Shah and Ms.
systems to remain compliant with it. This report provides the Asha Kharga receive remuneration from M&M.
Company’s compliance with the provisions of the Act and
LODR Regulations as on 31st March, 2022. Apart from the above and the reimbursement of
expenses incurred in discharge of their duties, and the
1. BOARD OF DIRECTORS remuneration that a Non-Executive Director may receive
for professional services rendered to the Company
Mr. Arun Nanda is the Non-Executive Non-Independent
through a firm in which they are partner, none of the Non-
Chairman and Mr. Arvind Subramanian is the Managing
Executive Directors have any pecuniary relationship or
Director and Chief Executive Officer (MD & CEO) of
the Company. The remaining Non-Executive Directors transaction with the Company, its Holding company,
comprises of two Independent Directors including a Subsidiaries and Associate companies, their Promoters
Woman Director; and two Non-Independent Directors. or Directors or its Senior Management, which in their
The Directors collectively have the desired diversity judgment would affect their independence.
and optimal mix of knowledge and expertise from
All the Independent Directors have confirmed that they
diverse fields, possess the requisite qualifications
and experience which enables them to discharge meet the criteria of independence as mentioned in
their responsibilities, provide effective leadership to Regulation 16(1)(b) of LODR Regulations and Section
the business and enhance the quality of the Board’s 149(6) of the Act. The Board, on the basis of the
decision making process. declarations received from Independent Directors, is
of the opinion that each of them fulfils the prescribed
The Board has, effective 13th May, 2022, appointed Ms. independence criteria stipulated under the Act, and
Asha Kharga, as an Additional Director in the category LODR Regulations and that they are independent from
of Non-Executive Non-Independent Director of the the management of the Company. The Directors of the
Company. Company are not inter-se related to each other.
Mr. S. Durgashankar, consequent to his retirement from The Board has adopted a Policy on appointment of
the services of Mahindra & Mahindra Limited, resigned Directors and Senior Management and Succession
as a Non-Executive Non-Independent Director of the Planning for orderly succession to the Board and the
Company effective from the conclusion of the Board Senior Management. The Senior Management has
Meeting held on 13th May, 2022. made disclosures to the Board confirming that there
is no material, financial and/or commercial transaction
The MD & CEO is an executive of the Company and between them and the Company, which could have
draws remuneration from the Company. The Chairman potential conflict of interest with the Company at large.

The Management of the Company is entrusted in the b) Details of Directorships / Committee

hands of the Senior Management Personnel who are Memberships as of 31st March, 2022
members of the Leadership Team headed by the MD
None of the Director is a director in more than ten
& CEO, who operates under the overall guidance,
Public Limited Companies (as specified in Section
supervision and control of the Board. The Board guides
165 of the Act) and Director in more than seven
the Management on its strategic direction and oversees listed entities (as specified in Regulation 17A of
the actions and results to ensure that the long-term LODR Regulations). None of the Independent
objective of enhancing value of the stakeholders is Directors of the Company is serving as an
achieved. Independent Director in more than seven listed
entities or serving as a whole-time director in any
a) Composition, Status, Attendance at Board listed entity. Further, in terms of Regulation 26 of
Meetings and at the last Annual General Meeting LODR Regulations, none of the Directors is a
member of more than ten committees or acting as
As on 31st March, 2022, the Company’s Board a Chairperson of more than five committees across
comprised of six members. The Chairman of all Indian Public Limited companies, in which
the Board is a Non-Executive Non-Independent they are Directors. The number of directorships
Director. The Managing Director and Chief and committee positions held by directors of the
Executive Officer is an Executive of the Company. Company in Indian Public Limited Companies
Two members of the Board are Non-Executive as of 31st March, 2022 along with details of other
Non-Independent Directors and remaining two listed entities where directors of the Company are
members are Independent Directors. directors along with category of directorship as on
the said date are given below:
The names and categories of Directors, their
Name of the Directorship Membership Chairmanship Directorship in other
attendance at Board Meetings held during the year Director and held in in Committees in Committees listed entity along
and at the last Annual General Meeting are given Category Indian Public of Public of Public with category of
Limited limited limited Directorship
below: Companies* companies, companies,
whether listed whether listed
or not** or not**
Name of Category Number of Board Attendance Mr. Arun 6 3 2 Non-Executive Non-
Directors Meetings held and at the last Nanda Independent Chairman:
attended during the AGM (Chairman – Mahindra Holidays &
respective tenure of Non-Executive Resorts India Ltd
Non-
Directors in Independent)
FY 2021-22
Mr. Ameet 9 7 3 Non-Executive
Held Attended Hariani (Non- Independent Director:
Executive 1. Ras Resorts and
Mr. Arun Nanda Chairman, Non- 7 7 Yes Independent) Apart Hotels Ltd
Executive Non- 2. Batliboi Ltd
Independent Ms. Amrita 6 3 0 Non-Executive
Mr. Ameet Hariani Non- Executive 7 7 Yes Chowdhury Independent Director:
(Non-Executive 1. Nesco Ltd
Independent Independent)
2. Simmonds Marshal
Ms. Amrita Non- Executive 7 7 Yes Ltd
Chowdhury Independent
Dr. Anish Shah 6 2 0 Non-Executive Non-
Mr. Bharat Shah* Non- Executive 2 2 Yes (Non-Executive Independent Director:
Non-
Independent 1. Mahindra Holidays
Independent) & Resorts India
Dr. Anish Shah Non- Executive 7 7 Yes Ltd.
Non-Independent 2. Tech Mahindra Ltd.
Mr. S. Non- Executive 7 7 Yes Chairman and Non-
Durgashankar** Non-Independent Executive Director:
1. Mahindra &
Mr. Arvind Managing Director 7 7 Yes Mahindra Financial
Subramanian and Chief Executive Services Ltd.
Officer 2. Mahindra Logistics
* Mr. Bharat Shah ceased to be a Director consequent to expiry of his first term Ltd.
of office of an Independent Director effective 31st July, 2021. Managing Director
& CEO:
** Mr. S. Durgashankar ceased to be a Director effective 13th May, 2022.
1. Mahindra &
Mahindra Ltd.
276
One meeting of Independent Directors was held on

Name of the Directorship Membership Chairmanship Directorship in other
Director and held in in Committees in Committees listed entity along 16th March, 2022 through video conferencing. The
Category Indian Public of Public of Public with category of said meeting was attended by both Independent
Limited limited limited Directorship
Companies* companies, companies, Directors of the Company.
whether listed whether listed
or not** or not**
e) Board Procedure
Mr. S. 9 7 3 Non-Executive Non-
Durgashankar Independent Director: A detailed agenda is sent to each Director in
(Non-Executive 1. Mahindra EPC advance of the meetings of Board and Committees
Irrigation Ltd.
Non- by e-mail. To enable the Board to discharge its
Independent) 2. Swaraj Engines
Ltd. responsibility effectively, the Managing Director
and Chief Executive Officer of the Company
Non-Executive briefs the Board at quarterly meetings on the
Independent Director:
1. E.I.D. Parry (India)
overall performance of the Company. A detailed
Ltd. report on operations is also presented at quarterly
Mr. Arvind 8 1 0 None meetings of the Board. The Board also reviews
Subramanian
strategy and business plans, annual operating and
(Managing
Director & capital expenditure budgets, remuneration of Non-
CEO) Executive Directors, compliance with Statutory/
Regulatory requirements and review of major legal
* Includes Directorship in Mahindra Lifespace Developers Limited and private
company which is subsidiary / holding company of a public company but
issues, adoption of quarterly / half-yearly / annual
excludes private limited companies, foreign companies and companies under results, risk management policies, investors’
Section 8 of the Companies Act, 2013. grievances, borrowings and investments, issue
** Committees considered are Audit Committee and Stakeholders Relationship of securities, use of capital issue proceeds,
Committee including that of Mahindra Lifespace Developers Limited. major accounting provisions and write-offs,
Committee Membership(s) and Chairmanship are counted separately. corporate restructuring, minutes of meetings of
the Committees of the Board, sustainability plans
c) Number of Board Meetings and its performance, and CSR spends, plan and
Seven Board meetings were held during the year its review, etc. The Board reviews the compliance
on the following dates: 12th May, 2021, 28th July, certificate issued by the Managing Director and
2021, 26th October, 2021, 30th November, 2021, Chief Executive Officer regarding compliance with
4th February, 2022, 10th February, 2022 and 16th the requirements of various Statutes, Regulations
March, 2022. The maximum gap between any two and Rules applicable to the business of the
meetings did not exceed one hundred and twenty Company.
days.
2.
DIRECTOR(S) SEEKING APPOINTMENT /
d) Meeting of Independent Directors REAPPOINTMENT
The Independent Directors of the Company meet Dr. Anish Shah (DIN: 02719429), Non-Executive
without the presence of the Chairman, Managing Non-Independent Director retires by rotation at the
23rd Annual General Meeting of the Company and
Director / Chief Executive Officer, other Non-
being eligible has offered himself for re-appointment.
Independent Director, Chief Financial Officer,
The Board has recommended his reappointment at the
Company Secretary and any other Management
forthcoming Annual General Meeting as Non-Executive
Personnel. This Meeting is conducted to enable
Non-Independent Director of the Company, liable to
the Independent Directors to, inter-alia, discuss
retire by rotation.
matters pertaining to review of performance of
Non-Independent Directors and the Board as a Based on the performance evaluation, the Nomination
whole, review the performance of the Chairman and Remuneration Committee (NRC) and the Board at
of the Company (taking into account the views their respective meetings held on 13th May, 2022, have
of the Executive and Non-Executive Directors), recommended to the shareholders for the re-appointment
assess the quality, quantity and timeliness of flow of Mr. Ameet Hariani as a Non-Executive Independent
of information between the Company Management Director of the Company, not liable to retire by rotation,
and the Board, that is necessary for the Board to to hold office for a second term of five years from
effectively and reasonably perform its duties. 4th September, 2022 upto 3rd September, 2027.

Pursuant to recommendation of NRC, the Board of He has diverse experience with global businesses
Directors, at its meeting held on 13th May, 2022, has beyond GE. He led Bank of America’s US Debit
appointed Ms. Asha Kharga (DIN: 08473580) as an Products business, where he launched an innovative
Additional Director in the category of Non-Executive rewards program, led numerous initiatives in payment
Non-Independent Director of the Company with effect technology and worked closely with various teams
from 13th May, 2022 and further, pursuant to Section across the Bank to enhance value for the customer.
161 of the Act, recommended for the approval of the
As a strategy consultant at Bain and Company in
Shareholders, her appointment as a Director of the
Boston, he worked across multiple industries, including
Company at the ensuing Annual General Meeting.
banking, oil rigs, paper, paint, steam boilers and medical
None of the above-mentioned Directors are related to equipment. His first role was with Citibank in Mumbai,
any of the Directors or Key Managerial Personnel of the where he issued bank guarantees and letters of credit
Company. None of them are disqualified from being as Assistant Manager, Trade Services.
appointed / re-appointed as Directors by virtue of the
Dr. Anish Shah holds a Ph.D from Carnegie Mellon’s
provisions of Section 164 of the Act.
Tepper School of Business where his doctoral thesis
The Board is of the view that the knowledge, expertise was in the field of Corporate Governance. He also
and experience of Dr. Anish Shah, Mr. Ameet Hariani received a Masters degree from Carnegie Mellon and
has a postgraduate diploma in Management from the
and Ms. Asha Kharga will be of benefit and value to the
Indian Institute of Management, Ahmedabad. He has
Company.
received various scholarships, including the William
Brief resumes and other details of Directors seeking Latimer Mellon Scholarship, Industry Scholarship at
appointment / reappointment are given below: IIMA, National Talent Search and Sir Dorabji Tata Trust.
Dr. Anish Shah Dr. Shah does not hold any shares in the Company
in the individual capacity or as a beneficial owner. As
Dr. Anish Shah, aged 52 years, joined Mahindra Group on 31st March, 2022, Dr. Shah holds Directorships and
in 2014, as Group President (Strategy), and worked Committee positions in the following listed companies
closely with all businesses on key strategic initiatives, (including your Company). Dr. Shah has not resigned
built capabilities such as digitization and data sciences from any of the listed entities in the past three years.
and enabled synergies across group companies. In
2019, he was appointed Deputy Managing Director and Name of Designation Name of Position
Group CFO, with responsibility for the Group Corporate Company Committee held
Office and full oversight of all businesses other than the Mahindra Non- Executive Loans and Member
Auto and Farm sectors, as a part of the transition plan to Lifespace Non- Investment
Developers Independent Committee
the CEO role.
Limited Director Nomination and Member
Remuneration
Dr. Shah was President and CEO of GE Capital India
Committee
from 2009-14, where he led the transformation of Mahindra & Chairman, Audit Committee Member
the business, including a turnaround of its SBI Card Mahindra Financial Non- Executive Nomination and Member
joint venture. His career at GE spanned 14 years, Services Limited Non- Remuneration
during which he held several leadership positions at Independent Committee
Director Strategic Member
GE Capital’s US and global units. As Director, Global
Investment
Mortgage, he worked across 33 countries to drive Committee
growth and manage risk. As Senior Vice President Mahindra Holidays Non- Executive Nomination and Member
(Marketing and Product Development) at GE Mortgage & Resorts India Non- Remuneration
Insurance, he led various growth initiatives and played Limited Independent Committee
Director
a key role in preparing the business for an IPO, as a
Tech Mahindra Non- Executive Investment Member
spinoff from GE. In his initial years with GE, Dr. Shah also Limited Non- Committee
led Strategy, eCommerce and Sales Force Effectiveness Independent Risk Management Member
and had the unique experience of running a dot-com Director Committee
business within GE. He also received GE’s prestigious Nomination and Member
Lewis Latimer Award for outstanding utilisation of Six Remuneration
Committee
Sigma in developing a “Digital Cockpit.”
278
and building organisation capability to repivot brands on

Name of Designation Name of Position
Company Committee held
customer experience, in a rapidly evolving economic and
Mahindra & Managing Stakeholders Member
social marketplace.
Mahindra Director & Relationship
Limited CEO Committee Ms. Asha’s broad business experience across large
Corporate Social Member organisations and her track-record in driving change at scale,
Responsibility
Committee
is critical to lead the transformation of Mahindra into a future-
Sale of Assets Member fit, purpose-led organisation at the leading edge of customer
Committee experience. Ms. Asha is on the Group Executive Board
Risk Chairman and as a part of her larger mandate oversees Corporate
Management
Committee Communications, the Strategic Digital Intelligence Cell and
Mahindra Chairman, Nomination and Member Mahindra Racing. She is also responsible for Mahindra’s
Logistics Limited Non- Executive Remuneration Customer Data Platform – the largest repository of the entire
Non- Committee
Groups’ customer data that offers cutting-edge customer
Independent
Director analytics to drive business impact for Group Companies. Ms.
Asha serves on the Boards of several Mahindra Companies.
Mr. Ameet Hariani
Mr. Ameet Hariani, aged 61 years, has over 35 years of Ms. Asha has 25 years of rich experience that spans FMCG,
experience advising clients on corporate and commercial financial services and advertising. She joined the Mahindra
law, mergers and acquisitions, real estate and real estate Group from Axis Bank where she was the Executive Vice-
finance transactions. He has represented large organisations President and Group Chief Marketing Officer for the Bank
in international transactions, arbitrations and prominent and its subsidiaries. Before Axis Bank, she was with Unilever
litigations. He was a partner at Ambubhai and Diwanji, Mumbai for almost a decade in a variety of brand and marketing roles.
and Andersen Legal India, Mumbai. He is the Founder and
She is experienced in building trusted brands that include new
Managing Partner of Hariani & Co. since the year 1991. He
category adoption as well as driving exponential growth on
has now transitioned to advisory practice as a senior legal
counsel, and acting as arbitrator. He holds a Bachelor of large brands. She led the consumer and customer centricity
Law degree from Government Law College, Mumbai and agenda at HUL and launched Unilever’s sustainability living
Masters in Law degree from the University of Mumbai. He is a plan in India. Her last role in Hindustan Unilever Ltd. was as
Solicitor enrolled with the Bombay Incorporated Law Society Marketing Director of the 600 mln euros (2016 figures) tea
and the Law Society of England and Wales. He is also a business for South Asia. Ms. Asha spent the first decade of
member of the Law Society of Singapore, the Bar Council of her career with leading advertising agencies that include
Maharashtra and the Bombay Bar Association. Mr. Hariani Leo Burnett, J Walter Thompson and TBWA, and has
is a speaker at many events; he also writes frequently. He worked on brands like Lux, Close-Up, Tide, Mattel Toys,
has authored a book on “Real Estate Laws”. Mr. Hariani also
Nivea, Samsonite, Sony Entertainment Television, Frooti,
holds Independent, Non-Executive Director positions in other
and Swissair amongst a host of others. Externally, she has
listed and unlisted companies. Mr. Hariani is a Trustee, inter
been recognised as India’s Top 20 Most Influential Women
alia, of Healing Touch, an organization for assisting children
with health issues. in Marketing and Advertising, by Business World. Ms. Asha
is a MBA in Marketing from Mumbai University. One of her
Ms. Asha Kharga greatest personal beliefs is that solidarity between women
Ms. Asha Kharga, aged 48 years is the Chief Customer and can be a potentially transforming force and hence helping
Brand Officer for Mahindra and Mahindra Group (M&M). young women leaders reach their true potential is a personal
She is responsible for stewarding the Corporate Brand motivation.

The details with regard to Mr. Ameet Hariani and Ms. Asha Kharga as stipulated under the LODR Regulations and the
applicable Secretarial Standard are as under:
Directors Mr. Ameet Hariani Ms. Asha Kharga

Director Identification 00087866 08473580
Number
Age 61 years 48 years
Qualification LLB, Masters in Law MBA in Marketing from Mumbai University
Brief Profile, Nature of Please refer to the brief profile above Please refer to the brief profile above
expertise/experience
No of shares held in the Nil Nil
Company (including as a
beneficial owner)
Terms and conditions Re-appointment as a Non-Executive Independent Appointment as an Additional Director
of appointment/re- Director of the Company, not liable to retire effective 13th May, 2022 in the category
appointment by rotation, to hold office for a second term of Non-Executive Non-Independent
of five years from 4th September, 2022 upto Director, liable to retire by rotation.
3rd September, 2027.
Remuneration last drawn As a Non-Executive Independent Director Not Applicable
Mr. Hariani is entitled to sitting fees for attending
Board/Committee meetings. Additionally,
shareholders have authorized the NRC/Board to
determine and pay commission not exceeding
1% of the net profits. The details of the sitting fees
paid during FY 2021-22 is provided in point no. 7
of this report.
Mr. Hariani was last paid commission amounting
to ` 15 lakh in FY 2018-19.
Remuneration sought to be Apart from Sitting Fees and Commission, no other Ms. Asha Kharga , is the Chief Customer
paid remuneration payable to Mr. Ameet Hariani as a and Brand Officer at M&M and continues
Director. to draw remuneration from M&M. As of
now, neither sitting fees nor commission
is payable to Ms. Asha Kharga.
Date of first appointment on Appointed on 4th September, 2017. Appointed on 13th May, 2022.
the Board
Number of Board meetings As per above table Not Applicable
attended during the year
Relationship with other Mr. Ameet Hariani is not related to any of the other Ms. Asha Kharga is not related to any
Directors, and other Key Directors or Key Managerial Personnel of the of the other Directors or Key Managerial
Managerial Personnel of the Company. Personnel of the Company.
Company
Directorships held in other Listed Companies: Unlisted Companies:
companies as on the date 1. Batliboi Ltd 1. Mahindra Holdings Ltd
of the Report
2. Ras Resorts and Apart Hotel Ltd Foreign Body Corporates:
3. Mahindra Logistics Limited 1. Mahindra Racing UK Ltd
Unlisted Companies: 2. East India Company
1. Mahindra World City (Jaipur) Ltd.
2. Mahindra Happinest Developers Ltd
3. Mahindra World City Developers Ltd
4. Capricon Realty Ltd
5. Juhu Beach Resorts Ltd
6. HDFC Ergo General Insurance Company.
Ltd
7. Trust AMC Trustee Pvt. Ltd
280
Directors Mr. Ameet Hariani Ms. Asha Kharga

Membership / Audit Committee: NIL
Chairmanship of 1. Batliboi Ltd
Committees in other
2. Ras Resorts and Apart Hotel Ltd
companies as on date the
Report 3. Juhu Beach Resorts Ltd (Chairman)
4. HDFC Ergo General Insurance Company Ltd
Nomination and Remuneration Committee:
1. Ras Resorts and Apart Hotel Ltd
2. Juhu Beach Resorts Ltd
3. Capricon Realty Ltd (Chairman)
Corporate Social Responsibility Committee:
(Chairman)
Risk Management Committee:
Stakeholders Relationship Committee:
1. Batliboi Ltd (Chairman)
Policyholder and Protection Grievance Redressal
Committee:
Listed entities from which NIL NIL
director resigned in the past
three years
Skills and Capabilities Mr. Hariani has been serving the Board as an Not Applicable
required for the role of Independent Director of the Company since
Independent Director 2017. The NRC and the Board considered the
and the manner in which performance of Mr. Hariani as a member of the
Mr. Hariani meet such Board and Committees. NRC and the Board also
requirements considered his educational background and rich
professional experience of over 35 years advising
eminent business houses, real estate owners,
developers, investors, financial institutions, real
estate funds, tenants and housing societies, in
diverse real estate transactions.
Mr. Ameet Hariani is a Solicitor enrolled with
the Bombay Incorporated Law Society and the
Law Society of England and Wales. He is also
a member of the Law Society of Singapore, the
Bar Council of Maharashtra and the Bombay Bar
Association. Mr. Hariani has authored a book on
“Real Estate Laws”.
Considering the above attributes and his
valuable contribution to the Board/Committee
deliberations, the NRC and the Board is of the
view that Mr. Hariani fulfils the criteria of skills and
capabilities required on the Board viz knowledge
and experience in the real estate business and
that his continued association would be beneficial
to the Company

3. FAMILIARISATION OF INDEPENDENT DIRECTORS

The details of familiarisation program for Independent Directors have been uploaded on website of the Company and is
available at the link Weblink for Annual Report 2021-22.
4. SKILLS/EXPERTISE/COMPETENCE OF THE BOARD OF DIRECTORS

The list of core skills / expertise / competencies identified by the Board of Directors required in the context of the
Company’s business for it to function effectively and those available with the Individual Board members are as under:
Core skills / expertise / Names of Directors

competencies Arun Ameet Amrita Anish S Arvind Asha
Nanda Hariani Chowdhury Shah Durgashankar* Subramanian Kharga
Industry knowledge / experience
Experience of the real estate Y Y Y - - Y -
business and the Market dynamics
Awareness of the applicable laws Y Y Y - - Y -
International experience in Y - Y Y - - Y
managing businesses
Experience in managing risks Y - Y Y Y Y -
associated with the business
Governance Skills:
Practical experience in best Y Y Y Y Y Y Y
practices pertaining to transparency,
accountability and corporate
governance
Technical skills/ expertise:
Specialized knowledge in an area Y Y Y Y Y Y Y
or subject such as accounts,
finance, auditing, marketing,
construction, legal, strategy,
engineering, etc
Knowledge of the relevant Y - Y Y - Y Y
Technology and Innovations
Behavioural Competencies:
Values, mentoring abilities, ability Y Y Y Y Y Y Y
to positively influence people
and situations, leadership skills,
communication and interpersonal
skills, decision making abilities,
conflict resolution, adaptability,
etc.
* Mr. S. Durgashankar, resigned as a Director of the Company effective from the conclusion of the Board Meeting held on 13th May, 2022.
5. CODES OF CONDUCT AND POLICIES All Board Members including Independent Directors
and Senior Management Personnel have affirmed
The Board of Directors of the Company has laid down
compliance with the respective Codes of Conduct for the
two separate Codes of Conduct — one for Directors and
year under review. A declaration signed by Managing
another for Senior Management and Employees. It has
Director and Chief Executive Officer to this effect is
also adopted Code for Independent Directors as per
annexed to this report.
Schedule IV to the Act.
In accordance with the requirement of LODR Regulations,
These codes are posted on the Company’s website at
the Company has formulated and adopted policy
MLDL Codes.
for determining material subsidiaries and policy on
282
materiality of and dealing with related party transactions. of the Company (other than the Managing Director and
These policies have been amended, from time to time, / or Whole-time Director, Executive Directors and such
in alignment with the amendments to LODR Regulations. of the remainder as may not desire to participate) but
These policies are posted on the Company’s website at: subject to such ceiling, if any, per annum, as the Board
www.mahindralifespaces.com. of Directors may, from time to time, fix in this behalf and
the same to be divided amongst them in such manner
6. CEO AND CFO CERTIFICATION as the Board may, from time to time, determine for each
As required under Regulation 17(8) read with Part of the financial years commencing from 1st April, 2015.
B of Schedule II of LODR Regulations, the Managing No commission has been paid to the Non-Executive
Director and Chief Executive Officer and the Chief Non-Independent Chairman and to Non-Executive
Financial Officer of the Company have certified to the Independent Directors for financial year 2021-22.
Board regarding the Financial Statements for the year
Criteria for making payments to Non-Executive
ended on 31st March, 2022.
Directors
7. REMUNERATION TO DIRECTORS The Non-Executive Directors shall be entitled to receive

remuneration by way of sitting fees, reimbursement of
Remuneration Policy
expenses for participation in the Board / Committee
The objective of the Remuneration Policy of the Company meetings and commission as detailed hereunder:
for Directors and Senior Management is to focus on
enhancing the value of the Company by attracting i. A Non-Executive Director shall be entitled to
and retaining Directors and Senior Management for receive sitting fees for each meeting of the Board,
achieving objectives of the Company and to place the Committee of the Board (except Corporate
Company in leading position. The Policy is guided by a Social Responsibility Committee) and meeting of
reward framework and set of principles and objectives
Independent Directors attended by him of such
as more fully and particularly envisaged under Section
178 of the Act and principles pertaining to qualifications, sum as may be approved by the Board of Directors
positive attributes, integrity and independence of within the overall limits prescribed under the Act
directors, etc. and Rules thereunder;
While reviewing the Company’s remuneration policies ii. A Non-Executive Director will also be entitled to
and deciding on the remuneration of the Directors, receive commission on an annual basis of such
NRC and the Board considers the performance of sum as may be approved by the Board within the
the Company, the current trends in the industry, the limits approved by the shareholders in accordance
qualifications of the appointee(s), their experience, past with statutory provisions in this regard. The total
performance, responsibilities shouldered by them, the
commission payable to all Non-Executive Directors
statutory provisions and other relevant factors.
shall not exceed 1 (one) percent of the net profit of the
The Non-Executive Chairman and Independent Directors Company calculated in the prescribed manner. The
are paid sitting fees and reimbursement of expenses Board in determining the quantum of commission
incurred in attending the Board, Committee meetings payable to the Directors, takes into consideration
and meeting of Independent Directors. The Directors the remuneration policy of the Company and
have voluntarily waived sitting fees for attending
performance evaluation of the Directors. Subject
meetings of Corporate Social Responsibility Committee.
to requisite approval in this regard, the Board may
The Board, subject to requisite approvals, determines
the remuneration, if any, to Non-Executive Directors. At approve a higher commission for the Chairman of
the 16th Annual General Meeting of the Company held the Board of Directors taking into consideration
on 31st July, 2015, the shareholders had approved the his overall responsibility. The Commission shall be
payment of commission, at a rate not exceeding one payable on pro-rata basis to Directors who occupy
percent (1%) per annum or such percentage as may be office for part of the year;
specified by the Act, from time to time in this regard,
of the annual net profit of the Company computed iii. As per provisions of the Act and LODR Regulations,
in accordance with the provisions of the Act or Rules the Independent Directors are not entitled to grant
framed thereunder from time to time, to such Directors of any Stock Options.

Detailed information of Directors’ remuneration for the year 2021-22 is as under:

(` In lakh)
Name of the Category Sitting Commission Salary, Aggregate of Total

Director Fees Performance Company’s
(Note a) Pay, Gratuity, contributions to
Exgratia, Leave Superannuation,
encashment, Provident,
and Gratuity and
Perquisites Pension Fund
Mr. Arun Non-Executive 12.70 Nil NA NA 12.70
Nanda, Non- Independent
Chairman
Mr. Bharat Non- Executive 4.40 Nil NA NA 4.40
Shah* Independent
Mr. Ameet Non- Executive 12.50 Nil NA NA 12.50
Hariani Independent
Ms. Amrita Non- Executive 11.90 Nil NA NA 11.90
Chowdhury Independent
Dr. Anish Non- Executive Nil NA NA NA Nil
Shah Non-Independent
Mr. S. Non- Executive Nil NA NA NA Nil
Durgashankar Non-Independent
Mr. Arvind Managing Director Nil NA 900.37# 14.30 914.67
Subramanian and Chief Executive
Officer
* Mr. Bharat Shah ceased to be a Director consequent to expiry of his first term of office of Independent Director effective 31st July, 2021.
# This includes ` 588.16 lakhs being perquisite value of ESOPs of the Company exercised during the year.
Note: attending meetings of the Board / Committees of

the Board of the Company.
a. Non-Executive Non-Independent Chairman and
b. (i) Mr. Arvind Subramanian was in receipt of
Non-Executive Independent Directors were paid
4,00,000 Stock Options and 6,000 Stock
sitting fees for attending meetings of Board, various
Options under Employee Stock Options
committees and meeting of Independent Directors
Scheme-2006 (ESOS-2006) and Employee
as under:
Stock Options Scheme-2012 (ESOS-2012),
respectively.
Meeting Sitting Fees per
meeting (in `) In view of the issue of bonus shares in
FY 2021-22, NRC and Board of Directors,
Board 100,000
pursuant to approval of the shareholders
Independent Directors 100,000 and in accordance with as per SEBI (Share
Meeting Based Employee Benefits and Sweat Equity)
Share Transfer and Allotment 5,000 Regulations, 2021, made an appropriate
Committee adjustment to the outstanding stock options
Corporate Social Nil and / or exercise price under the ESOS – 2006
Responsibility (CSR) and ESOS – 2012 in the bonus issue ratio of
2:1 (Bonus Stock Option) as on the Record
Committee
Date such that total value to the employee
All other Committees 30,000 of the outstanding stock options remains the
same after the bonus issue. As on Record
The Managing Director & CEO and two Non- Date, the total outstanding stock options to
Executive Non- Independent Directors (other MD & CEO was 4,00,000 and 3,600 under the
than the Chairman) do not receive sitting fees for ESOS – 2006 and ESOS – 2012, respectively.
284
Accordingly, under ESOS-2006, the total g. In case of other Directors, Employee Stock Option
outstanding stock options to MD & CEO and Commission, as applicable, are the only
increased to 12,00,000 i.e. by 8,00,000 bonus components of Remuneration that are performance
stock options and consequently the original linked and variable.
exercised price was proportionately reduced
to ` 82 per option and under ESOS-2012, the Shares and Convertible Instruments held by Non-
total outstanding stock options to MD & CEO
Executive Directors:
increased to 10,800 i.e. by 7,200 bonus stock
options at an exercise price of ` 10 per option.
The details of the Stock Options granted to the Directors
Till date, 3,00,000 and 2,400 Stock Options are given under note (b) (i) and (iii) of the previous
have been exercised by him under ESOS- section on Remuneration Policy.
2006 and ESOS-2012 respectively.
As on 31st March, 2022, the details of equity shares held
(ii) The nature of employment of Mr. Arvind by the Directors are as follows:
Subramanian – “Managing Director & CEO”
with the Company is contractual. The contract • Mr. Arun Nanda, Chairman holds 4,98,636* - shares
does not provide for any severance fee. of the Company (Out of this, 3,561 shares are
(iii) No Director, except Mr. Arvind Subramanian, jointly held with the relatives who are first holders,
has been granted ESOPs by the Company. and 426 shares are jointly held with relative who is
second holder).
c. The Company has not advanced any loan to any
Director. • Mr. Arvind Subramanian holds 3,07,200* shares of
the Company.
d. ESOS-2006 and ESOS-2012: During the year, the
Company has issued and allotted 3,00,000 equity
• Dr. Anish Shah, Mr. S. Durgashankar, Ms. Amrita
shares and 46,350 equity shares of ` 10 each to the
Chowdhury and Mr. Ameet Hariani do not hold any
eligible employees pursuant to exercise of stock
options granted under ESOS – 2006 and ESOS – equity share in the Company either on their own or
2012, respectively. for any other person on a beneficial basis.
e. Vesting Schedule *Consequent to issue of bonus shares in the ratio of two

bonus shares for every one share held, the shareholding
ESOS – 2006 ESOS – 2012 for ESOS – 2012 of Mr. Arun Nanda and Mr. Arvind Subramanian
Options granted till amended for increased from 1,66,212 to 4,98,636 and from 2,400 to
17th March, 2021 Options granted on 7,200 respectively. The balance 3,00,000 are employee
or after 17th March, stock options were exercised by Mr. Arvind Subramanian
2021
during the year after bonus issue.
Options granted will Options will vest in 4 Options will vest in
vest in 4 instalments instalments starting 3 equal instalments 8. COMMITTEES OF THE BOARD
of 25% each on with 20% on expiry of with first instalment
expiry of 12 months, 12 months, 20% on starting 12 months, Audit Committee
24 months, 36 expiry of 24 months, second instalment 24 As on 31st March, 2022, the Audit Committee of the
months and 48 30% on expiry of 36 months and third and Company comprises two Independent Directors,
months from the date months and balance final instalment 36 namely Mr. Ameet Hariani, Ms. Amrita Chowdhury
of grant, respectively 30% on expiry of 48 months from the date
and one Non-Executive Non- Independent Director,
months from the date of grant, respectively
Mr. Arun Nanda. Mr. Ameet Hariani is the Chairman
of grant, respectively
of the Audit Committee. During the year, Mr. Bharat
f. Besides Stock Options, in case of Managing Shah, Independent Director ceased to be a member
Director & CEO, the performance pay in accordance of the Audit Committee upon expiry of his first term of
with ‘The Policy for Remuneration of the Directors’ office of Independent Director effective 31st July, 2021.
is the only component which is performance linked All members of the Audit Committee possess strong
and variable. All other components are fixed. knowledge of accounting and financial management.

The terms of reference of this Committee are in line with • Review of financial statements and investment of
the regulatory requirements mandated by the Section 177 unlisted subsidiary companies;
of the Companies Act, 2013 read with Rules thereunder
and Regulation 18(3) read with Part C of Schedule II of • Reviewing the utilization of loans and/ or advances
LODR Regulations, which, inter-alia, includes: from/investment by the holding company in the
subsidiary exceeding rupees 100 crore or 10% of
• Review and Monitor the auditor’s independence, the asset size of the subsidiary, whichever is lower
performance, and effectiveness of audit process; including existing loans / advances / investments
as on the date of coming into force of this provision;
• Overview of the Company’s financial reporting
process and the disclosure of its financial • Consider and comment on rationale, cost-
information to ensure that the financial statement is benefits and impact of schemes involving merger,
correct, sufficient and credible; demerger, amalgamation etc., on the listed entity
and its shareholders;
• Recommending to the Board, the appointment, re-
appointment and, if required, the replacement or • Scrutiny of inter-corporate loans and investments;
removal of the statutory auditor and the fixation of
their fees. Approval of payment of fees to statutory • To review the functioning of the whistle blower
auditors for any other services rendered by the mechanism.
Statutory Auditors;
During the year under review, seven meetings of the
• Evaluation of the internal control systems, Internal committee were held on the following dates: 12th May,
Financial Controls and risk management system 2021, 28th July, 2021, 26th October, 2021, 30th November,
with the management, Internal Auditors and 2021, 4th February, 2022, 10th February, 2022 and
Statutory Auditors; 29th March, 2022. The maximum gap between any
two meetings did not exceed one hundred and twenty
• Review with the management, the annual financial days. The details of attendance at the Audit Committee
statements and auditors report before submission meetings held during the year are as under:
to the Board for approval, with special emphasis
on accounting policies and practices, compliance
Name of the Members No. of Audit
and other legal requirements concerning financial
Committee Meetings
statements;
held and attended
• Reviewing, with the management, the quarterly during the respective
financial statements before submission to the board tenure of members
for approval; Held Attended
• Reviewing the adequacy of internal audit function, Mr. Ameet Hariani, 7 7
if any, including the structure of the internal audit Chairman, Non- Executive
department, staffing and seniority of the official Independent
heading the department, reporting structure Mr. Arun Nanda, 7 7
coverage and frequency of internal audit; Non- Executive Non-
Independent
• Discussion with internal auditors of any significant
findings and follow up there on; Mr. Bharat Shah*, 2 2
Non- Executive
• Review of Management Discussion and Analysis Independent
of financial condition and results of the operations; Ms. Amrita Chowdhury, 7 7
Management letters / letters of internal control Non- Executive
weakness issued by Statutory Auditors; Approval Independent
or any subsequent modification of transactions of
*Mr. Bharat Shah ceased to be the member of the Audit Committee with
the Company with related parties and review of
material Individual Transactions with related parties effect from 31st July, 2021.
not in normal course of business or which are not
on arm’s length basis; Mr. Ameet Hariani, the Chairman of the Audit Committee,
was present at the Annual General Meeting of the
• Approval of appointment of CFO (i.e., the whole- Company held on 28th July, 2021.The Chairman of the
time Finance Director or any other person heading Company, the Managing Director & CEO, Chief Financial
the finance function or discharging that function) Officer, the Internal Auditors and Statutory Auditors are
after assessing the qualifications, experience and invited to attend the Audit Committee Meetings. The
background, etc. of the candidate; Company Secretary is the Secretary to the Committee.
286
The Company has established a vigil mechanism by Nomination and Remuneration Committee
adopting a Whistle Blower Policy for Stakeholders
As on 31st March, 2022, the Nomination and Remuneration
including Directors and employees and their
Committee (NRC) of the Company comprises two
representative bodies to report genuine concerns in the
prescribed manner. The vigil mechanism is overseen by Independent Directors, Mr. Ameet Hariani and Ms. Amrita
the Audit Committee and provides adequate safeguards Chowdhury and one Non-Executive Non-Independent
against victimisation of stakeholders who use such Director, Dr. Anish Shah. During the year, Mr. Bharat
mechanism. It provides a mechanism for stakeholders Shah and Mr. Arun Nanda ceased to be a member of
to approach the Chairman of Audit Committee or the NRC with effect from 31st July, 2021 and 27th December,
Business Ethics and Governance Committee (BEGC) 2021 respectively and Mr. Ameet Hariani was appointed
consisting of functional heads. No person was denied as a member of NRC effective from 1st August, 2021.
access to the Chairman of the Audit Committee or Mr. Ameet Hariani is the Chairman of the Committee.
BEGC. During the year, the Company modified its
Whistle Blower Policy to strengthen the Vigil mechanism. During the year, the Committee met four times on
The modified Whistle Blower Policy of the Company is the following dates: 12th May, 2021, 28th July, 2021,
in accordance with the Act and LODR Regulations and 26th October, 2021 and 16th March, 2022. Mr. Bharat
the same is available on the website of the Company at
Shah, the then Chairman of the Committee, was present
Whistle Blower Policy.
at the Annual General Meeting of the Company held on
Stakeholders Relationship Committee 28th July, 2021.
As on 31st March, 2022, the Stakeholders Relationship
The details of attendance at the NRC meetings held
Committee of the Company comprises Non-Executive
Non-Independent Director, Mr. Arun Nanda and during the year are as under:
Non- Executive Independent Director, Mr. Ameet Hariani
and Managing Director & CEO, Mr. Arvind Subramanian.
Name of the Members No. of NRC Meetings
Mr. Arun Nanda is the Chairman of the Committee.
Mr. Ankit Shah, Assistant Company Secretary & held and attended
Compliance Officer is the Compliance Officer for the during the respective
Committee. The role of the Committee is to consider tenure of members
and resolve the grievances of security holders of the Mr. Ameet Hariani*, 2 2*
Company, attend the investors’ complaints pertaining Non- Executive Independent
to transfers / transmission of shares, non-receipt of
Mr. Bharat Shah**, 2 2**
annual report, non-receipt of dividends/ interest, issue of
Chairman, Non- Executive
new/duplicate certificates, general meetings, review of
measures for effective exercise of voting rights, review Independent
of adherence to the service standards in respect of Mr. Arun Nanda***, 3 3***
various services being rendered by the Registrar and Non- Executive Non-
Share Transfer Agent, review of the various measures Independent
and initiatives for reducing the quantum of unclaimed Ms. Amrita Chowdhury, 4 4
dividends and timely receipt of dividend warrants/annual Non- Executive Independent
reports/statutory notices by the shareholders of the Dr. Anish Shah, 4 4
Company and any other related matter. Mr. Arun Nanda
Non- Executive Non-
attended the Annual General Meeting of the Company
Independent
held on 28th July, 2021. During the year, the Committee
met once on 25th October, 2021 and except Mr. Ameet *Mr. Ameet Hariani appointed as a member of NRC with effect from
Hariani, all members attended the meeting. 1st August, 2021.
**Mr. Bharat Shah ceased to be a member of NRC with effect from
Status of Investors Complaints received during 31st July, 2021.
the period 1st April, 2021 to 31st March, 2022:
***Mr. Arun Nanda ceased to be a member of NRC with effect from
1 Number of complaints received from 48 27th December, 2021.
the investors comprising non-receipt of The role of the Committee, inter-alia, includes:
dividend, non-receipt of shares lodged for
transfer, non-receipt of Annual Report, etc. • To consider appointment, re-appointment,
2 Number of complaints resolved 48 determination of the fixation of the remuneration,
3 Number of complaints not solved to the Nil revision in the remuneration payable to the
satisfaction of shareholders Managing Director / Whole-Time Director of the
4 Complaints pending as at 31st March, 2022 Nil Company from time to time;

• To formulate and administer the Employee Stock by the Board of Directors. For performance evaluation,
Option Scheme (“the Scheme”); structured questionnaires, covering various aspects
of the evaluation such as adequacy of the size and
• To formulate the criteria for determining composition of the Board and Committee, roles and
qualifications, positive attributes and independence responsibilities of the Board, diversity, attendance and
of a Director and recommending to the Board, a adequacy of time given by the Directors to discharge
policy, relating to the remuneration for the Directors, their duties, Corporate Governance practices, etc. were
Key Managerial Personnel and other employees; circulated to the Directors for the evaluation process.
• Formulation of criteria for evaluation of performance
The performance evaluation of Independent Directors
of independent directors and the board of directors;
was based on various criteria, inter alia, including
• To identify persons who are qualified to become attendance at Board and Committee Meetings, skill,
Directors and who may be appointed in Senior experience, ability to challenge views of others in a
Management in accordance with the criteria laid constructive manner, knowledge acquired with regard
down, recommend to the Board their appointment to the Company’s business, understanding of industry
and removal; and global trends, etc. The Directors unanimously
expressed that the evaluation outcome reflected a high
• Whether to extend or continue the term of level of engagement of the Board of Directors and its
appointment of the independent director, on the Committees amongst its members with the Company
basis of the report of performance evaluation of and its management and that they are fully satisfied with
independent directors; the same.
• Devising a policy on Board Diversity; Corporate Social Responsibility Committee

• To specify the manner for effective evaluation As on 31st March, 2022, the Company has constituted
of performance of Board, its committees and a Corporate Social Responsibility (CSR) Committee
individual directors and review its implementation comprising Mr. Arun Nanda, Non-Executive Non-
and compliance. The criteria for performance Independent Director, Ms. Amrita Chowdhury,
evaluation has been specified above; Independent Director and Mr. Arvind Subramanian,
Managing Director & CEO. Mr. Arun Nanda is the
• Recommend to the board, all remuneration, in
Chairman of the Committee. During the year under
whatever form, payable to senior management;
review, the Committee met once on 12th May, 2021 and all
• For every appointment of an independent director, members attended the same. The role of the Committee,
the Nomination and Remuneration Committee shall inter alia, is to formulate and recommend to the Board,
evaluate the balance of skills, knowledge and a Corporate Social Responsibility Policy, expenditure to
experience on the Board and on the basis of such be incurred on the CSR activities, an annual action plan
evaluation, prepare a description of the role and in pursuance of its CSR policy etc.
capabilities required of an independent director; The Company registered an average loss in the
preceding three financial years and therefore was not
• To attend to such other matters and functions as
mandated to spend 2% of the average net profit of the
may be prescribed from time to time.
preceding three financial year for the financial year
Pursuant to the provisions of the Act, the NRC specified ended on 31st March, 2022.
the manner of effective evaluation of the performance
Loans and Investment Committee
of the board, its committees and individual directors. In
terms of manner of performance evaluation specified As on 31st March, 2022, the Loans and Investment
by the NRC, the performance evaluation of the board, Committee of the Board of the Company comprises
its committees and individual directors was carried two Non-Executive Non-Independent Directors,
by NRC and the Board of Directors. Further, pursuant Mr. Arun Nanda and Dr. Anish Shah and Non-Executive
to provisions of the Act and LODR Regulations, the Independent Director, Mr. Ameet Hariani. Mr. Arun Nanda
performance evaluation of Non-Independent Directors is the Chairman of the Committee. The Committee’s
and the Board as a whole, Committees thereof and objective is to finalise within the parameters set by the
Chairman of the Company was carried out by the Board, the terms on which the borrowings/ investments
Independent Directors and of the Independent Directors would be made by the Company from time to time.
288
Share Transfer and Allotment Committee Committee for Land Acquisition

As on 31st March, 2022, the Company has constituted As on 31st March, 2022, the Committee comprises Non-
a Share Transfer and Allotment Committee comprising Executive Non-Independent Director, Mr. Arun Nanda
Mr. Arun Nanda, Non-Executive Non-Independent and Non-Executive Independent Director, Mr. Ameet
Director, Ms. Amrita Chowdhury, Independent Director Hariani. Mr. Arun Nanda is the Chairman of the Committee.
and Mr. Arvind Subramanian, Managing Director & CEO. During the year, Mr. Bharat Shah, who was also a member
The role of the Committee, inter-alia, includes issue of of the Committee, ceased to be a member effective
duplicate share certificates, approve transmission of
31st July, 2021. The role of the Committee is to evaluate and
shares, allotment of shares arising out of exercise of
approve proposals for developing residential projects
Stock pursuant to ESOS-2006 and ESOS-2012.
under outright purchase of land parcels, joint venture,
During the year, the Committee, through circular joint development and development management for
resolutions, has approved issue of duplicate share fee or any other proposal for development of residential
certificates cum transfer / transmission of shares and projects.
allotment of equity shares pursuant to exercise of stock
options. During the year under review, seven meetings of the
committee were held on the following dates: 19th April,
Committee for Investment in Residential Joint
2021, 14th June, 2021, 30th June, 2021, 21st September,
Venture / Large Format Developments 2021, 7th October, 2021, 1st February , 2022 and
As on 31st March, 2022, the Committee for Residential 23rd March, 2022. All members, during their respective
Projects in Joint Ventures / Large Format Developments tenure, attended all the meetings, except one meeting
comprises Non-Executive Non-Independent Director, held on 30th June, 2021 was not attended by Mr. Ameet
Mr. Arun Nanda and the Managing Director & CEO, Mr.
Hariani.
Arvind Subramanian. Mr. Arun Nanda is the Chairman
of the Committee. During the year, Mr. Bharat Shah 9. GENERAL SHAREHOLDER INFORMATION
ceased to be a member of the Committee effective
Twenty-third Annual General Meeting – Financial
31st July, 2021. The objective of the Committee is to
evaluate business plans and investments in Residential year 2021-22
projects to be undertaken in Joint Venture and in large Day / Date : Wednesday, 27th July, 2022
format development. During the year under review, the
Time : 04.00 p.m.
Committee met once on 19th April, 2021 and all members
attended the same. Venue : Y.B. Chavan Centre, General Jagannath
Bhosle Marg, Next to Sachivalaya
Risk Management Committee Gymkhana, Mumbai 400 021.
The Company already has in place a procedure to
inform the Board about the risk assessment and Details of Annual / Extra-ordinary General Meetings
minimization procedures. The Risk Management held during past three years
Committee is constituted comprising Ms. Amrita
Year Date Time Venue Special Resolutions
Chowdhury, Independent Director, Mr. Arvind
passed
Subramanian, Managing Director & CEO and Mr. Vimal
Agarwal, Chief Financial Officer. Mr. S. Durgashankar, 2019 20th AGM, 3:00 Y. B. Chavan • Appointment and
26th July, p.m. Centre, General Remuneration of
who was also a member of the Committee, ceased to
2019 Jagannath Ms. Sangeeta
be a member effective 13th May, 2022. The role of the Bhosle Marg, Prasad as the
committee inter alia, includes, formulation, overseeing Next to Managing Director
and implementation of risk management policy, Sachivalaya and Chief Executive
business continuity plan, and to ensure that appropriate Gymkhana, Officer
Mumbai 400 021
methodology, processes and systems are in place to
2020 21st 3:00 Video • Appointment and
monitor and evaluate risks associated with the business
AGM, p.m. Conferencing Remuneration of Mr.
of the Company. 28th (“VC”) / Arvind Subramanian
August, Other Audio as the Managing
During the year under review, the Committee met twice 2020 Visual Means Director and Chief
on 14th September, 2021 and 22nd February, 2022. The deemed to be Executive Officer
meeting held on 14th September, 2021 was chaired by conducted at • Amendment to the
Mr. S. Durgashankar and subsequent meeting held the Registered Employees Stock
Office of the Option Scheme-2006
on 22nd February, 2022 was chaired by Ms. Amrita
Company (ESOS 2006)
Chowdhury. All members attended both the meetings.

Financial reporting for 2022-23 (Tentative)

Year Date Time Venue Special Resolutions
passed For Quarter ending– 30th June, By end of July, 2022
2022
• Extending the
benefits of ESOS For Half Year ending – By end of October,
-2006 as amended 30th September, 2022 2022
to Employees of
Holding / Subsidiary For Quarter ending – By end of January,
Companies 31st December, 2022 2023
• Amendment to For year ending – 31st March, 2023 By end of April, 2023
the Employees
Stock Option 10. LISTING ON STOCK EXCHANGES
Scheme-2012
(ESOS 2012) The equity shares of the Company are listed on BSE
Limited and National Stock Exchange of India Limited.
• Extending the
benefits of ESOS Listing fees have been paid to the Stock Exchanges for
-2012 as amended the period up to 31st March, 2023.
to Employees of
Holding / Subsidiary The Company’s Stock Exchange Codes and address:
Companies
2021 22nd 3:00 Video No Special Resolution Name and /Address of Type of International
AGM, p.m. Conferencing was passed at the the Stock Exchanges Security / Security
(“VC”) / 22nd AGM of the
28th July, Scrip Code Identification
Other Audio Company
2021 Number (ISIN)
Visual Means
deemed to be BSE Limited Equity INE813A01018
conducted at
Piroze Jeejeebhoy Shares:
the Registered
Office of the Towers, Dalal Street, Scrip Code
Company Mumbai 400 001 – 532313
National Stock Equity INE813A01018
No Extra-Ordinary General Meeting (EGM) was held during
Exchange of India Shares:
last three years and no special resolution was passed in the
Limited Scrip Code
previous year through Postal Ballot. However, three ordinary
Exchange Plaza, – MAHLIFE
resolutions viz. (a) Increase in Authorized Share capital and
Bandra Kurla Complex,
Alteration to Memorandum of Association of the Company (b)
Bandra (East), Mumbai
Issue of Bonus Shares (c) Approval of Material Related Party
400 051
Transaction were passed through postal ballot in FY 2021-22.
The Board, for above resolutions, had appointed Mr. Martinho BSE and NSE – Monthly High / Low and Volumes
Ferrao (Membership No. FCS 6221) of Messrs Martinho
Year Month BSE NSE
Ferrao & Associates, Practicing Company Secretaries, as the High Low Monthly High Low Monthly
Scrutinizer to scrutinize the postal ballot process by voting (`) (`) Volume (`) (`) Volume
through electronic means only (remote e-voting) in a fair and 2021 April 577.30 456.30 54,486 579.25 460.85 11,16,640
transparent manner. 2021 May 555.00 456.70 67,873 556.35 462.05 9,70,970
2021 June 665.00 514.40 2,53,579 666.00 514.05 20,18,740
The postal ballots were carried out as per the provisions of
2021 July 796.90 581.10 6,25,177 796.50 585.00 39,29,698
Sections 108 and 110 and other applicable provisions of the
2021 August 821.80 731.90 1,08,349 822.40 731.50 16,79,407
Act, read with the Rules framed thereunder and read with
2021 September 881.95 268.05 15,67,381 882.45 268.30 59,10,535
the General Circular nos. 14/2020 and 17/2020 dated April 2021 October 299.30 256.00 3,74,520 298.80 255.00 50,88,740
8, 2020 and April 13, 2020, respectively and other circulars 2021 November 291.00 227.75 2,24,401 290.00 223.55 18,55,900
issued by the Ministry of Corporate Affairs from time to time. 2021 December 263.45 218.65 1,32,754 263.80 218.50 41,29,159
2022 January 274.95 238.25 3,18,949 274.50 237.95 34,62,578
Financial Year 2022 February 348.00 245.85 7,69,651 347.90 248.80 1,04,48,533
The financial year covers the period from 1st April to 31st 2022 March 410.55 276.00 4,97,646 410.00 275.05 50,65,732
March.
290
Performance in comparison to BSE – Sensex, NSE Nifty, Chart C: Mahindra Lifespaces’ Share Performance versus
BSE 500 Index and BSE Realty Index BSE 500
250.0
Year Month Closing Price on Last Trading Day of the Month
200.0
MLDL at BSE Nifty 500 BSE 500 BSE
BSE Sensex Realty
150.0
2021 April 506.05 48,782.36 12,364.35 19,689.52 2,468.20
2021 May 523.25 51,937.44 13,226.35 21,055.18 2,680.01 100.0
2021 June 603.40 52,482.71 13,473.55 21,463.09 2,740.68 Mahindra Lifespace
2021 July 762.45 52,586.84 13,664.25 21,753.68 3,182.51 50.0
BSE 500
2021 August 760.20 57,552.39 14,555.90 23,174.23 3,084.98
0.0
2021 September 275.60 59,126.36 15,052.65 23,937.54 4,103.77
Jul-21
Oct-21
Jan-22
Feb-22
Sep-21
Dec-21
Mar-22
May-21
Apr-21
Aug-21
Jun-21
Nov-21
2021 October 273.30 59,306.93 15,086.90 23,990.09 3,985.28
2021 November 254.15 57,064.87 14,648.35 23,276.88 3,799.90
2021 December 242.70 58,253.82 14,842.05 23,811.00 3,841.12
Note: Share price of Mahindra Lifespaces and BSE 500 have
2022 January 250.75 58,014.17 14,921.45 23,715.29 3,811.61 been indexed to 100 on 1 April 2021.
2022 February 295.35 56,247.28 14,307.95 22,741.64 3,466.04
2022 March 396.40 58,568.51 14,894.50 23,695.01 3,681.83
Chart D: Mahindra Lifespaces’ Share Performance versus
BSE Realty
250.0
Chart A: Mahindra Lifespaces’ Share Performance versus
BSE Sensex 200.0
250.0
150.0
200.0
100.0
150.0
Mahindra Lifespace
50.0
BSE Realty
100.0
0.0
Mahindra Lifespace
50.0
Jul-21
Oct-21
Jan-22
Feb-22
Sep-21
Mar-22
May-21
Apr-21
Aug-21
Dec-21
Jun-21
Nov-21
BSE Sensex
0.0
Note: Share price of Mahindra Lifespaces and BSE Realty
Jul-21
Oct-21
Jan-22
Sep-21
Feb-22
May-21
Aug-21
Dec-21
Mar-22
Apr-21
Jun-21
Nov-21
have been indexed to 100 on 1 April 2021.
Note: Share price of Mahindra Lifespaces and BSE Sensex

Registrar and Share Transfer Agents
have been indexed to 100 on 1 April 2021.
KFin Technologies Limited
Chart B: Mahindra Lifespaces’ Share Performance versus Registered and Corporate Office:
NSE NIFTY
250.0 KFin Technologies Ltd.
Selenium Tower B, Plot 31 and 32,
200.0 Financial District, Nanakramguda,
Serilingampally Mandal,
150.0
Hyderabad - 500 032, Telangana.
100.0 Toll free number - 1- 800-309-4001
Email Id: einward.ris@kfintech.com
Mahindra Lifespace
50.0 Website: https://www.kfintech.com and / or
NSE Nifty
https://ris.kfintech.com/
0.0
Investor Relation Centre:
Jul-21
Oct-21
Jan-22
Feb-22
Sep-21
Dec-21
Mar-22
Apr-21
Aug-21
May-21
Jun-21
Nov-21
KFin Technologies Limited

Note: Share price of Mahindra Lifespaces and NSE Nifty have
24 B, Rajabahadur Mansion Ground Floor,
been indexed to 100 on 1 April 2021.
Ambalal Doshi Marg Fort, Mumbai – 400 023
Tel: 022-66235454 / 412 / 427

Share Transfer System Dematerialisation of Shares

Pursuant to Regulation 40 of LODR Regulations, SEBI, As of 31st March, 2022, 15,34,52,144 shares (99.31% of total
effective April 01, 2019, barred physical transfer of shares paid-up equity capital) were held in electronic form with
of listed companies and mandated transfers only through National Securities Depository Limited (NSDL) and Central
demat. However, investors are not barred from holding shares Depository Services (India) Limited (CDSL). The trading
in physical form. We request shareholders whose shares are in the equity shares of the Company is permitted only in
in physical mode to dematerialize their shares. dematerialized form.
Distribution of Shareholding as on 31st March, 2022 Outstanding GDRs / ADRs / Warrants or any convertible
instruments, conversion date and likely impact on equity
No. of Equity No. of % of No. of Shares % of As of 31st March, 2022, there are no outstanding GDRs/ADRs/
Shares Shareholders Shareholders Held Shareholding Warrants or any convertible instruments of the Company.
1-100 48,244 70.54 16,29,070 1.05
101-200 7,182 10.50 10,63,212 0.69
Credit Ratings
201-300 3,424 5.01 8,97,200 0.58 The Company has not issued any debt instruments or
301-400 2,034 2.97 7,18,397 0.46 any fixed deposit programme or any scheme or proposal
401-500 1,530 2.24 6,94,171 0.45 involving mobilization of funds, whether in India or abroad
501-1000 2,983 4.36 20,96,034 1.36 which necessitates any credit rating. However, India Ratings
1001-2000 1,503 2.20 21,34,646 1.38 and Research (Ind-Ra) has affirmed Company’s Long-
2001-3000 503 0.74 12,62,317 0.82 Term Issuer ratings at ‘IND AA’. The outlook is stable. The
3001-4000 220 0.32 7,68,851 0.50 Instrument-wise rating actions are as follows:
4001-5000 154 0.23 6,93,228 0.45
5001-10000 300 0.44 21,05,488 1.36 Particulars Ratings
10001 and above 319 0.47 14,04,54,650 90.90
Total 68,396 100.00 15,45,17,264 100.00 Fund Based Working Capital IND AA / Stable / IND A1+
Limits
Shareholding Pattern Non-Fund based limits IND AA / Stable / IND A1+
Proposed bank Loan IND AA / Stable / IND A1+
Category As on 31st March, 2022 As on 31st March, 2021
Commercial Paper IND A1+
No. of % of No. of % of
Equity Shareholding Equity Shareholding
Shares Held Shares Held CRISIL Limited has reaffirmed its ‘CRISIL AA/Stable’ rating on
the long-term bank facilities of the Company.
Promoter’s and 7,93,19,550 51.33 2,64,39,850 51.46
Promoter Group
Mahindra Lifespace Developers Limited – Unclaimed
Insurance 20,089 0.01 8,405 0.01
Companies, Banks, Suspense Account
NBFC and Indian The unclaimed / undelivered shares lying in the possession
Financial Institutions
of the Company are required to be dematerialized and
UTI and Mutual 2,85,86,645 18.50 72,06,492 14.02 transferred into an “Unclaimed Suspense Account” held by
Funds
the Company. The Company had sent three reminder letters
FIIs / FPIs 1,50,89,941 9.77 69,35,790 13.5 to such shareholders whose share certificates returned
NRIs / OCB 14,80,040 0.96 5,07,458 0.99 undelivered and hence remained unclaimed, by requesting
Domestic 41,99,235 2.72 15,25,595 2.97 them to update correct details viz. postal addresses, PAN
Companies details, etc. registered with the Company to avoid transfer
Trust 35,319 0.02 14,328 0.03 of such unclaimed shares to the “Unclaimed Suspense
Account.” The Company has in March, 2014 transferred
Resident Individuals 2,27,79,130 14.75 77,34,482 15.05
49,854 of such unclaimed shares to the “Mahindra Lifespace
Alternate Investment 4,70,748 0.30 82,510 0.16 Developers Limited – Unclaimed Suspense Account”. Any
Fund and QIB corporate benefits in terms of securities accruing on such
Others – Clearing 1,43,184 0.09 70,198 0.14 shares viz. bonus shares, split, etc., are being and will be
members
credited to such Demat Suspense Account. The Suspense
Others HUF 18,40,190 1.19 6,80,075 1.32 Account is held by the Company on behalf of the allottees
Others – IEPF 5,53,193 0.36 1,78,055 0.35 who are entitled for the shares and the shares held in such
Total 15,45,17,264 100 5,13,83,238 100
Suspense Account shall not be transferred in any manner
whatsoever except for the purpose of allotting / delivering the
292
shares as and when the shareholders approach the Company. Shareholders may correspond with the Company at its
The voting rights on such shares shall remain frozen till the Registered Office and /or with the Registrars and Share
rightful owner claims the shares. As and when the allottee Transfer Agent, KFin Technologies Limited (formerly known
approaches the Company, the Company credits the shares as KFin Technologies Private Limited) at 24 B, Rajabahadur
lying in the Suspense Account to the demat account of the Mansion, Ground Floor, Ambalal Doshi Marg, Fort, Mumbai
allottee to the extent of the allottee’s entitlement, after proper 400 023. Toll free number - 1- 800-309-4001 Email Id:
verification of the identity of the allottee. einward.ris@kfintech.com
Details of Unclaimed Suspense Account as of Compliance Officer

31st March, 2022: Mr. Ankit Shah
1 Aggregate number of Number of Assistant Company Secretary and Compliance Officer
shareholders and the shareholders: 519 Mahindra Lifespace Developers Limited
outstanding shares in the Outstanding 5th Floor, Mahindra Towers,
suspense account as on the shares: 12,356 Worli, Mumbai 400 018
beginning of the year i.e. as on Tel: 022-67478600 / 67478601
1st April, 2021 E-mail: shah.ankit3@mahindra.com
2 Number of Shares credited to Number of Company’s investor email ID
suspense account consequent shareholders: 519 investor.mldl@mahindra.com
to corporate action issue of Outstanding
bonus shares shares: 24,712 Company’s website
3 Number of shareholders who Nil www.mahindralifespaces.com
approached the issuer for
transfer of shares from suspense 11. DISCLOSURE OF ACCOUNTING TREATMENT
account during the year The standalone and consolidated financial statements
4 Number of shareholders to Nil for financial year 2021-22 have been prepared in
whom shares were transferred accordance with the applicable Indian Accounting
from suspense account during Standards (INDAS) and the provisions of the Companies
Act, 2013 and the Rules framed thereunder.
the year
5 Number of shares and No. of transfers: 56 12. RELATED PARTY TRANSACTIONS
the corresponding no. of No. of shares: 2026
Pursuant to amendment to provisions of related party
shareholders whose shares
under LODR Regulations, the Company has amended
were transferred from the
its ‘Policy on materiality of and on dealing with related
suspense account to Investor
party transactions’ to align and comply with the said
Education and Protection Fund provisions. The “Policy on materiality of and on dealing
in terms of Investor Education with related party transactions” may be accessed on the
and Protection fund Authority Company’s website at MLDL Policy on RPT.
(Accounting, Audit, Transfer and
Refund) Rules, 2016 All related party transactions are entered with prior
approval of the Audit Committee. During 2021-22,
6 Aggregate number of Number of
there were no materially significant related party
shareholders and the shareholders: 463
transactions entered between the Company and its
outstanding shares in the Outstanding
Promoters, Directors or Key Managerial Personnel,
suspense account lying at the shares: 35,042
Senior Management, or their relatives, subsidiaries, etc.
end of the year that may have potential conflict with the interests of the
Company at large. However, the Company, in FY 2021-
Address for Correspondence: 22, has sought approval of shareholders through postal
Registered Office and Corporate Office ballot for a material related party transaction with the
promoter in the ordinary course of business. The details
Mahindra Lifespace Developers Limited of which are provided in Annexure 6 to the Board’s
CIN: L45200MH1999PLC118949 Report. Further, details of Related Party transactions
5th Floor, Mahindra Towers, Worli, Mumbai 400 018 are presented in note no. 36 to the standalone financial
Tel: 022- 67478600 / 67478601 statement.

13. COMPLIANCE WITH MANDATORY (Regulations), the Company has formulated the “Code
REQUIREMENTS for Prohibition of Insider Trading and to regulate, monitor
As of 31st March, 2022, the Company was fully compliant and report trading by Insiders and designated persons”
with all applicable mandatory requirements of the and “Code for Practices and Procedures for Fair
provisions of LODR Regulations. Disclosure of Unpublished Price Sensitive Information
(UPSI)” (“these Codes”). These Codes are modified,
14. NON-MANDATORY REQUIREMENTS from time to time, to align with the amendments to the
Regulations. These Codes lays down guidelines and
The status of compliance with non-mandatory procedures to be followed and disclosures to be made
recommendations of Part E of Schedule II of LODR while dealing with securities of the Company and caution
Regulations is provided below: about the consequences of violations. These Codes
• Non-Executive Chairman’s Office: The Company have been formulated to regulate, monitor and ensure
at its expense partially maintains office of the reporting of trading by the Employees and Connected
Non- Executive Chairman of the Company and Persons designated on the basis of their functional
reimburses expenses incurred in performance of roles in the Company towards achieving compliance
his duties. with the Regulations and is designed to maintain the
highest ethical standards of trading in Securities of the
• Shareholders’ Rights: As the quarterly and half Company by persons to whom it is applicable.
yearly, financial performance are posted on the
Company’s website, the same are not sent to the Risk Assessment and Minimization
shareholders. The Company has appropriate risk management
• Audit Qualifications: The Company’s financial systems in place for identification and assessment of
statement for 2021-22 does not contain any audit risks, measures to mitigate them, and mechanisms for
qualification. their proper and timely monitoring and reporting. The
Company has constituted Risk Management Committee
• Reporting of Internal Auditor: The Internal Auditor effective 12th May, 2021, inter alia, to formulate,
reports to the Audit Committee. oversee and implement the risk management policy,
business continuity plan, and to ensure that appropriate
15. MANAGEMENT DISCUSSION AND ANALYSIS
methodology, processes and systems are in place to
REPORT
monitor and evaluate risks associated with the business
Management Discussion and Analysis Report (MDA) of the Company. The Board periodically reviews
has been attached to the Board’s Report and forms part implementation and monitoring of the risk management
of this Annual Report. plan for the Company.
16. OTHER DISCLOSURES
Commodity Price Risk / Foreign Exchange Risk and
Details of Non-compliance relating to Capital Markets Hedging Activities
during the past 3 years:
In compliance with the Reserve Bank of India guidelines,
The Company has complied with all requirements of the Company proactively manages foreign exchange
the Regulatory Authorities. No penalties / strictures risk to protect value of exposures, if any, with an objective
were imposed on the Company by Stock Exchanges or to manage financial statement volatility. Currently, the
SEBI or any Statutory Authority on any matter related to Company is only an importer and has in place appropriate
capital market since the listing of the Company’s equity risk hedging strategy. Foreign exchange exposures are
shares. periodically reviewed and if necessary, hedged while
avoiding trading and speculative positions. The Board
Compliance with the requirements of Corporate
periodically reviews foreign exchange exposure, if any,
Governance Report:
and hedges undertaken by the Company.
The Company has complied with the requirements of
Corporate Governance Report of sub paras (2) to (10) The Company has adequate risk assessment and
mentioned in Para C of Schedule V of LODR Regulations minimization system in place including for commodities.
and disclosed necessary information as specified in The Company does not have material exposure of any
Regulations 17 to 27 and clauses (b) to (i) of Regulation commodity and accordingly, no commodity price risks
46(2) of LODR Regulations at the respective places in and commodity hedging activities for the same are
this report. carried out.
Code for Prevention of Insider Trading Practices Certificate from a Company Secretary in Practice
Pursuant to the Securities and Exchange Board of Messrs Martinho Ferrao & Associates, Practicing
India (Prohibition of Insider Trading) Regulations, 2015 Company Secretaries (Membership No.: FCS 6221) has
294
issued a certificate confirming that none of the Directors Material Non-Listed Subsidiary Company
on the Board of the Company have been debarred or The Company has formulated a “Policy for determining
disqualified from being appointed or from continuing Material Subsidiaries”. The Policy is uploaded on the
as Directors of companies by the Board/Ministry of Company’s website at Policy for determining Material
Corporate Affairs or any such statutory authority. The Subsidiaries.
Certificate is annexed to this Report.
During the FY 2021-22, Mahindra World City (Jaipur)
Limited, Mahindra Homes Private Limited, Mahindra
Recommendation of the Committees
World City Developers Limited, Mahindra Industrial Park
During the year, the Board has accepted all (Chennai) Limited, Mahindra Residential Developers
recommendations made by various Committees of Limited, Mahindra Bloomdale Developers Limited,
Board of Directors of the Company. Mahindra Water Utilities Limited and Mahindra
Happinest Developers Limited were the material non-
Consolidated Fees paid to Statutory Auditors listed subsidiary companies under Regulation 16(1)(c)
During the year, total fees of ` 118.96 Lakh was paid of LODR Regulations read with the Company’s ‘Policy
by the Company and its subsidiaries to Messrs Deloitte for determining material subsidiaries’.
Haskins & Sells LLP, Statutory Auditors and all entities
The requirements of Regulation 24 and 24A of LODR
in the network firm/network entity of which the statutory
Regulations with regard to Corporate Governance
auditor is a part. requirements for Subsidiary Companies have been
complied with.
Disclosures in relation to the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Means of Communication
Redressal) Act, 2013 During the financial year 2021-22, the quarterly,
The Company has complied with provisions relating half-yearly and yearly results were published in the
to the constitution of Internal Complaints Committee Economics Times (English newspaper) and Maharashtra
under the Sexual Harassment of Women at Workplace Times (Marathi newspaper) within prescribed timelines.
(Prevention, Prohibition and Redressal) Act, 2013. The The Company also informs stock exchanges in a prompt
number of complaints received during the year 2021-22 manner, about all price sensitive information or such
and their status is given below: other matters which in its opinion, are material and
relevant to the shareholders and subsequently issues a
Number of complaints filed during the financial Nil press release on the said matters.
year
Further, the Company has also been complying with
Number of complaints disposed of during the Nil the listing requirement for filing of its financial results
financial year with BSE Ltd. and National Stock Exchange of India
Ltd. The Company’s results, earnings call transcripts,
Number of complaints pending as on end of Nil
corporate and investor presentations, news and press
the financial year releases are displayed on the Company’s website at
www.mahindralifespaces.com.
Declaration on Codes of Conduct

As required by Regulation 34(3) read with Schedule V(D) of LODR Regulations, the Declaration on Codes of Conduct is given
below:
To,
The Members
I, Arvind Subramanian, Managing Director and Chief Executive Officer of the Company declare that all Board Members and
Senior Management Personnel of the Company have affirmed compliance with the Codes of Conduct for Board of Directors
and Senior Management for the year ended 31st March, 2022.
For and on behalf of the Board,
For Mahindra Lifespace Developers Limited
Arvind Subramanian
(DIN: 02551935)
Mumbai, 13th May, 2022

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015)
To,
The Members of
Mahindra Lifespace Developers Limited,
Worli, Mumbai - 400018
We have examined the relevant registers, records, forms, returns and disclosures, from the Directors of Mahindra Lifespace
Developers Limited having CIN L45200MH1999PLC118949 and having registered office at Mahindra Towers, 5th Floor, Worli,
Mumbai - 400018 (hereinafter referred to as ‘the Company’), produced before us by the Company in electronic mode, for
the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of
the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. No physical
verification of any document / record was possible due to the current nationwide lockdown owing to the outbreak of COVID-19
pandemic.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its
officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending
on 31st March, 2022 have been debarred or disqualified from being appointed or continue as Directors of companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr. No. Name of Director DIN Date of appointment in Company
1. Mr. Arun Nanda 00010029 04/04/2001
2. Mr. S. Durgashankar 00044713 23/03/2021
3. Mr. Ameet Hariani 00087866 04/09/2017
4. Ms. Amrita Verma Chowdhury 02178520 13/08/2019
5. Dr. Anish Shah 02719429 28/08/2015
6. Mr. Arvind Subramanian 02551935 01/07/2020
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.
For Martinho Ferrao & Associates

Company Secretaries
Martinho Ferrao
Proprietor
FCS No. 6221
C P. No. 5676
UDIN: F006221D000314001
Place: Mumbai
Date: 13th May 2022
296
Auditor’s Certificate on Corporate Governance

To the Members of
Independent Auditor’s Certificate on Corporate Governance

1. This certificate is issued in accordance with the terms of our engagement letter dated September 30, 2021.
2. We, Deloitte Haskins & Sells LLP, Chartered Accountants, the Statutory Auditors of Mahindra Lifespace Developers
Limited (“the Company”), have examined the compliance of conditions of Corporate Governance by the Company, for the
year ended on 31st March 2022, as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para
C and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing
Regulations”).
Managements’ Responsibility
3. The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility
includes the design, implementation and maintenance of internal control and procedures to ensure the compliance with
the conditions of the Corporate Governance stipulated in Listing Regulations.
Auditor’s Responsibility
4. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for
ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion
on the financial statements of the Company.
5. We have examined the books of account and other relevant records and documents maintained by the Company for
the purposes of providing reasonable assurance on the compliance with Corporate Governance requirements by the
Company.
6. We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note
on Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAI), the
Standards on Auditing specified under Section 143(10) of the Companies Act 2013, in so far as applicable for the
purpose of this certificate and as per the Guidance Note on Reports or Certificates for Special Purposes issued by the
ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
Opinion
8. Based on our examination of the relevant records and according to the information and explanations provided to us
and the representations provided by the Management, we certify that the Company has complied with the conditions of
Corporate Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of
Schedule V of the Listing Regulations during the year ended March 31, 2022.
9. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the Management has conducted the affairs of the Company.
For Deloitte Haskins and Sells LLP

Chartered Accountants
(Firm’s Registration No.117366W/W-100018)
Ketan Vora
Partner
Place: Mumbai (Membership No. 100459)
Date: May 13, 2022 UDIN No.- 22100459AIXLVN9842

INDEPENDENT AUDITOR’S REPORT

To The Members of Mahindra Lifespace our audit of the standalone financial statements under the
Developers Limited provisions of Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance
Report on the Audit of the Standalone Financial
with these requirements and the ICAI’s Code of Ethics. We
Statements
believe that the audit evidence obtained by us is sufficient
Opinion and appropriate to provide a basis for our audit opinion on
We have audited the accompanying standalone financial the standalone financial statements.
statements of Mahindra Lifespace Developers Limited
(“the Company”), which comprise the Balance Sheet as at Basis for Opinion
31 March 2022, and the Statement of Profit and Loss
We conducted our audit of the standalone financial statements
(including Other Comprehensive Income), the Statement of
in accordance with the Standards on Auditing specified
Cash Flows and the Statement of Changes in Equity for the
year then ended, and a summary of significant accounting under section 143(10) of the Act (SAs). Our responsibilities
policies and other explanatory information. under those Standards are further described in the Auditor’s
Responsibility for the Audit of the Standalone Financial
In our opinion and to the best of our information and according Statements section of our report. We are independent of
to the explanations given to us, the aforesaid standalone the Company in accordance with the Code of Ethics issued
financial statements give the information required by the by the Institute of Chartered Accountants of India (ICAI)
Companies Act, 2013 (“the Act”) in the manner so required together with the ethical requirements that are relevant to
and give a true and fair view in conformity with the Indian our audit of the standalone financial statements under the
Accounting Standards prescribed under section 133 of the provisions of Act and the Rules made thereunder, and we
Act read with the Companies (Indian Accounting Standards) have fulfilled our other ethical responsibilities in accordance
Rules, 2015, as amended, (“Ind AS”) and other accounting with these requirements and the ICAI’s Code of Ethics. We
principles generally accepted in India, of the state of affairs believe that the audit evidence obtained by us is sufficient
of the Company as at 31 March 2022, and its profit, total
and appropriate to provide a basis for our audit opinion on
comprehensive income, its cash flows and the changes in
the standalone financial statements.
equity for the year ended on that date.
Key Audit Matters

Basis for Opinion
Key audit matters are those matters that, in our professional
We conducted our audit of the standalone financial statements
judgment, were of most significance in our audit of the
in accordance with the Standards on Auditing specified
under section 143(10) of the Act (SAs). Our responsibilities standalone financial statements of the current period. These
under those Standards are further described in the Auditor’s matters were addressed in the context of our audit of the
Responsibility for the Audit of the Standalone Financial standalone financial statements as a whole, and in forming
Statements section of our report. We are independent of our opinion thereon, and we do not provide a separate opinion
the Company in accordance with the Code of Ethics issued on these matters. We have determined the matters described
by the Institute of Chartered Accountants of India (ICAI) below to be the key audit matters to be communicated in our
together with the ethical requirements that are relevant to report.
298
Standalone Independent
Auditor’s Report
Sr. Key Audit Matter Auditor’s Response

No.
1 Carrying values of Inventories (Construction Principal audit procedures performed:
work in Progress and Stock in Trade)
Our audit approach consisted testing of the design and
There is a risk that the valuation of inventory may operating effectiveness of the internal controls and substantive
be misstated as it involves the determination of testing as follows:
net realizable value (NRV) and estimated total
construction cost of completion of each of the  We assessed the Company’s process for the valuation of
projects which is an area of judgement. inventories.
Refer Notes 2.17 and 11 to the Standalone Financial  Evaluated the design, implementation and tested the
Statements operating effectiveness of the internal controls relating to
the valuation of inventories, including the management
process for the review and approval of the estimated
costs to complete the projects including construction cost
incurred, construction budgets and net realizable value.
We carried out a combination of procedures involving
enquiry and observation, and inspection of evidence in
respect of operation of these controls.
Selected a sample of inventories and performed procedures

around:
 Construction costs incurred for the inventories by testing

the supporting documents and wherever available,
corroborated the same with the reports from external
supervising engineers.
 Estimated total construction cost to be incurred for

completing the construction of the project and wherever
available, corroborated the same with the reports from
external supervising engineers. Examined the detailed
project reviews by senior operational and financial
management to determine the total budgeted costs
for the project. Assessed the significant judgements/
estimates adopted by the Company for the estimated
total construction costs to be incurred for completing the
construction of the project. Additionally, we carried out site
visits for a number of projects in the year.
 The company’s methodology and key assumptions for

determining NRV of the inventories. Assessed the estimates
used by the Company for the expected net amounts to be
realized from the sale of inventories in the ordinary course
of business. We examined the total projected budgeted
cost to the total budgeted sale value from the project. We
examined the NRV to recent sales in the project or to the
estimated selling price applied in assessing the NRV. We
assessed the NRV to the carrying value in books.

Information Other than the Financial Statements In preparing the standalone financial statements, management
and Auditor’s Report Thereon is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters
• The Company’s Board of Directors is responsible for the
related to going concern and using the going concern basis
other information. The other information comprises the
of accounting unless management either intends to liquidate
information included in the Board’s report, Management
the Company or to cease operations, or has no realistic
Discussion and Analysis Report, Corporate Governance
alternative but to do so.
Report and Business Responsibility Report, but does
not include the standalone financial statements and our
Those Board of Directors are also responsible for overseeing
auditor’s report thereon. The aforesaid other information
the Company’s financial reporting process.
is expected to be made available to us after the date of
this auditor’s report.
Auditor’s Responsibility for the Audit of the
• Our opinion on the standalone financial statements does Standalone Financial Statements
not cover the other information and we do not express Our objectives are to obtain reasonable assurance about
any form of assurance conclusion thereon. whether the standalone financial statements as a whole are
free from material misstatement, whether due to fraud or error,
• In connection with our audit of the standalone financial
and to issue an auditor’s report that includes our opinion.
statements, our responsibility is to read the other
Reasonable assurance is a high level of assurance, but
information and, in doing so, consider whether the other
is not a guarantee that an audit conducted in accordance
information is materially inconsistent with the standalone
with SAs will always detect a material misstatement when it
financial statements or our knowledge obtained during
exists. Misstatements can arise from fraud or error and are
the course of our audit or otherwise appears to be
considered material if, individually or in the aggregate, they
materially misstated.
could reasonably be expected to influence the economic
• When we read the above mentioned reports, if we decisions of users taken on the basis of these standalone
conclude that there is a material misstatement therein, financial statements.
we are required to communicate the matter to those
charged with governance as required under SA 720 ‘The As part of an audit in accordance with SAs, we exercise
Auditor’s responsibilities Relating to Other Information. professional judgment and maintain professional skepticism
throughout the audit. We also:
Management’s Responsibility for the
Standalone Financial Statements • Identify and assess the risks of material misstatement
The Company’s Board of Directors is responsible for the of the standalone financial statements, whether due to
matters stated in section 134(5) of the Act with respect to fraud or error, design and perform audit procedures
the preparation of these standalone financial statements that responsive to those risks, and obtain audit evidence that
give a true and fair view of the financial position, financial is sufficient and appropriate to provide a basis for our
performance including other comprehensive income, cash opinion. The risk of not detecting a material misstatement
flows and changes in equity of the Company in accordance resulting from fraud is higher than for one resulting from
with the Ind AS and other accounting principles generally error, as fraud may involve collusion, forgery, intentional
accepted in India. This responsibility also includes omissions, misrepresentations, or the override of internal
maintenance of adequate accounting records in accordance control.
with the provisions of the Act for safeguarding the assets of
• Obtain an understanding of internal financial control
the Company and for preventing and detecting frauds and
relevant to the audit in order to design audit procedures
other irregularities; selection and application of appropriate
that are appropriate in the circumstances. Under 143(3)
accounting policies; making judgments and estimates that
(i) of the Act, we are also responsible for expressing our
are reasonable and prudent; and design, implementation
opinion on whether the Company has adequate internal
and maintenance of adequate internal financial controls,
financial controls system in place and the operating
that were operating effectively for ensuring the accuracy
effectiveness of such controls.
and completeness of the accounting records, relevant to
the preparation and presentation of the standalone financial
• Evaluate the appropriateness of accounting policies
statement that give a true and fair view and are free from
used and the reasonableness of accounting estimates
material misstatement, whether due to fraud or error.
and related disclosures made by the management.
300
Auditor’s Report
• Conclude on the appropriateness of management’s use Report on Other Legal and Regulatory
of the going concern basis of accounting and, based Requirements
on the audit evidence obtained, whether a material
1. As required by Section 143(3) of the Act, based on our
uncertainty exists related to events or conditions that
audit we report that:
may cast significant doubt on the Company’s ability
to continue as a going concern. If we conclude that
a) We have sought and obtained all the information
a material uncertainty exists, we are required to draw
and explanations which to the best of our knowledge
attention in our auditor’s report to the related disclosures
and belief were necessary for the purposes of our
in the standalone financial statements or, if such
audit.
disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained b) In our opinion, proper books of account as required
up to the date of our auditor’s report. However, future by law have been kept by the Company so far as it
events or conditions may cause the Company to cease appears from our examination of those books.
to continue as a going concern.
c) The Balance Sheet, the Statement of Profit and
• Evaluate the overall presentation, structure and content
Loss including Other Comprehensive Income,
of the standalone financial statements, including the
the Statement of Cash Flows and Statement of
disclosures, and whether the standalone financial
Changes in Equity dealt with by this Report are in
statements represent the underlying transactions and
agreement with the relevant books of account.
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone d) In our opinion, the aforesaid standalone financial
financial statements that, individually or in aggregate, makes statements comply with the Ind AS specified under
it probable that the economic decisions of a reasonably Section 133 of the Act.
knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and e) On the basis of the written representations received
qualitative factors in (i) planning the scope of our audit work from the directors as on 31 March, 2022 taken
and in evaluating the results of our work; and (ii) to evaluate on record by the Board of Directors, none of the
the effect of any identified misstatements in the standalone directors is disqualified as on 31 March, 2022 from
financial statements. being appointed as a director in terms of Section
164(2) of the Act.
We communicate with those charged with governance
regarding, among other matters, the planned scope and f) With respect to the adequacy of the internal
timing of the audit and significant audit findings, including financial controls over financial reporting of the
any significant deficiencies in internal control that we identify Company and the operating effectiveness of such
during our audit. controls, refer to our separate Report in “Annexure
A”. Our report expresses an unmodified opinion on
We also provide those charged with governance with a the adequacy and operating effectiveness of the
statement that we have complied with relevant ethical Company’s internal financial controls over financial
requirements regarding independence, and to communicate reporting.
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and g) With respect to the other matters to be included
where applicable, related safeguards. in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as
From the matters communicated with those charged with amended,
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements In our opinion and to the best of our information
of the current period and are therefore the key audit matters. and according to the explanations given to us, the
We describe these matters in our auditor’s report unless law remuneration paid by the Company to its directors
or regulation precludes public disclosure about the matter or during the year is in accordance with the provisions
when, in extremely rare circumstances, we determine that a of section 197 of the Act.
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably h) With respect to the other matters to be included in
be expected to outweigh the public interest benefits of such the Auditor’s Report in accordance with Rule 11 of
communication.

the Companies (Audit and Auditors) Rules, 2014, the understanding, whether recorded in
as amended in our opinion and to the best of our writing or otherwise, that the Company
information and according to the explanations shall, directly or indirectly, lend or invest
given to us: in other persons or entities identified
in any manner whatsoever by or on
i) The Company has disclosed the impact of behalf of the Funding Party (“Ultimate
pending litigations on its financial position in Beneficiaries”) or provide any guarantee,
its standalone financial statements. security or the like on behalf of the
Ultimate Beneficiaries.
ii) The Company did not have any long-term
contracts including derivative contracts for (c) Based on the audit procedures that
which there were any material foreseeable has been considered reasonable and
losses. appropriate in the circumstances, nothing
has come to our notice that has caused
iii) There has been no delay in transferring us to believe that the representations
amounts, required to be transferred, to the under sub-clause (i) and (ii) of Rule 11(e),
Investor Education and Protection Fund by the as provided under (a) and (b) above,
Company. contain any material misstatement.
iv) (a) The Management has represented that, v) The company has not declared or paid any
to the best of it’s knowledge and belief, dividend during the year. As stated in note
other than as disclosed in the notes to the 46 to the standalone financial statements,
accounts, no funds (which are material the Board of Directors of the Company have
either individually or in the aggregate) proposed dividend for the year which is
have been advanced or loaned or subject to the approval of the members at the
invested (either from borrowed funds ensuing Annual General Meeting. The amount
or share premium or any other sources of dividend proposed is in accordance with
or kind of funds) by the Company to or section 123 of the Act, as applicable.
in any other person or entity, including
foreign entities (“Intermediaries”), with 2. As required by the Companies (Auditor’s Report) Order,
the understanding, whether recorded in 2020 (“the Order”) issued by the Central Government in
writing or otherwise, that the Intermediary terms of Section 143(11) of the Act, we give in “Annexure
shall, directly or indirectly lend or invest in B” a statement on the matters specified in paragraphs 3
other persons or entities identified in any and 4 of the Order.
manner whatsoever by or on behalf of the
Company (“Ultimate Beneficiaries”) or For Deloitte Haskins and Sells LLP
provide any guarantee, security or the like Chartered Accountants
on behalf of the Ultimate Beneficiaries. (Firm’s Registration No.117366W/W-100018)
(b) The Management has represented, that,

to the best of it’s knowledge and belief, Ketan Vora
other than as disclosed in the notes to the Partner
accounts, no funds (which are material Membership No. 100459
either individually or in the aggregate) UDIN: 22100459AHXXBH7122
have been received by the Company
from any person or entity, including Place: Mumbai
foreign entities (“Funding Parties”), with Date: 27 April 2022
302
Auditor’s Report
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1(f) under ‘Report Our audit involves performing procedures to obtain audit
on Other Legal and Regulatory Requirements’ evidence about the adequacy of the internal financial
section of our report of even date) controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over
Report on the Internal Financial Controls Over financial reporting included obtaining an understanding of
Financial Reporting under Clause (i) of Sub- internal financial controls over financial reporting, assessing
section 3 of Section 143 of the Companies Act, the risk that a material weakness exists, and testing and
2013 (“the Act”) evaluating the design and operating effectiveness of
We have audited the internal financial controls over financial internal control based on the assessed risk. The procedures
reporting of Mahindra Lifespace Developers Limited (“the selected depend on the auditor’s judgement, including the
Company”) as of March 31, 2022 in conjunction with our audit assessment of the risks of material misstatement of the
of the standalone Ind AS financial statements of the Company financial statements, whether due to fraud or error.
for the year ended on that date.
We believe that the audit evidence we have obtained is
Management’s Responsibility for Internal sufficient and appropriate to provide a basis for our audit
Financial Controls opinion on the Company’s internal financial controls system
over financial reporting.
The Company’s management is responsible for establishing
and maintaining internal financial controls based on the
Meaning of Internal Financial Controls Over
internal control over financial reporting criteria established
by the Company considering the essential components
Financial Reporting
of internal control stated in the Guidance Note on Audit of A company’s internal financial control over financial reporting
Internal Financial Controls Over Financial Reporting issued is a process designed to provide reasonable assurance
by the Institute of Chartered Accountants of India. These regarding the reliability of financial reporting and the
responsibilities include the design, implementation and preparation of financial statements for external purposes in
maintenance of adequate internal financial controls that accordance with generally accepted accounting principles.
were operating effectively for ensuring the orderly and A company’s internal financial control over financial reporting
efficient conduct of its business, including adherence to includes those policies and procedures that (1) pertain to the
company’s policies, the safeguarding of its assets, the maintenance of records that, in reasonable detail, accurately
prevention and detection of frauds and errors, the accuracy and fairly reflect the transactions and dispositions of the
and completeness of the accounting records, and the timely assets of the company; (2) provide reasonable assurance
preparation of reliable financial information, as required under that transactions are recorded as necessary to permit
the Companies Act, 2013. preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts
Auditor’s Responsibility and expenditures of the company are being made only in
accordance with authorisations of management and directors
Our responsibility is to express an opinion on the Company’s
of the company; and (3) provide reasonable assurance
internal financial controls over financial reporting of the
regarding prevention or timely detection of unauthorised
Company based on our audit. We conducted our audit in
acquisition, use, or disposition of the company’s assets that
accordance with the Guidance Note on Audit of Internal
could have a material effect on the financial statements.
Financial Controls Over Financial Reporting (the “Guidance
Note”) issued by the Institute of Chartered Accountants
of India and the Standards on Auditing prescribed under
Inherent Limitations of Internal Financial
Section 143(10) of the Companies Act, 2013, to the extent Controls Over Financial Reporting
applicable to an audit of internal financial controls. Those Because of the inherent limitations of internal financial
Standards and the Guidance Note require that we comply with controls over financial reporting, including the possibility
ethical requirements and plan and perform the audit to obtain of collusion or improper management override of controls,
reasonable assurance about whether adequate internal material misstatements due to error or fraud may occur and
financial controls over financial reporting was established not be detected. Also, projections of any evaluation of the
and maintained and if such controls operated effectively in internal financial controls over financial reporting to future
all material respects. periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of

changes in conditions, or that the degree of compliance with Financial Reporting issued by the Institute of Chartered
the policies or procedures may deteriorate. Accountants of India.
Opinion For Deloitte Haskins and Sells LLP

In our opinion, to the best of our information and according to Chartered Accountants
the explanations given to us, the Company has, in all material (Firm’s Registration No.117366W/W-100018)
respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over Ketan Vora
financial reporting were operating effectively as at March 31, Partner
2022, based on the criteria for internal financial control over Membership No. 100459
financial reporting established by the Company considering UDIN: 22100459AHXXBH7122
the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Place: Mumbai
Date: 27 April 2022
304
Auditor’s Report
ANNEXURE “B” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 under ‘Report on (d) The Company has not revalued any of its property,
Other Legal and Regulatory Requirements’ plant and equipment (including Right of Use assets)
section of our report to the members of and intangible assets during the year.
Mahindra Lifespace Developers Limited of even
(e) No proceedings have been initiated during the
date)
year or are pending against the Company as at
In terms of the information and explanations sought by us and 31 March, 2022 for holding any benami property
given by the Company and the books of account and records under the Benami Transactions (Prohibition)
examined by us in the normal course of audit and to the best Act, 1988 (as amended in 2016) and rules made
of our knowledge and belief, we state that, thereunder.
(i) (a) (A) The Company has maintained proper records (ii) (a) Having regard to the nature of inventory, the physical
showing full particulars, including quantitative verification by way of verification of title deeds, site
details and situation of Property, Plant and visits by the Management and certification of extent
Equipment, (Capital work-in-progress, of work completion by competent persons, are at
investment properties and relevant details of reasonable intervals. In our opinion and according
right-of-use assets). to the information and explanations given to us,
the coverage and procedure of such verification
(B) The Company has maintained proper records by the Management is appropriate having regard
showing full particulars of intangible assets. to the size of the Company and nature of its
operations and no discrepancies of 10% or more
(b) Some of the Property, Plant and Equipment in the aggregate for each class of inventories were
were physically verified during the year by the noticed on such physical verification of inventories
Management in accordance with a regular when compared with books of account.
programme of verification which, in our opinion,
provides for physical verification of all the Property, (b) According to the information and explanations
Plant and Equipment at reasonable intervals having given to us, the Company has been sanctioned
regard to the size of the Company and the nature working capital limits in excess of ` 5 crores,
of its activities. According to the information and in aggregate, at points of time during the year,
explanation given to us, no material discrepancies from banks or financial institutions on the basis
were noticed on such verification. of security of current assets. In our opinion and
according to the information and explanations
(c) With respect to immovable properties of acquired given to us, the quarterly returns or statements
land and buildings, according to the information comprising quarterly financial results are not filed
and explanations given to us and the records by the Company to such bank or financial institution
examined by us and based on the examination as these are published financial results and are
of the court orders approving schemes of available on the Company’s website for public
arrangements provided to us, we report that, the including such banks or financial institutions. These
title deeds of such immovable properties are held quarterly financial results are in agreement with the
in the name of the Company as at the balance sheet unaudited books of account of the Company of the
date. According to the information and explanation respective quarters.
given to us, the Company does not have any other
land or building other than administrative block and (iii) The Company has not made any investments in, provided
project facilities, temporarily constructed at the any guarantee or security, and granted any loans or
project sites and capitalised as Building. advances in the nature of loans, secured or unsecured,
to companies, firms, Limited Liability Partnerships or any
other parties during the year except as given below:

(a) The Company has provided unsecured advances (iv) In our opinion and according to the information and
in the nature of loans to Companies during the year explanations given to us, the Company has complied with
and details of which are given below: the provisions of Section 185 and 186 of the Companies
Act, 2013 in respect of loans granted, investments made
(` In Lakhs) and guarantees and securities provided, as applicable.
Loans (v) According to the information and explanations given

to us, the Company has not accepted any deposits
A. Aggregate amount granted /
or amounts which are deemed to be deposits. Hence
provided during the year:
reporting under clause (v) of the Order is not applicable.
- Subsidiaries 4,551.50
B. Balance outstanding as at (vi) The maintenance of cost records has been specified
balance sheet date in respect by the Central Government under section 148(1) of the
of above cases: Companies Act, 2013. We have broadly reviewed the
- Subsidiaries 4,551.50 books of account maintained by the Company pursuant
to the Companies (Cost Records and Audit) Rules, 2014,
(b) The terms and conditions of the grant of all the as amended, prescribed by the Central Government for
above-mentioned advances in the nature of loans maintenance of cost records under Section 148(1) of the
provided during the year are, in our opinion, prima Companies Act, 2013, and are of the opinion that, prima
facie, not prejudicial to the Company’s interest. facie, the prescribed cost records have been made
and maintained by the Company. We have, however,
(c) In respect of advances in the nature of loans not made a detailed examination of the cost records
granted by the Company, the schedule of with a view to determine whether they are accurate or
repayment of principal and payment of interest complete.
has been stipulated and repayments or receipts of
principal amounts and interest have been regular (vii) According to the information and explanations given to
as per stipulations. us, in respect of statutory dues:
(d) According to information and explanations given to (a) Undisputed statutory dues, including Goods and
us and based on the audit procedures performed, Service Tax, Provident Fund, Employees’ State
in respect of advances in the nature of loans Insurance Fund, Income-tax, Sales Tax, Service
granted by the Company, there is no overdue Tax, duty of Customs, Value Added Tax, cess and
amount remaining outstanding as at the balance other material statutory dues as applicable to the
sheet date. Company have generally been regularly deposited
by it with the appropriate authorities.
(e) None of the advances in the nature of loans granted
by the Company have fallen due during the year. There were no undisputed amounts payable in
respect of Goods and Service Tax, Provident
(f) The Company has granted advances in the nature Fund, Income-tax, Sales Tax, Service Tax, duty of
of loans which are repayable on demand details of Customs, Value Added Tax, cess and other material
which are given below: statutory dues in arrears as at 31 March, 2022 for a
period of more than six months from the date they
(` in lakhs) became payable.
Related parties
Aggregate of advances in nature of 4551.50
loans
- Repayable on demand
Percentage of advances in nature 100%
of loans to the total loans
306
Auditor’s Report
(b) Details of statutory dues referred to (a) above which have not been deposited as on 31 March, 2022 on account of
disputes are given below:
Name of Statute Nature of Forum where Dispute is Period to which the Amount
Dues Pending Amount Relates (` in lakhs)
Income Tax Act, 1961 Income Tax Income Tax Appellate Tribunal AY 2006-2007 3.59
Commissioner of Income tax AY 2007-2008 453.63
(Appeals)
Finance Act, 1994 Service Tax * Appellate Authority- up to FY 2005 to 2010* 69.79
Commissioners/ Revisional FY 2010 339.72
authorities level
FY 2009 to 2014 67.70
FY 2014 to 2016 41.54
Sales Tax and Value Sales Tax and Appellate Authority- up to FY 2007 to 2010 2.89
Added Tax Laws VAT Commissioners/ Revisional FY 2015- 2016 0.85
authorities level
April 2017 to June 2017 7.33
**
High Court FY 2006 to 2010 276.59
Telangana Entry Tax Entry Tax High Court FY 2009 to 2014*** 31.71
on Entry of Good into
Local Areas Act, 2001
Central Goods and Goods & Adjudication up to FY 2017-18**** 465.16
Service Tax Act 2017 Service Tax Commissioners/ Revisional
Act authorities level
High Court FY 2017-18 279.92
* net of deposit ` 7.35 Lakh
** net of deposit ` 0.33 Lakh
*** net of deposit ` 4.53 Lakh
**** net of deposit ` 31.99 Lakh
(viii) There were no transactions relating to previously (d) On an overall examination of the financial
unrecorded income that were surrendered or disclosed statements of the Company, funds raised on short-
as income in the tax assessments under the Income Tax term basis have, prima facie, not been used during
Act, 1961 (43 of 1961) during the year. the year for long-term purposes by the Company.
(ix) (a) In our opinion, the Company has not defaulted in (e) On an overall examination of the financial statements
the repayment of loans or other borrowings or in the of the Company, the Company has not taken any
payment of interest thereon to any lender during the funds from any entity or person on account of or to
year. meet the obligations of its subsidiaries, associates
or joint ventures
(b) The Company has not been declared wilful defaulter
by any bank or financial institution or government or (f) The Company has not raised loans during the year
any government authority. on the pledge of securities held in its subsidiaries
or joint ventures or associate companies.
(c) The Company has not taken any term loan during
the year and there are no unutilised term loans at (x) (a) The Company has not issued any of its securities
the beginning of the year and hence, reporting (including debt instruments) during the year hence
under clause (ix)(c) of the Order is not applicable. reporting under clause (x)(a) of the Order is not
applicable.

(b) During the year the Company has not made any (b) The Group has more than one Core Investment
preferential allotment or private placement of Company (CIC) as part of the group. There are six
shares or convertible debentures (fully or partly or CIC forming part of the group.
optionally) and hence reporting under clause (x)(b)
of Order is not applicable to the Company. (xvii) The Company has incurred cash losses amounting to
` 6,238.20 Lakh during the financial year covered
(xi) (a) To the best of our knowledge, no fraud by the by our audit and ` 6,843.04 Lakh in the immediately
Company and no material fraud on the Company preceding financial year.
has been noticed or reported during the year.
(xviii) There has been no resignation of the statutory auditors
(b) To the best of our knowledge, no report under sub- of the Company during the year.
section (12) of section 143 of the Companies Act
has been filed in Form ADT-4 as prescribed under (xix) On the basis of the financial ratios, ageing and expected
rule 13 of Companies (Audit and Auditors) Rules, dates of realization of financial assets and payment of
2014 with the Central Government, during the year financial liabilities, other information accompanying
and up-to the date of this report. the financial statements and our knowledge of the
Board of Directors and Management plans and based
(c) As represented to us by the Management, there on our examination of the evidence supporting the
were no whistle blower complaints received by the assumptions, nothing has come to our attention, which
Company during the year. causes us to believe that any material uncertainty
exists as on the date of the audit report indicating that
(xii) The Company is not a Nidhi Company and hence
Company is not capable of meeting its liabilities existing
reporting under clause (xii) of the Order is not applicable.
at the date of balance sheet as and when they fall due
within a period of one year from the balance sheet date.
(xiii) In our opinion, the Company is in compliance with
We, however, state that this is not an assurance as to
Section 177 and 188 of the Companies Act, 2013, where
the future viability of the Company. We further state
applicable, for all transactions with the related parties
that our reporting is based on the facts up to the date
and the details of related party transactions have been
of the audit report and we neither give any guarantee
disclosed in the Standalone Ind AS financial statements
nor any assurance that all liabilities falling due within a
etc. as required by the applicable accounting standards.
period of one year from the balance sheet date, will get
(xiv) (a) In our opinion the Company has an adequate discharged by the Company as and when they fall due.
internal audit system commensurate with the size
and the nature of its business. (xx) In our opinion and according to the information and
explanations given to us, the provision of sub-section
(b) We have considered the internal audit reports (5) and sub-section (6) of section 135 of the Act are not
issued to the Company (during the year), covering applicable to the Company for the year. Accordingly,
the period upto October 2021 for the period under reporting under clause (xx) of the Order is not
audit. applicable.
(xv) In our opinion and according to the information and For Deloitte Haskins and Sells LLP
explanations given to us, during the year the Company Chartered Accountants
has not entered into any non-cash transactions with its (Firm’s Registration No.117366W/W-100018)
directors or persons connected with its directors and
hence provisions of section 192 of the Companies Act,
Ketan Vora
2013 are not applicable to the Company.
Partner
(xvi) (a) The Company is not required to be registered Membership No. 100459
under section 45-IA of the Reserve Bank of India UDIN: 22100459AHXXBH7122
Act, 1934. Hence, reporting under clause (xvi)(a),
(b) and (c) of the Order is not applicable. Place: Mumbai
Date: 27 April 2022
308
Standalone
Balance Sheet and
Statement of Profit and Loss
standa l one B a l an c e S h eet

a s a t 3 1 st M a r c h , 2 0 2 2
(` (` in lakhs)
Particulars Note As at As at
No. 31st March, 2022 31st March, 2021
I ASSETS
1 NON-CURRENT ASSETS
(a) Property, Plant and Equipment 4.1 1,003.34 259.60
(b) Right of Use Assets 4.2 564.42 57.25
(c) Capital Work-in-Progress 4.3 284.23 1,459.19
(d) Investment Property 5 1,999.36 2,048.81
(e) Intangible Assets 6 4.68 3.73
(f) Financial Assets
(i) Investments 7 49,139.90 46,995.29
(ii) Other Financial Assets 8 1,175.91 1,175.91
(g) Deferred Tax Asset (Net) 9 5,662.76 3,633.70
(h) Other Non-current Assets 10 5,772.70 4,846.95
TOTAL NON-CURRENT ASSETS 65,607.30 60,480.43
2 CURRENT ASSETS
(a) Inventories 11 105,725.63 103,173.54
(b) Financial Assets
(i) Trade Receivables 12 6,769.84 5,016.03
(ii) Cash and Cash Equivalents 13 18,010.24 9,733.96
(iii) Bank balances other than (ii) above 14 1,104.52 1,088.59
(iv) Loans 15 9,721.41 6,369.91
(v) Other Financial Assets 8 5,821.79 8,194.75
(c) Other Current Assets 10 19,023.22 9,243.46
TOTAL CURRENT ASSETS 166,176.65 142,820.24
TOTAL ASSETS (1+2) 231,783.95 203,300.67
II EQUITY AND LIABILITIES
1 EQUITY
(a) Equity Share Capital 16 15,451.73 5,138.32
(b) Other Equity 17 133,677.78 139,406.50
TOTAL EQUITY 149,129.51 144,544.82
LIABILITIES
2 NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Lease Liabilities 301.36 -
(b) Provisions 18 331.68 426.35
TOTAL NON-CURRENT LIABILITIES 633.04 426.35
3 CURRENT LIABILITIES
(i) Borrowings 19 16,480.64 11,140.04
(ii) Lease Liabilities 281.65 64.66
(iii) Trade Payables
Total Outstanding Dues of Micro Enterprise and Small Enterprises 20 825.18 579.00
Total Outstanding Dues of creditors other than Micro Enterprise and Small 20 10,788.58 8,861.51
Enterprises
(iv) Other Financial Liabilities 21 2,823.13 2,891.49
(b) Other Current Liabilities 22 48,594.36 32,684.94
(c) Provisions 18 848.75 728.75
(d) Current Tax Liabilities (Net) 1,379.11 1,379.11
TOTAL CURRENT LIABILITIES 82,021.40 58,329.50
TOTAL EQUITY AND LIABILITIES (1+2+3) 231,783.95 203,300.67
Summary of Significant Accounting Policies 2
The accompanying notes 1 to 48 are an integral part of these financial statements
As per our Report of even date attached For and on behalf of the Board of Directors of
For Deloitte Haskins & Sells LLP Arun Nanda Arvind Subramanian
Chartered Accountants Chairman Managing Director & CEO
Firm’s Registration Number: 117366W/W-100018 DIN: 00010029 DIN: 02551935
Ketan Vora Ankit Shah Vimal Agarwal
Partner Assistant Company Secretary Chief Financial Officer
Membership No. 100459
Mumbai : 27th April, 2022 Mumbai : 27th April, 2022

standa l one S tate m ent o f P ro f it and Loss

f o r t h e y e a r e n d e d 3 1 st M a r c h , 2 0 2 2
(` in lakhs)
Note For the year ended For the year ended

I INCOME
(a) Revenue from Operations 23 25,280.61 8,963.59
(b) Other Income . 24 5,368.90 4,675.46
TOTAL INCOME (a + b) 30,649.51 13,639.05
II EXPENSES
(a) Cost of Sales
- Cost of Projects 25 22,340.49 8,042.60
- Operating Expenses 25 581.00 89.14
(b) Employee Benefits Expense 26 7,254.88 6,531.13
(c) Finance Costs 27 473.65 366.60
(d) Depreciation and Amortisation Expense 4 to 6 617.70 664.67
(e) Other Expenses 28 7,543.99 4,911.49
TOTAL EXPENSES (a+b+c+d+e) 38,811.71 20,605.63
III LOSS BEFORE TAX AND EXCEPTIONAL ITEM (I - II) (8,162.20) (6,966.58)
IV Exceptional Item 7 10,412.23 -
V PROFIT/(LOSS) BEFORE TAX (III - IV) 2,250.03 (6,966.58)
VI TAX (CREDIT)/EXPENSE
(a) Current tax 29 - -
(b) Deferred tax 29 (2,039.38) (1,742.08)
TOTAL TAX (CREDIT)/EXPENSE (a+b) (2,039.38) (1,742.08)
VII PROFIT/(LOSS) AFTER TAX (V - VI) 4,289.41 (5,224.50)
VIII OTHER COMPREHENSIVE INCOME/(LOSS)
Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefit plans 41.00 (20.08)
(b) Income tax relating to Items that will not be reclassified to profit or loss 29 (10.32) 5.05
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (a+b) 30.68 (15.03)
IX TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (VII + VIII) 4,320.09 (5,239.53)
X EARNINGS PER EQUITY SHARE (face value of ` 10/- each) (`)
(a) Basic 30 2.78 (3.39)
(b) Diluted 30 2.77 (3.39)
310
Standalone
Balance Sheet and
Statement of Profit and Loss
standa l one S tate m ent O F Cas h F l o w

(` In lakhs)
Particulars For the year ended For the year ended

31st March, 2022 31st March, 2021
A. Cash flows from operating activities
Loss before exceptional item and tax (8,162.20) (6,966.58)
Adjustments for:
Finance Costs 473.65 366.56
Interest Income (892.83) (1,136.08)
Dividend Income (4,245.00) (2,761.20)
Loss on disposal of Property Plant & Equipment (net) 168.88 58.99
Share issue expense 69.33 -
Provision for doubtful debts 27.48 12.43
Depreciation and Amortisation Expense 617.70 664.67
Net loss/(gain) arising on financial assets measured at fair value 1,278.84 (541.11)
through profit or loss
Expense recognised in respect of equity-settled-share-based- 88.80 137.81
payments
Operating Loss before working capital changes (10,575.35) (10,164.51)
Changes in:
(Increase)/Decrease in Trade and Other Receivables (11,680.69) 3,515.46
(Increase) in Inventories (1,935.66) (11,477.36)
Increase in Trade Payables and Other Liabilities 18,003.51 9,659.08
Cash used in operations (6,188.19) (8,467.33)
Income taxes paid (926.03) (732.62)
Net cash used in operating activities (7,114.22) (9,199.95)
B. Cash flows from investing activities
Bank deposits (net) (6.26) 622.51
Changes in earmarked balances and margin accounts with banks (9.67) 498.48
Interest received 3,281.54 9,056.82
Dividend received from Joint Ventures/Subsidiaries 4,245.00 2,761.20
Inter-corporate Deposit Given (4,551.50) (7,333.00)
Inter-corporate Deposit Realised 1,200.00 7,560.00
Payment to acquire Property, Plant and Equipment (1,189.87) (354.57)
Proceeds from disposal of property, plant and equipment 1,205.37 77.52
Proceeds from investment in subsidiaries and Joint Ventures 6,988.80 766.37
Net cash generated from investing activities 11,163.41 13,655.33

(` In lakhs)

C. Cash flows from financing activities
Proceeds from issue of Equity shares of the Company 247.95 2.82
Proceeds from borrowings 49,898.47 40,828.48
Repayment of borrowings (44,557.87) (41,580.01)
Dividend Paid (including tax thereon) (37.66) (18.16)
Interest paid (782.50) (815.29)
Share issue Expenses (180.90) -
Payment of lease liability (360.40) (470.60)
Net Cash generated from / (used in) financing activities 4,227.09 (2,052.76)
Net increase in cash and cash equivalents 8,276.28 2,402.62
Cash and cash equivalents at the beginning of the year 9,733.96 7,331.34
Cash and cash equivalents at the end of the year 18,010.24 9,733.96
Summary of significant accounting policies (Refer Note 2)
Notes:
(a) The above Cash Flow Statement has been prepared under the “indirect method” as set out in ‘Indian Accounting Standard
(Ind AS) 7 - Statement of Cash Flows’.
(b) Also refer note no. 13 - Cash and Bank Balances

312
S TA N D A L O N E S tate m ent o f c h an g es in E q uit y
A. Equity share capital
(` In lakhs)
Particulars Note No. As at As at

Balance at the Beginning of the year 5,138.32 5,136.14
Add: Bonus Issue during the year 16 10,278.77 -
Add: Issue of equity shares under employee share option plan 16 34.64 2.18
Balance at the end of the year 15,451.73 5,138.32
B. Other Equity
(` In lakhs)
Particulars Share application Securities General Other Retained Total

money pending Premium Reserve Reserves# Earnings
allotment
As at 31st March, 2020 0.12 96,985.49 7,299.49 7,828.67 32,378.74 144,492.51
Profit / (Loss) for the year - - - - (5,224.50) (5,224.50)
Other Comprehensive Income / (Loss) net of taxes* - - - - (15.03) (15.03)
Total Comprehensive Income / (Loss) for the year - - - - (5,239.53) (5,239.53)
Received on exercise of employee stock options 0.75 - - - - 0.75
Allotment of Shares to Employees (0.12) 90.40 - (90.40) - (0.12)
Arising on share based payment - - - 152.89 - 152.89
Issue of Bonus Share - - - - - -
Share issue expenses on Bonus issue - - - - - -
As at 31st March, 2021 0.75 97,075.89 7,299.49 7,891.16 27,139.21 139,406.50
Profit / (Loss) for the year - - - - 4,289.41 4,289.41
Other Comprehensive Income/(Loss) net of taxes* - - - - 30.68 30.68
Total Comprehensive Income / (Loss) for the year - - - - 4,320.09 4,320.09
Received on exercise of employee stock options 247.95 - - - - 247.95
Allotment of Shares to Employees (248.70) 435.94 - (221.88) - (34.64)
Statement
Arising on share based payment - - - 128.21 - 128.21

Utilised for issue of bonus shares - (2,925.19) - (7,353.58) - (10,278.77)
Share issue expenses on Bonus issue - (111.56) - - - (111.56)
As at 31st March, 2022 - 94,475.08 7,299.49 443.91 31,459.30 133,677.78
Standalone Cash Flow
* Remeasurement gains/ (losses) net of taxes on defined benefit plans during the year is recognised as part of retained earnings.
Mahindra Lifespaces
313
Standalone Statement of
Annual
changes
Integrated
in Equity
Report 2021-22
B. Other Equity (Contd..)

#Other Reserves
(` In lakhs)
Particulars As at As at
(I) Capital Redemption Reserve :

Balance as at the beginning of the year 7,353.58 7,353.58
Less :
Utilised for issue of bonus shares (7,353.58) -
Balance as at the end of the year - 7,353.58
(II) Share Options Outstanding Account
Balance as at the beginning of the year 537.58 475.09
Add/(Less):
Utilised towards allotment of shares to employees (221.88) (90.40)
Arising on share based payment 128.21 152.89
Balance as at the end of the year 443.91 537.58
Total 443.91 7,891.16
314
Notes to the Standalone
Financial Statements
N o t e s t o t h e ST A N D A L O N E F i nan c i al S t a t e m e n t s
as at and for the year ended 31st March, 2022
1. General Information regardless of whether that price is directly observable

Mahindra Lifespace Developers Limited (‘the Company’) or estimated using another valuation technique. In
is a limited company incorporated in India. The equity estimating the fair value of an asset or a liability, the
shares of the Company are listed on the Bombay Stock Company takes into account the characteristics of
Exchange (BSE) and National Stock Exchange (NSE). the asset or liability if market participants would take
Its parent and ultimate holding company is Mahindra & those characteristics into account when pricing the
Mahindra Limited. asset or liability at the measurement date. Fair value
for measurement and/or disclosure purposes in these
The addresses of its registered office is disclosed in standalone financial statements is determined on such
the introduction to the annual report. The Company basis, except for share-based payment transactions
along with its subsidiary companies is engaged in the that are within the scope of Ind AS 102 – Share
development of residential projects and large formats based Payments and measurements that have some
developments such as integrated cities and industrial similarities to fair value but are not fair value, such as
clusters. net realisable value in Ind AS 2 - Inventories or value in
use in Ind AS 36 – Impairment of Assets.
2. Significant Accounting Policies
In addition, for financial reporting purposes, fair value
2.1 Statement of compliance and basis of
measurements are categorised into Level 1, 2, or 3
preparation and presentation
based on the degree to which the inputs to the fair value
The Standalone Financial Statements of the Company measurements are observable and the significance of
have been prepared in accordance with the Indian the inputs to the fair value measurement in its entirety,
Accounting Standards (‘Ind AS’) as per the Companies which are described as follows:
(Indian Accounting Standards) Rules, 2015 as amended
and notified under section 133 of the Companies Act, • Level 1: Quoted prices (unadjusted) in active
2013 (the ‘Act’) and other relevant provision of the act. markets for identical assets or liabilities that the
The aforesaid financial statements have been approved Company can access at the measurement date;
by the Company’s Board of Directors and authorised for
• Level 2: Inputs other than quoted prices included
issue in the meeting held on 27th April, 2022.
within Level 1, that are observable for the asset or
Accounting policies have been consistently applied liability, either directly or indirectly; and
except where a newly issued accounting standard is
• Level 3: Inputs for the asset or liability that are not
initially adopted or a revision to an existing accounting
based on observable market data (unobservable
standard requires a change in the accounting policy
inputs).
hitherto in use.
2.4 Revenue from Contracts with Customers
2.2 Basis of measurement
2.4.1 Revenue from Projects
These financial statements have been prepared on
the historical cost basis except for certain financial i. The Company develops and sells residential
instruments that are measured at fair values at the end and commercial properties. Revenue from
of each reporting period, as explained in the accounting contracts is recognised when control over
policies below. the property has been transferred to the
customer. An enforceable right to payment
Historical cost is generally based on the fair value of does not arise until the development of the
the consideration given in exchange for goods and property is completed. Therefore, revenue is
services. recognised at a point in time i.e. Completed
contract method of accounting as per IND
2.3 Measurement of Fair Values AS 115 when (a) the seller has transferred to
Fair value is the price that would be received to sell an the buyer all significant risks and rewards of
asset or paid to transfer a liability in an orderly transaction ownership and the seller retains no effective
between market participants at the measurement date, control of the real estate to a degree usually

associated with ownership, (b) The seller has 2.4.4 Dividend and interest income
effectively handed over possession of the Dividend income from investment in mutual funds
real estate unit to the buyer forming part of is recognised when the unit holder’s right to
the transaction; (c) No significant uncertainty receive payment has been established
exists regarding the amount of consideration
that will be derived from real estate sales; and Interest income from a financial asset is
(d) It is not unreasonable to expect ultimate recognised when it is probable that the economic
collection of revenue from buyers. The revenue benefits will flow to the Company and the amount
is measured at the transaction price agreed of income can be measured reliably. Interest
under the contract. income is accrued on a time basis, by reference
to the principal outstanding and at the effective
ii. The Company invoices the customers for
interest rate applicable, which is the rate that
construction contracts based on achieving
exactly discounts estimated future cash receipts
performance-related milestones.
through the expected life of the financial asset
iii. For certain contracts involving the sale of to that asset’s net carrying amount on initial
property under development, the Company recognition.
offers deferred payment schemes to its
customers. The Company adjusts the 2.5 Current versus non-current classification
transaction price for the effects of the The operating cycle is the time between the acquisition
significant financing component. of assets for processing and their realisation in cash
and cash equivalents.
iv. Costs to obtain contracts (“Contract costs”)
relate to fees paid for obtaining property Based on the nature of activity carried out by the
sales contracts. Such costs are recognised company and the period between the procurement and
as assets when incurred and amortised realisation in cash and cash equivalents, the Company
upon recognition of revenue from the related has ascertained its operating cycle as 5 years for the
property sale contract. purpose of Current – Non Current classification of
assets & liabilities.
v. Contract assets is the Company’s right to
consideration in exchange for goods or The Company presents assets and liabilities in
services that the Company has transferred to the balance sheet based on current/ non-current
a customer when that right is conditioned on classification.
something other than the passage of time.
An asset is treated as current when it is:
2.4.2 Revenue from Sale of land and other rights
Revenue from Sale of land and other rights is — Expected to be realised or intended to be sold or
generally a single performance obligation and consumed in normal operating cycle
the Company has determined that this is satisfied
at the point in time when control transfers as per — Held primarily for the purpose of trading
the terms of the contract entered into with the
buyers, which generally are with the firmity of the — Expected to be realised within twelve months
sale contracts / agreements. after the reporting period, or
2.4.3 Revenue from Project Management fees and — Cash or cash equivalent unless restricted from
Rental Income being exchanged or used to settle a liability for at
Revenue from Project Management Fees and least twelve months after the reporting period
Rental Income are recognized on accrual basis
as per the terms and conditions of relevant All other assets are classified as non-current.
agreements.
316
A liability is current when: liability at the lease commencement date i.e. the
date at which the leased asset is available for
— It is expected to be settled in normal operating use by the Company. The cost of the right-of-use
cycle asset measured at inception shall comprise of
the amount of the initial measurement of the lease
— It is held primarily for the purpose of trading
liability adjusted for any lease payments made at
— It is due to be settled within twelve months after or before the commencement date less any lease
the reporting period, or incentives received, plus any initial direct costs
incurred and an estimate of costs to be incurred
— There is no unconditional right to defer the by the lessee in dismantling and removing the
settlement of the liability for at least twelve months underlying asset or restoring the underlying
after the reporting period asset or site on which it is located. The right-of-
use assets is subsequently measured at cost less
The Company classifies all other liabilities as any accumulated depreciation, accumulated
non-current. impairment losses, if any and adjusted for any
remeasurement of the lease liability. The right-of-
Deferred tax assets and liabilities are classified as
use assets is depreciated using the straight-line
non-current assets and liabilities.
method from the commencement date over the
Borrowings are classified as current if they are due to shorter of lease term or useful life of right-of-use
be settled within 12 months after the reporting period. asset. The estimated useful lives of right-of use
assets are determined on the same basis as
2.6 Leasing those of property, plant and equipment. Right-of-
2.6.1 The Company as a Lessor use assets are tested for impairment whenever
there is any indication that their carrying amounts
Leases for which the Company is a lessor
may not be recoverable. Impairment loss, if any,
are classified as finance or operating leases.
is recognised in the statement of profit and loss.
Whenever the terms of the lease transfer
substantially all the risks and rewards of The Company measures the lease liability at
ownership to the lessee, the contract is classified the present value of the lease payments that
as a finance lease. All other leases are classified are not paid at the commencement date of the
as operating leases. lease. The lease payments are discounted
using the interest rate implicit in the lease, if
Rental income from operating leases is generally
that rate can be readily determined. If that rate
recognised on a straight-line basis over the term cannot be readily determined, the Company
of the relevant lease. Initial direct costs incurred uses incremental borrowing rate. For leases with
in negotiating and arranging an operating lease reasonably similar characteristics, the Company,
are added to the carrying amount of the leased on a lease by lease basis, may adopt either the
asset and recognised as expense on a straight- incremental borrowing rate specific to the lease or
line basis over the lease term. The respective the incremental borrowing rate for the portfolio as
leased assets are included in the balance sheet a whole. The lease payments shall include fixed
based on their nature. The Company did not payments, variable lease payments, residual
need to make any adjustments to the accounting value guarantees, exercise price of a purchase
for assets held as a lessor as a result of adopting option where the Company is reasonably certain
IND AS 116-Leases. to exercise that option and payments of penalties
for terminating the lease, if the lease term reflects
2.6.2 The Company as a Lessee the lessee exercising an option to terminate
The Company recognises right-of-use asset the lease. The lease liability is subsequently
representing its right to use the underlying asset remeasured by increasing the carrying amount
for the lease term and a corresponding lease to reflect interest on the lease liability, reducing

the carrying amount to reflect the lease payments 2.8.2 Defined benefit plan
made and remeasuring the carrying amount to The liability or assets recognised in the Balance
reflect any reassessment or lease modifications Sheet in respect of defined benefit gratuity plan is
or to reflect revised in-substance fixed lease the present value of the defined benefit obligation
payments. The company recognises the amount at the end of the reporting period less the fair
of the re-measurement of lease liability due to value of the plan assets. The defined benefit
modification as an adjustment to the right-of-use obligation is calculated by actuaries using the
asset and statement of profit and loss depending projected unit credit method.
upon the nature of modification. Where the
The present value of the defined benefit obligation
carrying amount of the right-of-use asset is
is determined by discounting the estimated future
reduced to zero and there is a further reduction
cash outflows with reference to market yields at
in the measurement of the lease liability, the
the end of the reporting period on government
Company recognises any remaining amount of bonds that have terms approximating to the
the re-measurement in statement of profit and terms of the related obligation.
loss.
The net interest cost is calculated applying the
The Company has elected not to apply the discount rate to the net balance of the defined
requirements of Ind AS 116 Leases to short- benefit obligation and the fair value of plan
term leases of all assets that have a lease assets. This cost is included in the employee
term of 12 months or less and leases for which benefit expenses in the Statement of Profit and
the underlying asset is of low value. The lease Loss.
payments associated with these leases are 2.8.3 Remeasurement gains/losses
recognized as an expense on a straight-line
Remeasurement of defined benefit plans,
basis over the lease term.
comprising of actuarial gains or losses, return
on plan assets excluding interest income are
2.7 Foreign exchange transactions and translation
recognised immediately in balance sheet
Transactions in foreign currencies i.e. other than the with corresponding debit or credit to other
Company’s functional currency are recognised at comprehensive income. They are included
the rates of exchange prevailing at the dates of the in Retained Earnings in the Statement of
transactions. At the end of each reporting period, Changes in Equity and in the Balance Sheet.
monetary items denominated in foreign currencies Remeasurements are not reclassified to profit or
are retranslated at the rates prevailing at that date. loss in subsequent period.
Non-monetary items carried at fair value that are
denominated in foreign currencies are retranslated at Remeasurement gains or losses on long term
the rates prevailing at the date when the fair value was compensated absences that are classified as
determined. Non-monetary items that are measured other long term benefits are recognised in profit
in terms of historical cost in a foreign currency are not or loss.
retranslated.
2.8.4 Short-term and other long-term employee
benefits:
Exchange differences on monetary items are
recognised in profit or loss in the period in which they The undiscounted amount of short-term employee
benefits expected to be paid in exchange for the
arise.
services rendered by employees are recognised
during the year when the employees render the
2.8 Employee Benefits
service. These benefits include performance
2.8.1 Defined contribution plans incentive and compensated absences which are
The Company’s contribution paid/payable during expected to occur within twelve months after the
the year to Superannuation Fund and Provident end of the period in which the employee renders
fund is recognised in profit or loss. the related service.
318
The cost of short-term compensated absences is 2.10 Earnings per share

accounted as under: The Company reports basic and diluted earnings per
(a) in case of accumulated compensated share in accordance with Ind AS - 33 on ‘Earnings
absences, when employees render the per Share’. Basic earnings per share is computed
services that increase their entitlement of by dividing the net profit or loss for the year by the
future compensated absences; and weighted average number of Equity shares outstanding
during the year. Diluted earnings per share is computed
(b) in case of non-accumulating compensated by dividing the net profit or loss for the year by the
absences, when the absences occur. weighted average number of equity shares outstanding
during the year as adjusted for the effects of all diluted
Compensated absences which are not expected
potential equity shares except where the results are
to occur within twelve months after the end of the
anti- dilutive.
period in which the employee renders the related
service are recognised as a liability at the present 2.11 Borrowing costs
value of expected future payments to be made in
Borrowing costs directly attributable to the acquisition,
respect of services provided by employees up the
construction or production of qualifying assets, which
end of the reporting period using the projected
are assets that necessarily take a substantial period
unit credit method. The benefits are discounted
of time to get ready for their intended use or sale, are
using the market yields at the end of the reporting
added to the cost of those assets, until such time as the
period that have terms approximating to the
assets are substantially ready for their intended use or
terms of the related obligation. Remeasurements
sale.
as a result of experience adjustments and
changes in actuarial assumptions are recognised Interest income earned on the temporary investment
in Statement of Profit and Loss.
of specific borrowings pending their expenditure on
2.8.5 Employee Stock Option Scheme qualifying assets is deducted from the borrowing costs
eligible for capitalisation.
Equity-settled share-based payments to
employees are measured at the fair value of the All other borrowing costs are recognised in profit or loss
equity instruments at the grant date. The fair in the period in which they are incurred.
value determined at the grant date of the equity-
settled share-based payments is expensed on a 2.12 Income Taxes
straight-line basis over the vesting period, based
Income Tax expense represents the sum of tax currently
on the Company’s estimate of equity instruments
payable and deferred tax
that will eventually vest, with a corresponding
increase in equity.
2.12.1 Current tax
At the end of each reporting period the Company Current tax is determined as the amount of tax
revises its estimate of the No. of equity instruments payable in respect of taxable income for the year.
expected to vest. The impact of revision of the The Company’s current tax is calculated using
original estimate, if any, is recognised in profit or tax rate that has been enacted or substantially
loss such that the cumulative expense reflects enacted by the end of the reporting period.
the revised estimate with the corresponding
adjustments to the equity settled. 2.12.2 Deferred tax
Deferred tax is recognised on temporary
2.9 Cash and Cash Equivalents differences between the carrying amounts of
Cash and cash equivalent in the Balance sheet assets and liabilities in the financial statements
comprise cash at banks and on hand and short-term and the corresponding tax bases used in the
deposits with an original maturity of three months or computation of taxable profit. Deferred tax
less, which are subject to insignificant risk of changes liabilities are generally recognised for all taxable
in value. temporary differences. Deferred tax assets are

generally recognised for all deductible temporary less any recognised impairment loss. Cost includes
differences to the extent that it is probable that professional fees and, for qualifying assets, borrowing
taxable profits will be available against which costs capitalised in accordance with the Company’s
those deductible temporary differences can be accounting policy. Such properties are classified to
utilised. Such deferred tax assets and liabilities the appropriate categories of property, plant and
are not recognised if the temporary difference equipment when completed and ready for intended
arises from the initial recognition (other than in a use. Depreciation of these assets, on the same basis
business combination) of assets and liabilities in as other property assets, commences when the assets
a transaction that affects neither the taxable profit are ready for their intended use.
nor the accounting profit.
Furniture & Fixtures and Office equipment’s are stated at
The carrying amount of deferred tax assets is cost less accumulated depreciation and accumulated
reviewed at the end of each reporting period and impairment losses.
reduced to the extent that it is no longer probable
Depreciation is recognised so as to write off the cost of
that sufficient taxable profits will be available to
assets (other than freehold land and properties under
allow all or part of the asset to be recovered.
construction) less their residual values over their useful
Deferred tax liabilities and assets are measured lives, using the straight-line method. The estimated
at the tax rates that are expected to apply in the useful lives, residual values and depreciation method
period in which the liability is settled or the asset are reviewed at the end of each reporting period, with
realised, based on tax rates (and tax laws) that the effect of any changes in estimate accounted for on
have been enacted or substantively enacted by a prospective basis.
the end of the reporting period.
An item of property, plant and equipment is derecognised
upon disposal or when no future economic benefits are
The measurement of deferred tax liabilities and
expected to arise from the continued use of the asset.
assets reflects the tax consequences that would
Any gain or loss arising on the disposal or retirement of
follow from the manner in which the Company
an item of property, plant and equipment is determined
expects, at the end of the reporting period, to
as the difference between the sales proceeds and the
recover or settle the carrying amount of its assets
carrying amount of the asset and is recognised in profit
and liabilities.
or loss.
2.12.3 Current and deferred tax for the year Depreciation on tangible fixed assets has been
Current and deferred tax are recognised in provided on pro-rata basis, on the straight-line method
profit or loss, except when they relate to items as per the useful life prescribed in Schedule II to the
that are recognised in other comprehensive Companies Act, 2013 except for certain assets as
income or directly in equity, in which case, the indicated below:
current and deferred tax are also recognised in
other comprehensive income or directly in equity Lease hold improvements are amortised over the
respectively. period of lease/estimated period of lease.
Vehicles used by employees are depreciated over the

2.13 Property, plant and equipment
period of 48 months considering this period as the
Land and buildings held for use in the production or
useful life of the vehicle for the Company.
supply of goods or services, or for administrative
purposes, are stated in the balance sheet at cost Sales office and the sample flat/ show unit cost at site is
less accumulated depreciation and accumulated amortised over 5 years or the duration of the project (as
impairment losses. Freehold land is not depreciated. estimated by management) whichever is lower.
Properties in the course of construction for production, Fixed Assets held for disposal are valued at estimated
supply or administrative purposes are carried at cost, net realizable value.
320
2.14 Intangible Assets difference between the net disposal proceeds and the
2.14.1 Intangible assets acquired separately carrying amount of the asset) is included in profit or loss
in the period in which the property is derecognised.
Intangible assets with finite useful lives that are
acquired separately are carried at cost less
2.16 Impairment of tangible and intangible asset
accumulated amortisation and accumulated
other than Goodwill
impairment losses. Amortisation is recognised on
a straight-line basis over their estimated useful At the end of each reporting period, the Company reviews
lives. The estimated useful life and amortisation the carrying amounts of its tangible and intangible
method are reviewed at the end of each reporting assets to determine whether there is any indication
period, with the effect of any changes in estimate that those assets have suffered an impairment loss.
being accounted for on a prospective basis. If any such indication exists, the recoverable amount,
which is the higher of the value in use or fair value less
2.14.2 Derecognition of Intangible assets cost to sell, of the asset or cash generating unit, as the
An intangible asset is derecognised on disposal, case may be, is estimated and the impairment loss (if
or when no future economic benefits are expected any) is recognised and the carrying amount is reduced
from use or disposal. Gains or losses arising from to its recoverable amount. When it is not possible to
derecognition of an intangible asset, measured estimate the recoverable amount of an individual asset,
as the difference between the net disposal the Company estimates the recoverable amount of
proceeds and the carrying amount of the asset the cash-generating unit to which the asset belongs.
are recognised in profit or loss when the asset is When a reasonable and consistent basis of allocation
derecognised. can be identified, corporate assets are also allocated
to individual cash-generating units, or otherwise they
2.14.3 Useful lives of Intangible assets are allocated to the smallest group of cash-generating
Estimated useful lives of the intangible assets are units for which a reasonable and consistent allocation
as follows: basis can be identified.
Computer Software 5 years Intangible assets with indefinite useful lives and
intangible assets not yet available for use are tested for
2.15 Investment Property impairment at least annually, and whenever there is an
Investment properties are properties held to earn rentals indication that the asset may be impaired.
and/or for capital appreciation (including property
under construction for such purposes). Investment When an impairment loss subsequently reverses, the
properties are measured initially at cost, including carrying amount of the asset (or a cash-generating unit)
transaction costs. Subsequent to initial recognition, is increased to the revised estimate of its recoverable
investment properties are measured in accordance amount, but so that the increased carrying amount does
with Ind AS 16’s requirements for cost model. not exceed the carrying amount that would have been
determined had no impairment loss been recognised
Investment property includes freehold/leasehold land for the asset (or cash-generating unit) in prior years.
and building. Depreciation on investment property has A reversal of an impairment loss is recognised
been provided on pro-rata basis, on the straight-line immediately in profit or loss.
method as per the useful life of such property. Buildings
are depreciated over the period of 60 years considering 2.17 Inventories
this period as the useful life for the Company. Inventories are stated at lower of cost and net realisable
value. The cost of construction material is determined
An investment property is derecognised upon disposal on the basis of weighted average method. Construction
or when the investment property is permanently Work-in-Progress includes cost of land, premium for
withdrawn from use and no future economic benefits development rights, construction costs and allocated
are expected from the disposal. Any gain or loss arising interest & manpower costs and expenses incidental to
on derecognition of the property (calculated as the the projects undertaken by the Company.

2.18 Cost of Construction/Development under which the unavoidable costs of meeting

Cost of Construction/Development (including cost of the obligations under the contract exceed the
land) incurred is charged to the statement of profit and economic benefits expected to be received from
loss proportionate to project area sold. Costs incurred the contract.
for projects which have not received Occupancy/
2.20.3 Contingent liabilities
Completion Certificate is carried over as construction
work-in-progress. Costs incurred for projects which Contingent liability is disclosed in case of:
have received Occupancy/Completion Certificate is
a) a present obligation arising from past
carried over as Completed Properties.
events, when it is not probable that an
outflow of resources will be required to
2.19 Dividend Distribution
settle the obligation; and
Dividends paid (including income tax thereon) is
recognized in the period in which the interim dividends b) a present obligation arising from past
are approved by the Board of Directors, or in respect of events, when no reliable estimate is
the final dividend when approved by shareholders. possible.
2.20 Provisions and contingent liabilities 2.21Financial instruments

2.20.1 Provisions Financial assets and financial liabilities are recognised
when the Company becomes a party to the contractual
Provisions are recognised when the Company
provisions of the instruments.
has a present obligation (legal or constructive)
as a result of a past event, it is probable that the Financial assets and financial liabilities are initially
Company will be required to settle the obligation, measured at fair value. Transaction costs that are directly
and a reliable estimate can be made of the attributable to the acquisition or issue of financial assets
amount of the obligation. and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss) are
The amount recognised as a provision is the
added to or deducted from the fair value of the financial
best estimate of the consideration required to
assets or financial liabilities, as appropriate, on initial
settle the present obligation at the end of the
recognition. Transaction costs directly attributable to the
reporting period, taking into account the risks
acquisition of financial assets or financial liabilities at fair
and uncertainties surrounding the obligation.
value through profit or loss are recognised immediately
When a provision is measured using the cash
in profit or loss.
flows estimated to settle the present obligation,
its carrying amount is the present value of those
2.21.1 Classification and subsequent measurement
cash flows (when the effect of the time value of
money is material).
2.21.1.1 Financial assets
All regular way purchases or sales of financial
When some or all of the economic benefits assets are recognised and derecognised on
required to settle a provision are expected to a trade date basis. Regular way purchases
be recovered from a third party, a receivable is or sales are purchases or sales of financial
recognised as an asset if it is virtually certain that assets that require delivery of assets within
reimbursement will be received and the amount the time frame established by regulation or
of the receivable can be measured reliably. convention in the marketplace. All recognised
financial assets are subsequently measured at
Provisions and contingent liabilities are reviewed either amortised cost or fair value depending
at each Balance Sheet date. on their respective classification.
2.20.2 Onerous contracts On initial recognition, a financial asset is

Present obligations arising under onerous classified as - measured at:
contracts are recognised and measured as — Amortised cost; or
provisions. An onerous contract is considered
to exist where the Company has a contract — Fair Value through Other Comprehensive
322
Income (FVTOCI) - debt investment; or value recognised in other comprehensive

income and accumulated in the reserves. The
— Fair Value through Other Comprehensive cumulative gain or loss is not reclassified to
Income (FVTOCI) - equity investment; or profit or loss on disposal of the investments.
— Fair Value Through Profit or Loss (FVTPL) These investments in equity are not held for
trading. Instead, they are held for medium or
Financial assets are not reclassified long term strategic purpose.
subsequent to their initial recognition, except
if and in the period the Company changes its Equity investments that are not designated
business model for managing financial assets. as measured at FVTOCI are designated as
measured at FVTPL and subsequent changes
All financial assets not classified as measured in fair value are recognised in profit or loss.
at amortised cost or FVTOCI are measured at
FVTPL. Financial assets at FVTPL are subsequently
measured at fair value. Net gains and losses,
Financial assets at amortised cost are including any interest or dividend income, are
subsequently measured at amortised cost recognised in profit or loss.
using effective interest method. The amortised
cost is reduced by impairment losses. Interest 2.21.1.2 Financial liabilities and equity instruments
income, foreign exchange gains and losses Debt and equity instruments issued by the
and impairment are recognised in profit or Company are classified as either financial
loss. Any gain and loss on derecognition is liabilities or as equity in accordance with the
recognised in profit or loss. substance of the contractual arrangements
and the definitions of a financial liability and
The effective interest method is a method
an equity instrument.
of calculating the amortised cost of a debt
instrument and of allocating interest income Equity instruments
over the relevant period. The effective
An equity instrument is any contract that
interest rate is the rate that exactly discounts
evidences a residual interest in the assets of
estimated future cash receipts (including all
the Company after deducting all of its liabilities.
fees and points paid or received that form
Equity instruments issued by the Company is
an integral part of the effective interest rate,
recognised at the proceeds received, net of
transaction costs and other premiums or
directly attributable transaction costs.
discounts) through the expected life of the
debt instrument, or, where appropriate, a Financial liabilities
shorter period, to the net carrying amount on
Financial liabilities are classified as measured
initial recognition.
at amortised cost or FVTPL. A financial liability
Debt investment at FVTOCI are subsequently is classified as at FVTPL if it is classified as
measured at fair value. Interest income under held-for-trading or it is a derivative (that does
effective interest method, foreign exchange not meet hedge accounting requirements) or
gains and losses and impairment are it is designated as such on initial recognition.
recognised in profit or loss. Other net gains and Other financial liabilities are subsequently
losses are recognised in Other Comprehensive measured at amortised cost using the effective
Income (OCI). On derecognition, gains and interest method. Interest expense and foreign
losses accumulated in OCI are reclassified to exchange gains and losses are recognised in
profit or loss. profit or loss. Any gain or loss on derecognition
is also recognised in profit or loss.
For equity investments, the Company makes
an election on an instrument-by-instrument 2.21.2 Derecognition of financial assets
basis to designate equity investments The Company derecognises a financial asset
as measured at FVTOCI. These elected when the contractual rights to the cash flows
investments are measured at fair value with from the financial asset expire, or it transfers
gains and losses arising from changes in fair the rights to receive the contractual cash flows

in a transaction in which substantially all of the 2.21.5 Derecognition of financial liabilities

risks and rewards of ownership of the financial The Company derecognizes financial
asset are transferred or in which the Company liabilities when, and only when, the Company’s
neither transfers nor retains substantially all of obligations are discharged, cancelled
the risks and rewards of ownership and does or have expired. An exchange between
not retain control of the financial asset. with a lender of debt instruments with
substantially different terms is accounted for
If the Company enters into transactions as an extinguishment of the original financial
whereby it transfers assets recognised on liability and the recognition of a new financial
its balance sheet, but retains either all or liability. Similarly, a substantial modification
substantially all of the risks and rewards of the of the terms of an existing financial liability
transferred assets, the transferred assets are (whether or not attributable to the financial
not derecognised. difficulty of the debtor) is accounted for as
an extinguishment of the original financial
2.21.3 Offsetting liability and the recognition of a new financial
Financial assets and financial liabilities are liability. The difference between the carrying
offset and the net amount presented in the amount of the financial liability derecognised
balance sheet when, and only when, the and the consideration paid and/or payable is
Company currently has a legally enforceable recognised in profit or loss.
right to set off the amounts and it intends either
to settle them on a net basis or to realise the 3. Use of estimates and judgements
asset and settle the liability simultaneously.
In the application of the Company’s accounting policies,
which are described in note 2, the management
2.21.4 Impairment of financial assets
is required to make judgements, estimates and
The Company applies the expected credit assumptions about the carrying amounts of assets
loss (ECL) model for recognising impairment and liabilities that are not readily apparent from other
loss on financial assets. With respect to trade sources. The estimates and associated assumptions are
receivables, the Company measures the based on historical experience and other factors that are
loss allowance at an amount equal to lifetime considered to be relevant. Actual results may differ from
expected credit losses. these estimates.
Loss allowances for financial assets measured The estimates and underlying assumptions are reviewed
at amortised cost are deducted from the on an ongoing basis. Revisions to accounting estimates
gross carrying amount of the assets. For debt are recognized in the period in which the estimate
securities at FVTOCI, the loss allowance is is revised if the revision affects only the period of the
recognised in OCI and is not reduced from the revision and future periods if the revision affects both
carrying amount of the financial asset in the current and future periods.
balance sheet.
Key sources of estimation uncertainty
The gross carrying amount of a financial asset
is written off (either partially or in full) to the In the process of applying the Company’s accounting
extent that there is no realistic prospect of policies, management has made the following
recovery. This is generally the case when the judgements based on estimates and assumptions, which
Company determines that the debtor does not have the significant effect on the amounts recognised in
have assets or sources of income that could the financial statements:
generate sufficient cash flows to repay the
amounts subject to the write- off. However, A. Useful lives of property, plant and equipment,
financial assets that are written off could still Investment Property and Intangible Asset
be subject to enforcement activities under the The Company reviews the useful life of property,
Company’s recovery procedures, taking into plant and equipment, Investment Property and
account legal advice where appropriate. Any Intangible Asset at the end of each reporting
recoveries made are recognised in profit or period. This re-assessment may result in change in
loss. depreciation expense in future periods.
324
B. Fair value measurements and valuation F. Determination of performance obligations

processes With respect to the sale of property, the Company
Some of the Company’s assets and liabilities are has evaluated and concluded that the goods and
measured at fair value for financial reporting services transferred in each contract constitute a
purposes. In estimating the fair value of an asset or a single performance obligation. In particular, the
liability, the Company uses market-observable data promised goods and services in contracts for the
to the extent it is available. Where Level 1 inputs sale of property is to undertake development of
are not available, the Company engages third party property and obtaining the Occupation Certificate.
valuers, where required, to perform the valuation. Generally, the Company is responsible for all these
Information about the valuation techniques and goods and services and the overall management of
inputs used in determining the fair value of various the project. Although these goods and services are
assets, liabilities and share based payments are capable of being distinct, the Company accounts
disclosed in the notes to the financial statements. for them as a single performance obligation
because they are not distinct in the context of the
C. Actuarial Valuation contract.
The determination of Company’s liability towards
defined benefit obligation to employees is made G. Impairment of investments
through independent actuarial valuation including The Company assesses impairment of investments
determination of amounts to be recognised in in subsidiaries, associates and joint ventures which
the Statement of Profit and Loss and in other are recorded at cost. At the time when there are any
comprehensive income. Such valuation depends indications that such investments have suffered
upon assumptions determined after taking into a loss, if any, is recognised in the statement of
account inflation, seniority, promotion and other Profit and Loss. The recoverable amount requires
relevant factors such as supply and demand estimates of operating margin, discount rate,
factors in the employment market. Information future growth rate, terminal values, etc. based on
about such valuation is provided in notes to the management’s best estimate
financial statements.
H. Leases
D. Taxes The Company evaluates if an arrangement qualifies
Deferred tax assets are recognised for temporary to be a lease as per the requirements of IND AS
differences to the extent that it is probable that 116. Identification of a lease requires significant
taxable profit will be available against which the judgement. The Company uses significant
losses can be utilised. Significant management judgement in assessing the lease term (including
judgement is required to determine the amount of anticipated renewals) and the applicable discount
deferred tax assets that can be recognised, based rate.
upon the likely timing and the level of future taxable
profits together with future tax planning strategies. The Company determines the lease term as the
non-cancellable period of a lease, together with
E. Determination of the timing of revenue both periods covered by an option to extend the
recognition on the sale of completed and under lease if the Company is reasonable certain to
development property exercise that option and period covered by an
The Company has evaluated and generally option to terminate the lease if the Company is
concluded that the recognition of revenue over reasonably certain not to exercise that option. The
the period of time criteria are not met owing to Company revises the lease term if there is a change
non-enforceable right to payment for performance in the non-cancellable period of the lease.
completed to date and, therefore, recognises
revenue at a point in time. The Company has The discount rate is generally based on increment
further evaluated and concluded that based on borrowing rate specific to the lease being
the analysis of the rights and obligations under evaluated or for a portfolio of leases with similar
the terms of the contracts relating to the sale of characteristics.
property, the revenue is to be recognised at a point
in time when control transfers which coincides with
receipt of Occupation Certificate.

326
N otes to t h e S T A N D A L O N E Finan c ia l S tate m ents
4.1. Property, Plant and Equipment
(` In lakhs)
Description of Assets Building Leasehold Office Furniture and Vehicles Computers Total
Improvements Equipments Fixtures
I. Gross Carrying Amount
Balance as at 1st April, 2021 141.77 513.29 192.10 153.36 145.29 376.67 1,522.48
Additions during the year 468.89 52.28 83.19 178.12 61.23 150.00 993.71
Deductions/Adjustments during the year - - (60.15) (6.87) (14.53) (34.17) (115.72)
st
Balance as at 31 March, 2022 610.66 565.57 215.14 324.61 191.99 492.50 2,400.47
II. Accumulated depreciation and impairment
Depreciation expense for the year 55.87 42.05 22.33 67.94 30.50 23.16 241.85
Deductions/Adjustments during the year - - (60.15) (6.87) (6.59) (33.99) (107.60)
Balance as at 31st March, 2022 195.92 477.63 138.99 143.06 104.03 337.50 1,397.13
III. Net carrying amount (I-II) 414.74 87.94 76.15 181.55 87.96 155.00 1,003.34
(` In lakhs)
Additions during the year - - 7.14 48.61 30.10 33.82 119.67
Deductions/Adjustments during the year (335.25) (99.60) (13.05) (1.46) (114.79) (199.02) (763.17)
st
st
III. Net carrying amount (I-II) 1.72 77.71 15.29 71.37 65.17 28.34 259.60
4.2. Right of use Assets

(` In lakhs)
Description of Assets As at As at
As at 1st April 946.85 973.12
Additions during the year 846.24 -
Deductions/Adjustments during the year (946.85) (26.27)
Balance as at 31st March 846.24 946.85
II. Accumulated depreciation

Balance as at 1st April 889.60 458.57
Depreciation expense for the year 322.35 431.03
Deductions/Adjustments during the year (930.13) -
III. Net carrying amount (I-II) 564.42 57.25
4.3. Capital Work-in-Progress

(` In lakhs)
Buildings
Project-in-Progress*
Less than 1 year 284.23 235.25
1-2 years - 242.62
2-3 years - 66.60
More than 3 years - 914.72
Project temporary suspended - -
Total 284.23 1,459.19
*Movement due to capitalisation and sale during the year.
5. Investment Property
(` In lakhs)
Description of Assets Land Buildings Total

Balance as at 1st April, 2021 1,766.17 1,189.01 2,955.18
Balance as at 31st March, 2022 1,766.17 1,189.01 2,955.18
Balance as at 1st April, 2021 - 906.37 906.37
Depreciation expense for the year - 49.45 49.45
Balance as at 31st March, 2022 - 955.82 955.82
III. Net carrying amount (I-II) 1,766.17 233.19 1,999.36

(` In lakhs)
Particulars Land Buildings Total

Balance as at 31st March, 2021 1,766.17 1,189.01 2,955.18
Fair value disclosure on Company’s investment properties
The Company’s investment property consist of a commercial property constructed on land taken on perpetual lease in India
at Mahindra Towers, Delhi. Management determined that the investment property consist of two classes of assets − office and
retail − based on the nature, characteristics and risks of each property.
Details of the investment properties and information about the fair value hierarchy:
(` In lakhs)
Particulars Mahindra Towers, Delhi #

Land Buildings Total
Opening balance as at 1st April, 2020 12,520.00 1,070.00 13,590.00
Fair value difference (320.00) (20.00) (340.00)
Closing balance as at 31st March, 2021 12,200.00 1,050.00 13,250.00
Fair value difference (2,200.00) (30.00) (2,230.00)
Closing balance as at 31 March, 2022
st
10,000.00 1,020.00 11,020.00
# The fair values of the Mahindra Towers at Delhi have been arrived at on the basis of a valuation carried out by the independent valuers of Anarock Property
Consultant Private Limited, not related to the Company who are registered with the authority which governs the valuers in India and have appropriate qualifications
and experience in the valuation of properties in the relevant locations. The Fair value was determined using the discounted cash flow methodology based on the
forecasted cash flows for five years.
Information regarding income and expenditure of Investment property:

(` In lakhs)

Rental income derived from investment properties (included in 'Revenue from 787.39 669.03
Operations')
Direct operating expenses that generate rental income (included in 'Other 401.41 264.55
Expenses')
328
6. Intangible Assets
(` In lakhs)
Description of Assets Computer Software

As at As at
Deductions/Adjustments during the year - (289.53)
Amortisation expense for the year 4.05 14.17
Balance as at 31 March
st
71.79 67.74

7. Investments
330
(` In lakhs)
Particulars As at 31st March, 2022 As at 31 March, 2021

Face QTY Amounts* Face QTY Amounts*
Value Non Value Non Current
Current
A. COST
Unquoted Investments (all fully paid)
Investments in Equity Instruments
- of Subsidiaries
Mahindra Infrastructure Developers Limited 10 18,000,000 1,800.00 10 18,000,000 1,800.00
Mahindra World City (Maharashtra) Limited 10 1,170,400 117.04 10 1,170,400 117.04
Mahindra Integrated Township Limited (refer note "b" below) 10 37,000,000 3,700.00 10 37,000,000 3,700.00
Knowledge Township Limited (refer note "a" below) 10 49,071,664 5,528.15 10 49,071,664 5,528.15
Industrial Township (Maharashtra) Limited 10 5,000,000 500.00 10 5,000,000 500.00
Mahindra Bloomdale Developers Limited (Earlier known as Mahindra 10 50,000 403.50 10 50,000 403.50
Bebanco Developers Limited) (w.e.f. 29th May, 2018)
Anthurium Developers Limited 10 50,000 5.00 10 50,000 5.00

Deepmangal Developers Private Limited 10 177 284.61 10 177 284.61
- of Joint Ventures
Mahindra World City (Jaipur) Limited 10 111,000,000 11,115.43 10 111,000,000 11,115.43
Mahindra Happinest Developers Limited 10 51,000 5.10 10 51,000 5.10
Mahindra Industrial Park Private Limited (Earlier known as Industrial 10 50,000 5.00 10 50,000 5.00
Cluster Private Limited)
Mahindra World City Developers Limited (refer note "b" below) 10 17,799,999 3,889.43 10 17,799,999 3,889.43
Class A Equity Shares 10 616,879 61.69 10 616,879 61.69
Class C Equity Shares (Refer note ‘c’ below) 10 45,523 26,548.66 10 64,423 32,054.04
- of Associate
Mahindra Knowledge Park (Mohali) Limited 10 6 0.00 10 6 0.00
TOTAL INVESTMENTS CARRIED AT COST [A] 53,963.61 59,468.99
B. AMORTISED COST
Investments in Preference Shares
- of Subsidiaries
Moonshine Construction Private Limited (7.00% Non-Cumulative 10 5,000 0.50 10 5,000 0.50
Redeemable Participating Preference Shares)
Mahindra World City Maharashtra Limited (8.50% Non convertible 10 175,000 17.50 10 175,000 17.50
Preference Shares)
- of Joint Ventures
Mahindra Homes Private Limited (Series A 0.01% Optionally 10 1 0.00 10 1 0.00
Convertible Redeemable Preference Shares)
TOTAL INVESTMENTS CARRIED AT AMORTISED COST [B] 18.00 18.00
(` In lakhs)

Face QTY Amounts* Face QTY Amounts*
Value Non Value Non Current
Current
C. Designated at Fair Value Through Profit and Loss
- of Joint Ventures
Mahindra Happinest Developers Limited 10 949,661 895.15 10 949,661 843.85
(0.01% Optionally Convertible Redeemable Preference Shares)
- of Other Entities
Urban Stay Technologies Private Limited - - - 10 45,000 14.54
(0.0001% Cumulative Compulsorily Convertible Preference Shares)
(refer note "e" below)
Investments in Debentures
- of Joint Ventures
Mahindra Industrial Park Private Limited (Earlier known as Industrial 100,000 7,457 7,925.00 100,000 7,457 9,306.00
Cluster Private Limited) (11% Optionally Convertible Debentures)
Mahindra Happinest Developers Limited (refer note "f" below) - - - 10 16,121,060 1,417.50
(15% Optionally Convertible Redeemable Debentures)
- of Subsidiaries
- of Other Entities
New Tirupur Area Development Corporation Limited 10 500,000 - 10 500,000 -
Urban Stay Technologies Private Limited (refer note "e" below) - - - 10 1,550 0.50
Total Aggregate Unquoted Investments 8,820.15 11,582.39
TOTAL INVESTMENTS CARRIED AT FVTPL [C] 8,820.15 11,582.39
TOTAL INVESTMENTS (A) + (B)+ (C) 62,801.76 71,069.38
Total Impairment value for investment carried at cost (D) (Refer notes (13,661.86) (24,074.09)
'd' below)
TOTAL INVESTMENTS CARRYING VALUE (A) + (B) + (C) + (D) 49,139.90 46,995.29
Other disclosures
Aggregate carrying value of unquoted investments 62,801.76 71,069.38
Aggregate amount of impairment in value of unquoted investments (13,661.86) (24,074.09)
*` 0.00 lakhs denotes amount less than ` 500/-

Notes:
Mahindra Lifespaces
a. During the year ended 31st March, 2021, the Company had opted to convert its investment in 2,637 11% Optionally Convertible Debentures
(OCDs) of the face value of ` 1.00 lakh each and interest receivable of ` 518.21 lakhs in Knowledge Township Limited and has received
331
2,80,71,664 fully paid up equity shares of the face value of ` 10 each as per the terms of Debenture subscription agreement.
b. Pursuant to approval received from the Board of directors of the Company and Board of Directors of Mahindra Integrated Township Ltd. (MITL),
332
Mahindra Residential Developers Ltd. (MRDL) and Mahindra World City Developers Ltd. (MWCDL) respectively for the Scheme of Amalgamation
of MITL and MRDL with MWCDL, an application under Section 230 to 232 of the Companies Act, 2013 has been filed with National Company Law
Tribunal, Chennai on 24th December, 2021.
c. The company has received ` 5,505.38 Lakhs as a consideration for buy back of 18,900 Class C equity shares from Joint Venture Company viz
Mahindra Homes Private Limited (MHPL). The transaction was completed on 24th December, 2021.
Exceptional Item:
d. Mahindra Homes Private Limited (MHPL), a Joint Venture of the Company, is executing residential projects at NCR and Bengaluru. The residential
project in NCR is a Joint Development with the land owner. During the year MHPL saw significant increase in sales with improvement in selling
price, volumes and collections from the projects and there was a buy back of its Class C equity shares. Pursuant to above, the Company has
evaluated the carrying value of its investment and on the basis of estimated Net Present Value of forecasted cash flows expected to be generated
by MHPL, reversed an impairment loss of ` 10,412.23 Lakhs (31st March, 2021: NIL)”
e. During the year company has sold the investment in equity shares & 0.0001% Cumulative Compulsorily Convertible Preference Shares in Urban
Stay Technologies Private Limited for ` 0.45 lakhs basis the fair valuation of the entity
f. During the year company has redeemed the investment in 15% Optionally Convertible Redeemable Debentures in Mahindra Happinest Developers
Limited for ` 1482.96 lakhs basis the fair valuation of the entity,

8. Other Financial Assets

(` In lakhs)
Particulars As at 31st March, 2022 As at 31st March, 2021

Non Current Current Non Current Current
Financial assets at amortised cost
a) Security Deposit 1,175.91 633.15 1,175.91 616.38
b) Interest Accrued - 5,188.64 - 7,578.37
Total 1,175.91 5,821.79 1,175.91 8,194.75
9. Deferred Tax Asset (Net)

(` In lakhs)
Deferred Tax Liabilities 449.45 799.99
Deferred Tax Assets (6,112.21) (4,433.69)
Total (5,662.76) (3,633.70)
Deferred Tax (assets)/liabilities in relation to:

(` In lakhs)
Particulars Opening Recognised Recognised Closing

Balance as at in Statement in Other Balance as
1st April, 2021 of Profit and Comprehensive at 31st March,
Loss Income 2022
Fiscal allowance on Property, Plant and Equipment, 353.55 (20.56) - 332.99
Investment Property and Other Intangible Assets
Disallowance u/s 43(B) of the Income tax Act, (178.04) (113.76) - (291.80)
1961
Provision for Employee Benefits (134.04) 27.76 10.32 (95.96)
Carry forward of Business Loss (3,589.41) (1,656.06) - (5,245.47)
Interest income on Optionally Convertible (532.20) 53.22 - (478.98)
Debentures of a joint venture
Other Temporary differences 446.44 (329.98) - 116.46
Total (3,633.70) (2,039.38) 10.32 (5,662.76)

Deferred Tax (assets)/liabilities in relation to:

(` In lakhs)
Particulars Opening Recognised Recognised Closing

Balance as at in Statement in Other Balance as
1st April, 2020 of Profit and Comprehensive at 31st March,
Loss Income 2021
Fiscal allowance on Property, Plant and Equipment, 396.56 (43.01) - 353.55
Investment Property and Other Intangible Assets
Disallowance u/s 43(B) of the Income tax Act, (107.68) (70.36) - (178.04)
1961
Provision for Employee Benefits (91.40) (37.59) (5.05) (134.04)
Adjustment relating to cumulative effect of (33.16) 33.16 - -
applying IND AS 115 - Revenue from Contracts
with Customers
Carry forward of Business Loss (2,527.90) (1,061.51) - (3,589.41)
Interest income on Optionally Convertible - (532.20) - (532.20)
Other Temporary differences 477.01 (30.57) - 446.44
Total (1,886.57) (1,742.08) (5.05) (3,633.70)
10. Other Assets

(` In lakhs)

Non Current Current Non Current Current
(a) Capital Advances 251.90 - 251.90 -
(b) Advances other than capital advances
(i) Advances to related party* - 2,000.00 - 2,000.00
(ii) Balances with government authorities - 548.06 - 1,028.12
(other than income taxes)
(iii) Prepaid Expenses - 2,642.55 - 1,454.31
(iv) Income Tax Assets (Net) 5,520.80 - 4,595.05 -
(v) Security Deposits - 1,425.00 - 1,650.00
(vi) Other Advances# - 12,407.61 - 3,111.03
Total 5,772.70 19,023.22 4,846.95 9,243.46
# Other Advances mainly includes Land Advances , Employees advance and Project Advances given to vendors.
Advance given to employees as per the Company’s policy are not considered for the purposes of disclosure under section 186(4) of the Companies Act, 2013.
* The Company had entered into an agreement to acquire a parcel of land near Thane, Maharashtra, at a consideration of Rs 2,000.00 lakhs. While full consideration
was paid, the land was not conveyed pending completion of certain formalities. The Company has incurred additonal cost of ` 2367.65 lakhs towards liasoning
and other related costs upto 31st March 2022 (` 1,530.54 lakhs upto 31st March 2021) which has been included in inventories as construction work in progress
in note no. 11. Tahsildar (Thane) has issued an order against the registered owner alleging non-adherence of certain conditions pertaining to Bombay Tenancy
and Agricultural Lands Act, 1948 and changed the land records to reflect Government of Maharashtra as the holder of the land. The Company has been legally
advised that the said order and the demand thereunder is grossly erroneous and not tenable. Accordingly, the Company has filed an appeal before Sub-Divisional
Officer Thane (SDO). SDO after hearing and completing the process has issued an order dated 07th February, 2019 and set aside the order passed by Tahsildar
(Thane) and has also directed Tahsildar (Thane) to delete the name of Government of Maharashtra from the land records of the aforesaid land.

334
11. Inventories (at lower of cost and net realisable value)

(` In lakhs)
(a) Raw materials 2,416.34 1,882.38
(b) Construction Work-in-progress* 101,935.02 89,232.18
(c) Finished Goods 1,374.27 12,058.98
Total 105,725.63 103,173.54
*Construction Work-in-Progress represents materials at site and construction cost incurred for the projects.
Notes:
1. Based on projections and estimates by the Company of the expected revenues and costs to completion, provision for losses to completion and/ or write
off of costs carried to inventory are made on projects where the expected revenues are lower than the estimated costs to completion. In the opinion of the
management, the net realisable value of the construction work in progress will not be lower than the costs so included therein. The amount of inventories
recognised as an expense of ` 22,340.49/- lakhs for the year ended 31st March, 2022.(31st March, 2021: ` 8,042.60 lakhs) include 31st March, 2022: ` NIL
(31st March, 2021: ` NIL) in respect of write down of inventory to net realisable value.
2. The Company has availed cash credit facilities and short term loans, which are secured by hypothecation of inventories.
3. The Company had purchased land parcel at Alibaug and two GAT Numbers (1755 and 1756) out of this land parcel have been attached by Income Tax
department by serving order of attachment dated 31st July 2017 on one of the erstwhile land owners in lieu of recovery proceedings of tax dues of ` 5,988.00
lakhs payable towards Income Tax department. The Company had lodged objections to the attachment of these two GAT Numbers with Income Tax
Department. During the year ended 31st March, 2021, based on the letter dated 16th February, 2021 received by the Company from Deputy Commissioner
of Income Tax, the erstwhile land owner’s income tax liability stands at ` 24.33 lakhs. There is no change in the wealth tax liability of ` 6.06 lakhs. During the
current year, attachment of above mentioned GAT Nos were released by the Tax Recovery Officer, Thane.
12. Trade receivables

(` In lakhs)
Trade receivables
(a) Considered good - unsecured 6,769.84 5,016.03
(b) Credit impaired 181.62 154.14
6,951.46 5,170.17
Less: Allowance for credit losses (181.62) (154.14)
Total 6,769.84 5,016.03
12 a - Movement in the allowance for credit loss

(` In lakhs)
Balance at beginning of the year 154.14 141.72
Additions during the year 27.48 12.42
Balance at end of the year 181.62 154.14
Refer Note 31 for disclosures related to credit risk, impairment of trade receivables under expected credit loss model and related financial instrument disclosures.

12 b - Ageing for trade receivables from the due date of payment for each of the category is as follows:
(` In lakhs)
Undisputed Trade Receivable - Considered good - unsecured*
Not Due 4,356.20 3,000.69
0 months - 6 months 1,964.62 1,006.87
6 months -1 year 121.47 265.73
1-2 Years 53.39 481.55
2-3 years 175.68 159.16
More than 3 years 98.48 102.03
Undisputed Trade Receivable - Credit impaired
Not Due - -
0 months - 6 months 7.84 0.15
6 months -1 year 7.45 -
1-2 Years 11.79 6.09
2-3 years 6.09 13.13
Disputed Trade Receivable - which have significant increase in credit risk - -
Disputed Trade Receivable - Credit impaired - -
Total 6,951.46 5,170.17
* there were no unbilled receivables, hence the same is not disclosed in ageing schedule
13. Cash and Bank Balances

(` In lakhs)
Cash and cash equivalents
(a) Cheques on hand - 16.91
(b) Balance with Banks:
- On current accounts* 1,177.46 2,231.87
- Fixed Deposit with original maturity Less than 3 months 16,832.78 7,485.18
Total Cash and cash equivalent (considered in Statement of Cash Flows) 18,010.24 9,733.96
* As at 31st March, 2022 includes ` 25.18 lakhs (31st March, 2021: ` 20.74 lakhs) held in AED denominated bank accounts
14. Bank Balances other than Cash and cash equivalents

(` In lakhs)
(a) Balances with Banks:
(i) Earmarked balances 1,062.62 1,054.84
(ii) On Margin Accounts 31.55 29.66
(iii) Fixed Deposits with original maturity greater than 3 months 10.35 4.09
Total Other Bank balances 1,104.52 1,088.59
336
15. Loans
(` In lakhs)
At amortised cost
a) Loans to related parties (refer note 36)
- Unsecured, considered good 9,721.41 6,369.91
Total 9,721.41 6,369.91
The Loans to related parties (refer note 36) are repayable on demand or as per the terms or period of repayment.
There are no Loans or advances in the nature of loans to Promoter, Directors, Key Management Person as defined under
Companies Act, 2013.
16. Equity Share Capital

(` In lakhs)

No. of shares Amount No. of shares Amount
Authorised:
Equity shares of ` 10 each with voting rights 294,000,000 29,400.00 115,000,000 11,500.00
Unclassified shares of ` 10 each 6,000,000 600.00 6,000,000 600.00
Issued:
Subscribed and Fully Paid up:
Total 154,517,264 15,451.73 51,383,238 5,138.32
(i) Reconciliation of the number of shares and outstanding amount

No. of Shares ` In lakhs No. of Shares ` In lakhs
Balance at the Beginning of the year 51,383,238 5,138.32 51,361,388 5,136.14
Add: Bonus Issue during the year* 102,787,676 10,278.77 - -
Add: Stock options allotted during the year 346,350 34.64 21,850 2.18
Balance at the end of the year 154,517,264 15,451.73 51,383,238 5,138.32
*Pursuant to the approval of the Shareholders, through postal ballot and e-voting on 6th September, 2021 the Company, on 16th September, 2021 allotted
10,27,87,676 Ordinary Shares of ` 10/- each, as fully paid-up Bonus Shares in the proportion of 2 (Two) Bonus Share of ` 10/- each for every existing 1
(One) Ordinary Shares of ` 10/- each held as on the Record Date i.e. 15th September, 2021.
Terms/ rights attached to equity shares with voting rights

The Company has only one class of equity shares having par value of ` 10 per share. Each holder of equity shares is
entitled to one vote per share and carry a right to dividends. The company declares and pays dividends in Indian rupees.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in ensuing Annual General
Meeting.

(ii) Details of shares held by the holding company and its subsidiaries:
Particulars Equity Shares with

Voting rights
As at 31st March, 2022
Mahindra & Mahindra Limited the Holding Company 79,319,550
Other than the above shares, no shares are held by any subsidiaries or associates of the holding company.
(iii) Details of shares held by each shareholder holding more than 5% shares
Class of shares / Name of shareholder As at 31st March, 2022 As at 31st March, 2021
Number of % holding Number of % holding
shares held shares held
Equity shares with voting rights
Mahindra & Mahindra Limited 79,319,550 51.33% 26,439,850 51.46%
(iv) Shares reserved for issue under options

The Company has 1,250,720 (Previous Year 548,504) equity shares of ` 10/- each reserved for issue under options [Refer
Note 26].
(v) The allotment of 153,189 (Previous Year 51,063) equity shares of the Company has been kept in abeyance in accordance
with Section 206A of the Companies Act, 1956 (Section 126 of the Companies Act 2013), till such time the title of the
bonafide owner of the shares is certified by the concerned Stock Exchange or the Special Court (Trial of Offences relating
to Transactions in Securities).
(vi) Details of shareholdings by the Promoter’s of the Company
Class of shares / Name of shareholder As at 31st March, 2022 As at 31st March, 2021 % change
Number of % holding Number of % holding during
shares held shares held the period

Mahindra & Mahindra Limited 79,319,550 51.33% 26,439,850 51.46% (0.13%)
(vii) Aggregate number of equity shares issued as bonus during the period of five years immediately
preceeding the reporting date:
Equity share alloted as fully paid bonus shares by capitalisation of Capital 102,787,676 -
Redemption Reserve and Security Premium
338
17. Other equity

(` In lakhs)
General reserve 7,299.49 7,299.49
Securities premium 94,475.08 97,075.89
Share options outstanding account 443.91 537.58
Retained earnings 31,459.30 27,139.21
Capital redemption reserve - 7,353.58
Share Application money pending allotment - 0.75
Total 133,677.78 139,406.50
Description of the nature and purpose of Other Equity:

General Reserve: The general reserve is used from time to time to transfer profits from retained earnings for appropriation
purposes. There is no policy of regular transfer. Items included under General Reserve shall not be reclassified back into the
Profit and Loss.
Securities Premium: The Securities Premium is created on issue of shares at a premium.
Share Option Outstanding Account: The Share Options Outstanding Account represents reserve in respect of equity settled
share options granted to the Company’s employees in pursuance of the Employee Stock Option Plan.
Retained Earnings: This reserve represents cumulative profits of the Company and effects of remeasurement of defined
benefit obligations. This reserve can be utilised in accordance with the provisions of Companies Act, 2013.
Capital Redemption Reserve: The Capital Redemption Reserve was created against redemption of Preference Shares.
Share Application Money Pending allotment- This represents share application money received from the eligible employees
upon exercise of employee stock option. The same will be transferred to equity share capital account after the allotment of
shares to the applicants. The share application money pending allotment of ` 0.75 lakhs pertaining to previous year has been
transferred to equity share capital during the year upon allotment of shares.
18. Provisions
(` In lakhs)
Current Non- Current Current Non- Current
(a) Provision for employee benefits
- Gratuity - 88.70 - 124.57
- Leave Encashment 49.58 242.98 56.33 301.78
(b) Other Provisions
- Defect Liabilities 799.17 - 672.42 -
Total 848.75 331.68 728.75 426.35

Details of movement in provisions for Defect Liabilities are as follows:

(` In lakhs)
Opening Balance 672.42 635.93
Additional provisions recognised 133.80 42.00
Amounts utilised during the year (7.05) (5.51)
Closing Balance 799.17 672.42
Defect Liability Provisions:

Provision for defect liability represents present value of management’s best estimate of the future outflow of economic resources
that will be required in respect of residential units when control over the property has been transferred to the customer, the
estimated cost of which is accrued during the period of construction, upon sale of units and recognition of related revenue.
Management estimates the related provision for future defect liability claims based on historical cost of rectifications and is
adjusted regularly to reflect new information. The residential units are generally covered under a the defect liability period
limited to 5 years from the date when control over the property has been transferred to the customer.
19. Borrowings
(` In lakhs)
Current Current
A. Secured Borrowings at amortised cost
(a) Loans on cash credit account from Banks - 238.21
(b) Other loan from Financial Institution 3,500.00 3,500.00
Total 3,500.00 3,738.21
B. Unsecured Borrowings at amortised cost
(a) Loans on cash credit account from Banks 480.64 7.17
(b) Other Loans from banks 12,500.00 7,394.66
Total 12,980.64 7,401.83
Total (A+B) 16,480.64 11,140.04
Secured Borrowing
(a) The cash credit facility carrying interest rate was 7.65% p.a. (Previous Year in the range of 7.65% p.a. to 8.65% p.a) is
secured by first charge on all existing and future current assets excluding land and immovable properties.
(b) Other loan from Financial Institution carrying interest rate is 8.85% p.a. (previous year 8.85% p.a. to 9.10% p.a.) is
secured by first charge on land and building and cashflows of identified Project.
Unsecured Borrowings
(a) The cash credit facility is carrying interest rate in the range of 7.20% p.a. to 7.65% p.a. (Previous Year 7.35% p.a. to
8.20% p.a.)
(b) Other loans from banks include short term loan carrying interest rate in the range of 4.25% p.a. to 7.45% p.a. (Previous
Year 4.25% p.a. to 7.40% p.a.)
340
20. Trade Payables

(` In lakhs)
Trade payable - Micro and small enterprises* 825.18 579.00
Trade payable - Other than micro and small enterprises 10,788.58 8,861.51
Total 11,613.76 9,440.51
Trade Payables are payables in respect of the amount due on account of goods purchased or services received in the normal
course of business.
20 a. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act,
2006
*This information has been determined to the extent such parties have been identified on the basis of intimation received from
the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006.
(` In lakhs)
Dues remaining unpaid
Principal 825.18 579.00
Interest - -
Interest paid in terms of Section 16 of the MSMED Act along with the amount of
payment made to the supplier beyond the appointed day during the year
- Principal paid beyond the appointed date - -
- Interest paid in terms of Section 16 of the MSMED Act - -
Amount of interest due and payable for the period of delay on payments made - -
beyond the appointed day during the year
Further interest due and payable even in the succeeding years, until such date - -
when the interest due as above are actually paid to the small enterprises
Amount of interest accrued and remaining unpaid - -
20 b. Ageing for trade payable from the due date of payment for each of the category is as follows:
(` In lakhs)
Undisputed dues of micro enterprises and small enterprises
Unbilled - -
Not Due 785.89 568.66
1-2 Years - -
2-3 years - -
More than 3 years - -

(` In lakhs)
Undisputed dues of Trade Payable other than micro enterprises and small
enterprises
Unbilled 899.78 1,018.81
Not Due 9,247.65 6,214.24
Less than 1 year 388.63 1,007.11
1-2 Years 97.83 220.45
2-3 years 47.93 196.68
Total 11,613.76 9,440.51
21. Other Financial Liabilities

(` In lakhs)
Carried at Amortised Cost
(a) Interest accrued 28.20 2.09
(b) Unclaimed dividend* 88.87 126.53
(c) Other Liabilities# 2,706.06 2,762.87
Total 2,823.13 2,891.49
* There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund.
# Other liabilities mainly includes Trade Deposits and Society Maintenance deposits.
22. Other Current Liabilities

(` In lakhs)
a. Advances received from customers 48,267.00 32,450.05

b. Statutory dues payable 327.36 234.89
Total 48,594.36 32,684.94
342
23. Revenue from Operations

(` In lakhs)

a) Revenue from Contracts with Customers
(i) Revenue from Projects 24,355.51 8,228.62
(ii) Project Management Fees 137.71 65.94
b) Income from Operation of Commercial Complexes 787.39 669.03
Total 25,280.61 8,963.59
Notes:
(1) Contract Balances

(a) Amounts received before the related performance obligation is satisfied are included in the balance sheet (Contract
liability) as “Advances received from Customers” in note no. 22 - Other Current Liabilities. Amounts billed for
development milestone achieved but not yet paid by the customer are included in the balance sheet under trade
receivables in note no. 12.
(b) During the year, the Company recognised Revenue of ` 18,324.47 lakhs (31st March, 2021: ` 3,489.49 lakhs) from
opening contract liability included in the balance sheet as “Advances received from Customers” in note no. 22 -
Other Current Liabilities of ` 32,450.05 lakhs (1st April, 2020 : ` 22,490.89 lakhs).
(c) There were no significant changes in the composition of the contract liabilities and Trade receivable during the
reporting period other than on account of periodic invoicing and revenue recognition.
(d) Amounts previously recorded as contract liabilities increased due to further milestone based invoices raised during
the year and decreased due to revenue recognised during the year on completion of the construction.
(e) Amounts previously recorded as Trade receivables increased due to further milestone based invoices raised during
the year and decreased due to collections during the year.
(f) There are no contract assets outstanding at the end of the year.
(g) The aggregate amount of the transaction price allocated to the performance obligations that are completely or
partially unsatisfied as at 31st March, 2022, is ` 117,160 lakhs (31st March, 2021 : ` 82,432.55 lakhs). Out of this, the
Company expects, based on current projections, to recognize revenue of around 40% within the next one year and
the remaining thereafter. This includes contracts that can be terminated for convenience with a penalty as per the
agreement since, based on current assessment, the occurrence of the same is expected to be remote.
(2) Reconciliation of revenue recognised with the contracted price is as follows:

(` In lakhs)

Contracted price 24,355.51 8,228.62
Adjustments on account of cash discounts or early payment rebates, etc. - -
Revenue recognised as per Statement of Profit & Loss 24,355.51 8,228.62

(3) Contract costs

(` In lakhs)

Contract costs included in Prepaid expenses in Note no. 10- Other Assets 2,338.13 1,223.44
(a) The Company incurs commissions that are incremental costs of obtaining a contract with a customer. Under Ind
AS 115, the Company recognises the incremental costs of obtaining a contract as assets under Prepaid Expenses
under note no. 10 - Other Assets and amortises it upon completion of the related property sale contract.
(b) For the year ended 31st March 2022 amortisation amounting to ` 581.00 lakhs (31st March 2021: ` 89.14 lakhs) was
recognised as Brokerage cost in note no. 25 - Cost of Sales. There were no impairment loss in relation to the costs
capitalised.
24. Other Income

(` In lakhs)

(a) Interest Income on:
(1) Inter Corporate Deposits 489.85 574.00
(2) Bank Deposits 364.63 230.34
(3) Optionally Convertible Debentures - 211.44
(4) Others* 38.35 120.30
(b) Dividend Income from Joint Ventures and Subsidiaries 4,245.00 2,761.20
(c) Gain on disposal of Property, Plant and Equipment 1.97 -
(d) Net Gain arising on Financial Assets measured at Fair Value through Profit - 541.12
and Loss
(e) Miscellaneous Income 229.10 237.06
Total 5,368.90 4,675.46
* Other Interest Income includes interest income on account of financing component involved in contracts with customers and interest charged on late payment
received from customers.
25. Cost of Sales

(` In lakhs)
A. Cost of Project
Opening Stock:
Construction work-in-progress 89,232.18 80,457.45
Raw Material 1,882.38 2,006.57
Finished Goods 12,058.98 8,786.71
Sub-Total (a) 103,173.54 91,250.73
Add: Expenses incurred during the year
Land Cost 1,703.19 8,600.82
Architect Fees 190.49 188.74
Civil Electricals, Contracting, etc. 16,136.99 6,805.68
344
(` In lakhs)
Interest costs allocated 391.43 445.42
Employee benefits expense allocated 1,333.54 1,296.11
Liasioning costs 2,122.47 1,872.59
Insurance 5.13 12.33
Legal and Professional Fees 3,009.34 743.72
Sub-Total (b) 24,892.58 19,965.41
Less: Closing Stock:
Raw Material 2,416.34 1,882.38
Finished Goods 1,374.27 12,058.98
Sub-Total (c) 105,725.63 103,173.54
Total A (a+b-c) 22,340.49 8,042.60
B. Operating Expenses
Brokerage 581.00 89.14
Total B 581.00 89.14
Total (A+B) 22,921.49 8,131.74
26. Employee Benefits Expense

(` In lakhs)

(a) Salaries and wages, including bonus 7,784.79 7,130.66
(b) Contribution to provident and other funds 388.85 383.22
(c) Share based payment expenses 88.88 137.81
(d) Staff welfare expenses 325.90 175.55
Less : Allocated to projects (1,333.54) (1,296.11)
Total 7,254.88 6,531.13
Share based payment

The Company has granted options to its eligible employees under the Employee Stock Options Scheme 2006 (“ESOS 2006”)
and the Employee Stock Options Scheme 2012 (“ESOS 2012). The options granted under both the schemes are equity settled.
ESOS 2006:- Options granted under ESOS 2006 vest in 4 equal instalments of 25% each on expiry of 12 months, 24 months,
36 months and 48 months respectively from the date of grant. The options may be exercised on any day over a period of five
years from the date of vesting.
ESOS 2012 (Options granted till 16th March, 2021):- Options granted under ESOS 2012 vest in 4 instalments bifurcated as 20%
each on the expiry of 12 months and 24 months, 30% each on the expiry of 36 months and 48 months respectively from the
date of grant. The options may be exercised on any day over a period of five years from the date of vesting.
ESOS 2012 (Options granted from 17th March, 2021):- Options granted under ESOS 2012 vest in 3 equal instalments of
33.33% each on expiry of 12 months, 24 months, and 36 months respectively from the date of grant. The options may be
exercised within a period of five years from the date of grant.

The other details of the schemes are summarised below:
Details about Vesting Conditions:
Particulars Number of Grant Date Expiry Date Exercise Price Fair value
Options per Option
(including at Grant
issue of Date
share options (`)
under bonus
arrangement)
ESOS 2006
1 Series 2 Granted on 4th August 2012 10,000 4-Aug-12 4-Aug-21 ` 325 per share 294.06
2 Series 15 Granted on 30th Oct 2020 12,00,000 30-Oct-20 30-Oct-29 ` 246 per share 108.97
ESOS 2012
2 Series 4 Granted on 24th July 2013 27,400 24-Jul-13 24-Jul-22 ` 10 per share 409.27
3 Series 5 Granted on 17th October 2014 28,800 17-Oct-14 17-Oct-23 ` 10 per share 461.87
4 Series 6 Granted on 30th April 2015 3,900 30-Apr-15 30-Apr-24 ` 10 per share 402.60
5 Series 7 Granted on 28th January 2016 40,300 28-Jan-16 28-Jan-25 ` 10 per share 417.10
8 Series 10 Granted on 30th Jan 2018 3,500 30-Jan-18 30-Jan-27 ` 10 per share 453.81
10 Series 12 Granted on 14th Feb 2019 11,400 14-Feb-19 14-Feb-28 ` 10 per share 341.88
11 Series 13 Granted on 26th July 2019 1,40,700 26-Jul-19 26-Jul-28 ` 10 per share 353.37
13 Series 15 Granted on 30th Oct 2020 25,500 30-Oct-20 30-Oct-29 ` 10 per share 258.83
14 Series 16 Granted on 17th March 2021 92,768 17-Mar-21 17-Mar-26 ` 10 per share 542.32
Movement in Share Options

Number of Weighted Number of Weighted
Options average Options average
exercise price exercise price
(`) (`)
1 The number and weighted average exercise 548,504 183.54 126,350 20.32
prices of share options outstanding at the
beginning of the year;
2 Granted during the year 67,867 10.00 467,654 211.86
3 Issue of share options under bonus 1,033,014 63.50 - -
arrangement
4 Forfeited during the year 46,665 5.48 17,450 10.00
5 Exercised and alloted during the year* 346,350 71.80 21,850 10.00
6 Expired during the year 5,650 149.38 6,200 137.02
7 Outstanding at the end of the year 1,250,720 60.27 548,504 183.54
8 Exercisable at the end of the year 103,969 46.54 21,550 46.54
* Excludes share application money pending allotment of NIL options (31st March, 2021 - 7,550 options)
346
Share Options Exercised and alloted during the Year
Particulars Number of Exercise Date Price per Share at

Options Exercised Exercise Date
and Alloted (`)
Equity Settled
1 Series 11 Granted on 30th July 2018 1,350 03-Jan-22 246.63
2 Series 11 Granted on 30th July 2018 500 14-May-21 499.68
3 Series 11 Granted on 30 July 2018
th
2,500 17-Nov-21 262.88
th
750 18-Jan-22 271.60
5 Series 11 Granted on 30th July 2018 750 20-Aug-21 750.18
th
1,500 20-Jan-22 265.40
7 Series 11 Granted on 30th July 2018 600 20-Jul-21 677.25
th
450 23-Sep-21 278.65
th
1,250 24-Sep-21 288.80
10 Series 11 Granted on 30th July 2018 1,000 25-Feb-21 499.40
11 Series 12 Granted on 14 Feb 2019
th
600 07-Dec-21 250.88
th
450 20-Feb-22 309.60
13 Series 12 Granted on 14th Feb 2019 300 31-Jul-21 762.65
th
300 01-Jul-21 602.88
15 Series 13 Granted on 26th July 2019 1,800 01-Mar-22 296.10
th
1,600 01-Nov-21 277.48
th
300 02-Aug-21 787.60
th
600 07-Nov-21 283.05
20 Series 13 Granted on 26th July 2019 1,200 10-Dec-21 253.53
th
300 12-Feb-21 496.10
th
300 15-Dec-21 250.45
23 Series 13 Granted on 26th July 2019 1,300 15-Sep-21 280.23
th
1,000 16-Nov-21 267.93
th
300 17-Aug-20 243.43
26 Series 13 Granted on 26th July 2019 500 17-Nov-21 262.88
th
1,000 19-Nov-21 255.05
th
300 24-Jun-21 592.48
th
600 24-Nov-21 253.08
31 Series 13 Granted on 26th July 2019 1,700 26-Jul-21 723.08
32 Series 13 Granted on 26 July 2019*
th
300 28-Jul-20 206.28
th
900 02-Dec-21 245.23
th
300 11-Oct-21 278.08


and Alloted (`)
36 Series 14 Granted on 29th July 2020 600 13-Dec-21 257.53
37 Series 14 Granted on 29th July 2020 2,400 27-Nov-21 241.50
38 Series 15 Granted on 30 Oct 2020 th
900 02-Feb-22 263.45
39 Series 15 Granted on 30th Oct 2020 300 19-Nov-21 255.05
900 20-Dec-21 227.00
600 20-Nov-21 255.05
42 Series 15 Granted on 30th Oct 2020 300,300 31-Oct-21 275.20
43 Series 7 Granted on 28 January 2016
th
1,500 11-Oct-21 278.08
th
900 19-Feb-21 487.48
45 Series 7 Granted on 28th January 2016 750 20-Sep-21 275.95
th
600 28-Jan-22 247.23
47 Series 8 Granted on 28th July 2016 4,000 10-Feb-21 472.57
th
1,050 12-Feb-20 400.55
th
750 04-Nov-21 283.05
50 Series 9 Granted on 25th July 2017 1,500 23-Nov-21 244.68
th
450 25-Jul-21 720.80
346,350
* These are the options for which exercise price were received during the current year.
Share Options outstanding at the end of the year

The share options outstanding at the end of the year had a range of exercise prices of ` 10 - ` 82 (as at 31st March, 2021:
` 10 - ` 325), and weighted average remaining contractual life of 2,231 days (as at 31st March, 2021: 2,996 days).
The Fair value has been calculated using the Black Scholes option pricing model and the significant inputs
used for the valuation are as follows
Particulars 4th August 4th August "24th July 17th October "30th April 28th January 28th
2012 2012 2013" 2014 2015" 2016 July 2016
Share price per Option at grant 324.14 324.14 454.09 516.08 467.60 482.25 450.60
date (`)
Exercise price per Option (`) 325 10 10 10 10 10 10
Expected volatility 44.15% - 44.15% - 47.63% 26.68% - 26.11% - 27.17% - 26.98% -
59.61% 59.61% 43.74% 37.68% 30.20% 28.17%
Expected life / Option Life 3.5 - 6.5 Years 3.5 - 6.5 Years 6 - 9 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years
Expected dividends yield 1.38% 1.38% 1.31% 2.28% 2.57% 2.49% 1.31%
Risk-free interest rate 8.06% - 8.20% 8.06% - 8.20% 8.31% - 8.39% 8.49% - 8.52% 7.69% - 7.74% 7.43% - 7.73% 6.88% - 7.14%
348
Particulars 25th July 30th January 30th July 14th February 26th July 29th July 30th Oct
2017 2018 2018 2019 2019 2020 2020
date (`)
Expected volatility 27.24% - 27.77%- 27.95%- 28.39%- 28.40%- 30.51%- 31.48%-
28.90% 28.98% 30.52% 30.88% 29.58% 32.39% 33.32%
Expected life / Option Life 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years
Expected dividends yield 1.39% 1.22% 1.05% 1.58% 1.54% 2.95% -
Risk-free interest rate 6.37%-6.66% 7.11% - 7.56% 7.76% - 8.01% 6.97% - 7.29% 6.25% - 6.55% 4.82% - 5.69% 4.82% - 5.69%
Particulars 30th Oct 2020 17th Mar 2021 16th Mar 2022
Share price per Option at grant date (`) 258.83 542.32 294.45
Exercise price per Option (`) 10 10 10
Expected volatility 31.48%- 34.19%- 36.95%-
33.32% 34.87% 38.47%
Expected life / Option Life 3.5 - 6.5 Years 3 - 4 Years 3 - 4 Years
Expected dividends yield - - -
Risk-free interest rate 4.82% - 5.69% 5.16% - 5.59% 5.47% - 5.88%
In respect of Options granted under the Employee Stock Option Plan the accounting is done as per requirements of Ind AS
102 - ‘Share Based Payments’ after adjusting for reversals on account of options forfeited.
The risk-free interest rate being considered for the calculation is the interest rate applicable for maturity equal to the expected
life of the options based on the zero-yield curve for Government Securities.
27. Finance Cost

(` In lakhs)

(a) Interest costs :
Interest expense for financial liabilities at amortised cost 811.42 775.93
Less: Allocated to projects (391.43) (445.42)
(b) Interest on lease liabilities 48.83 21.19
(c) Other borrowing costs* 4.83 14.90
Total 473.65 366.60
* Other borrowing costs include guarantee charges and ancillary costs incurred in connection with borrowings.

28. Other Expenses

(` In lakhs)

(a) Power & Fuel 68.56 43.34
(b) Rent, Rates & Taxes 714.71 377.62
(c) Insurance 13.60 13.58
(d) Repairs and maintenance 465.20 487.46
(e) Advertisement, Marketing & Business Development 1,637.30 1,433.30
(f) Travelling and Conveyance Expenses 166.26 57.81
(g) Expenditure on Corporate Social Responsibility (CSR) under section 135 - 70.72
of the Companies Act, 2013
(h) Payment to Auditors# 65.98 64.54
(i) Legal and other professional costs 1,107.90 995.43
(j) Printing & Stationery 17.95 14.97
(k) Allowance for credit losses 27.48 -
(l) Net loss arising on Financial Assets measured at Fair value through profit 1,278.84 -
& loss
(m) Loss on disposal of Property Plant & Equipment 170.85 58.99
(n) Miscellaneous expenses 1,809.36 1,293.73
Total 7,543.99 4,911.49
# Payments to Auditors (excluding of GST) (` In lakhs)

(i) To Statutory auditors
For Audit 52.42 47.50
For Other Services 11.77 14.90
Reimbursement of Expenses 0.21 0.56
(ii) To Cost auditors for cost audit 1.58 1.58
Total 65.98 64.54
29. Tax (Credit)/Expense

(a) Tax (Credit)/Expense recognised in profit or loss
(` In lakhs)

Current Tax:
In respect of current year - -
Deferred Tax:
In respect of current year origination and reversal of temporary differences (2,039.38) (1,742.08)
Total (2,039.38) (1,742.08)
350
(b) Tax Expense/(Credit) recognised in Other Comprehensive income

(` In lakhs)

Deferred tax related to items recognised in other comprehensive
income during the year:
Remeasurements of the defined benefit plans (10.32) 5.05
Total (10.32) 5.05
(c) Reconciliation of estimated income tax (credit)/expense at tax rate to income tax expense reported in
the Statement of Profit and Loss is as follows:
(` In lakhs)

Loss Before Tax And Exceptional Item (8,162.20) (6,966.58)
Income tax (credit)/expense calculated at 25.17% (2,054.43) (1,753.49)
Effect of expenses that is non deductible in determining taxable profit 10.07 17.80
Changes in recognised deductible temporary differences 4.98 (6.39)
Income tax (credit)/expense recognised In Statement of Profit and Loss (2,039.38) (1,742.08)
30. Earnings per Share

` `
Basic earnings per share 2.78 (3.39)
Diluted earnings per share 2.77 (3.39)
Basic earnings per share

The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as
follows:
(` In lakhs)

Profit /(Loss) for the year 4,289.41 (5,224.50)
Weighted average number of equity shares 154,295,260 154,120,748
Diluted earnings per share

The diluted earnings per share has been computed by dividing the net Profit /(Loss) after tax available for equity shareholders
by the weighted average number of equity shares, after giving dilutive effect of the outstanding stock options for the respective
periods.

(` In lakhs)

Profit / (Loss) for the year used in the calculation of diluted earnings per share 4,289.41 (5,224.50)
Weighted average number of equity shares used in the calculation of Diluted 155,097,077 154,120,748
EPS
The weighted average number of ordinary shares for the purpose of diluted earnings per share reconciles to the weighted
average number of ordinary shares used in the calculation of basic earnings per share as follows:

Weighted average number of equity shares used in the calculation of Basic 154,295,260 154,120,748
EPS
Add: Options outstanding under Employee Stock Option Plan* 801,817 -
Weighted average number of equity shares used in the calculation of 155,097,077 154,120,748
Diluted EPS
* As on 31st March, 2021, 358,816 potential equity shares are considered anti-dilutive and therefore excluded from the calculation of weighted average number of
equity shares used in the calculation of diluted EPS.
Pursuant to issue of Bonus Shares (refer note 16) during the current year Earning per share (Basic and Diluted) have been
adjusted for the period presented.
31 - Financial Instruments
Capital management
The Company’s capital management objectives are:
- safeguard its ability to continue as a going concern, so that it can continue to maximise the returns for shareholders and
benefits for other stakeholders
- maintain an optimal capital structure to reduce the cost of capital.
The Management of the Company monitors the capital structure using debt equity ratio which is determined as the proportion
of total debt to total equity.
(` In lakhs)
Debt 17,063.65 11,204.70
Cash and bank balances (19,114.76) (10,822.55)
Net Debt (A) (2,051.11) 382.15
Equity (B) 149,129.51 144,544.82
Net Debt to Equity Ratio (A / B) (0.014) 0.003
352
Categories of financial assets and financial liabilities

The following tables shows the carrying amount of financial assets and financial liabilities by category:
(` In lakhs)
Particulars Amortised Costs FVTPL Total

Non-current Assets
Investments 40,319.75 8,820.15 49,139.90
Other Financial Assets 1,175.91 - 1,175.91
Current Assets
Trade Receivables 6,769.84 - 6,769.84
Cash and Bank Balances 19,114.76 - 19,114.76
Loans 9,721.41 - 9,721.41
Other Financial Assets
- Non Derivative Financial Assets 5,821.79 - 5,821.79
Non-current Liabilities
Other Financial Liabilities
- Lease Laibilities 301.36 - 301.36
Current Liabilities
Borrowings 16,480.64 - 16,480.64
Lease Liabilities 281.65 - 281.65
Trade Payables 11,613.76 - 11,613.76
- Non Derivative Financial Liabilities 2,823.13 - 2,823.13

(` In lakhs)

Non-current Assets
Investments 35,412.90 11,582.39 46,995.29
Other Financial Assets 1,175.91 1,175.91
Current Assets
Loans 6,369.91 - 6,369.91
- Lease Laibilities - - -
Current Liabilities
Borrowings 11,140.04 - 11,140.04
Trade Payables 9,440.51 - 9,440.51

Financial Risk Management Framework

The Company’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. In order to manage
the aforementioned risks, the Company operates a risk management policy and a program that performs close monitoring of
and responding to each risk factor.
CREDIT RISK
(i) Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. Credit risk arises from trade receivables, cash and cash equivalents & other financial assets.
Trade Receivables
The Company’s trade receivables include receivables on sale of residential flats and rent receivable. As per the Company’s flat
handover policy, a flat is handed over to a customer only upon payment of entire amount of consideration. The rent receivables
are secured by security deposits obtained under the lease agreement. Thus, the Company is not exposed to any credit risk
on receivables from sale of residential flats and rent receivables.
Cash and Cash Equivalents & Other Financial Assets

For banks and financial institutions, only high rated banks/institutions are accepted. The Company holds cash and cash
equivalents with bank and financial institution counterparties, which are having highest safety ratings based on ratings
published by various credit rating agencies. The Company considers that its cash and cash equivalents have low credit risk
based on external credit ratings of the counterparties.
For Other Financial Assets, the Company assesses and manages credit risk based on reasonable and supportive forward
looking information. Other Financial Assets are considered to be low credit risk exposure assets.
LIQUIDITY RISK
(i) Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate
liquidity risk management framework for the management of the Company’s short-term, medium-term and long-term
funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves,
banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by
matching the maturity profiles of financial assets and liabilities.
(ii) Maturities of financial liabilities

The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities with
agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted cash
flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include
both interest and principal cash flows.
(` In lakhs)
Particulars Less than 1 Year 1 Year to 3 Years 3 Years to 5 Years

Non-derivative financial liabilities
As at 31st March 2022
Non Current
Lease Liabilities - 310.83 -
Total Non Current - 310.83 -
354
(` In lakhs)

Current
Borrowings 14,730.64 1,750.00 -
Lease Liabilities 310.83 - -
Trade Payables 11,613.76 - -
Other Financial Liabilities 2,823.13 - -
Total Current 29,478.36 1,750.00 -
As at 31 March 2021
st
Current
Borrowings 11,140.04 - -
Lease Laibilities 64.66 - -
Other Financial Liabilities 2,891.49 - -
Total Current 23,536.70 - -
MARKET RISK
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk such as equity price risk.
The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while
optimising the return. All such transactions are carried out within the guidelines set by the Board of Directors.
(i) Currency Risk
Foreign currency risk is the risk that the fair value or the future cash flows of an exposure will fluctuate because of
changes in the foreign exchange rate. The Company undertakes few transactions denominated in foreign currencies only
for availing certain services. Hence Foreign currency risk is not significant in comparision to company’s operations.
(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily
to the Company’s long-term debt obligations with floating interest rates.The Company manages its interest rate risk by
having a balanced portfolio of fixed and floating rate loans and borrowings.
(iii) Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans
and borrowings affected. With all other variables held constant, the Company’s profit before tax is affected through the
impact on floating rate borrowings, as follows:
(` in lakhs)
Increase / decrease in basis points Currency As at 31st March, 2022 As at 31st March, 2021
Effect on profit before tax Effect on loss before tax
+100 ` (164.81) (111.40)
-100 ` 164.81 111.40

32. Fair Value Measurement

Fair Valuation Techiques and Inputs used - Recurring Items
(` in lakhs)
Financial assets Fair value as at Fair value Valuation Applicable for Level 2 and Level 3
measured at Fair value 31 March, 31 March,
st st hierarchy Technique(s) hierarchy Key input(s)
2022 2021
Financial assets
Investments
1) Investment in 895.15 858.39 Level 3 Income For Discounted Cash Flow -
Preference Shares - Approach - Companies Financial projections.
unquoted Discounted These include forecasts of balance
Cash Flow sheet, statement of profit and loss
along with underlying assumptions.
2) Investment in Equity - 0.50 Level 3 Net Asset Value For Net Asset Value- The value is
Shares - unquoted derived based on the book value
since the assets are intended to be
disposed off.
3) Investment 7,925.00 10,723.50 Level 3 Income For Discounted Cash Flow -
in Optionally Approach - Companies Financial projections.
Convertible Discounted These include forecasts of balance
Debentures Cash Flow sheet, statement of profit and loss
along with underlying assumptions.
Total financial assets 8,820.15 11,582.39
Significant unobservable inputs used in level 3 fair value measurements

(` in lakhs)
Financial assets Fair value as at Fair value Significant Relationship of unobservable

measured at Fair value 31 st
31 st hierarchy unobservable inputs to fair value and sensitivity
March, March, inputs
2022 2021
1) Investment in 895.15 858.39 Level 3 Interest Rates Any change (increase/ decrease)
Preference Share - to discount in the discount factor, financial
unquoted future cash projections etc. would entail
flow, Financial corresponding change in the
Projections valuation
2) Investment in Equity - 0.50 Level 3 Intrinsic worth of Increase in book value/multiple will
Share - unquoted Net Assets result in increase in valuation
3) Investment 7,925.00 10,723.50 Level 3 Interest Rates Any change (increase/ decrease)
in Optionally to discount in the discount factor, financial
Convertible future cash projections etc. would entail
Debentures flow, Financial corresponding change in the
356
Financial Instrument not measured using Fair Value i.e. measured using amortized cost
The carrying value of Other financial assets / liabilities represent reasonable estimate of fair value.
There were no transfers between Level 1 and Level 2 during the year.
Reconciliation of Level 3 fair value measurements of financial instruments measured at fair value
(` In lakhs)
Particulars Investment Investment Investment Total

in Preference in Equity in Optionally
Shares - Shares - Convertible
unquoted unquoted Debentures
Opening Balance of Fair Value 858.39 0.50 10,723.50 11,582.39
Total incomes/gains or (losses) recognised :
-In Profit or (Loss) 37.21 (0.48) (1,315.57) (1,278.84)
Redemption of during the year (0.45) (0.02) (1,482.93) (1,483.40)
Closing balance of fair value 895.15 - 7,925.00 8,820.15
Opening Balance of Fair Value 1,271.85 15.08 13,157.71 14,444.64
Total incomes/gains or (losses) recognised :
-In Profit or Loss (413.46) (14.58) 969.16 541.12
Redemption of Optionally Convertible Redeemable - - (766.37) (766.37)
Debentures during the year
Conversion of Optionally Convertible Redeemable - - (2,637.00) (2,637.00)
Debenture to Equity Share (Refer note. 8a)
Closing balance of fair value 858.39 0.50 10,723.50 11,582.39
33. Leases
As lessee
The Company has entered into operating lease arrangements for its registered office at Worli, Mumbai & Andheri regional
office. The lease is non-cancellable for a period of 1 - 3 years and may be renewed based on mutual agreement between the
parties. The leases have varying terms, escalation clauses and renewal rights. The Company has recogninsed right of use
assets for these leases, except for short term leases.
(` In lakhs)
Undiscounted Cash Flow of Lease liabilities For the year ended For the year ended
Less than one year 310.83 65.90
One to Three years 310.83 -
Total undiscounted lease liabilities at Balance sheet date 621.66 65.90
Cash outflow for leases for the year ended 31st March, 2022 is ` 360.00 lakhs (31st March, 2021 is ` 470.60 lakhs).
Expense relating to leases of low-value assets of ` 4.79 lakhs for the year ended 31st March, 2022 (` 2.63 lakhs for the year
ended 31st March, 2021) is inlcuded in “Rent, Rates & Taxes” in Note 28 “Other Expenses”.

34. Segment information

The reportable segments of the Company are ‘Projects, Project Management and Development’ and ‘Operating of Commercial
Complexes’.
The segments are largely organised and managed separately according to the organisation structure that is designed based
on the nature of business. Operating segments are reported in a manner consistent with the internal reporting provided to the
Managing Director regarded as the Chief Operating Decision Maker (“CODM”).
Description of each of the reportable segments for all periods presented, is as under:
i) Projects, Project Management & Development: This Segment of the business includes income from sale of residential
units across projects, project management and development in India.
ii) Operating of Commercial Complexes: This Segment of the business includes rental income from commercial properties
at New Delhi
The CODM evaluates the Company’s performance and allocates resources based on an analysis of various performance
indicators by operating segments. The CODM reviews revenue and gross profit as the performance indicator for all of the
operating segments. The measurement of each segment’s revenues, expenses and assets is consistent with the accounting
policies that are used in preparation of the financial statements. Segment profit represents the profit before interest and tax.
Information regarding the Company’s reportable segments is presented below:
(` In lakhs)
Particulars 31st March, 2022 31st March, 2021

Projects, Operating of Total Projects, Operating of Total
Project Commercial Project Commercial
Management & Complexes Management & Complexes
Development Development
Revenue
External customers 24,493.22 787.39 25,280.61 8,294.66 668.93 8,963.59
Total revenue 24,493.22 787.39 25,280.61 8,294.66 668.93 8,963.59
Results
Segment Results (674.10) 385.98 (288.12) (1,712.65) 404.82 (1,307.83)
Less:-
-Unallocated Interest (Finance Cost) - - (473.65) - - (366.60)
-Unallocated corporate Income / - - 3,011.80 - - (5,292.15)
(expense) net (includes exceptional
Item - refer note no. 7)
Profit / (Loss) before tax - - 2,250.03 - - (6,966.58)
Tax (credit)/Expense - - (2,039.38) - - (1,742.08)
Profit / (Loss) after tax - - 4,289.41 - - (5,224.50)
Segment Assets & Liabilities
Segment Assets 176,284.11 2,437.22 178,721.33 162,074.52 2,397.99 164,472.51
Unallocated corporate assets 53,062.62 38,828.16
Total Assets 231,783.95 203,300.67
358
(` In lakhs)

Segment Liabilities 74,324.86 723.91 75,048.77 51,946.29 550.83 52,497.12
Unallocated corporate liabilities 7,605.67 6,258.73
Total Liabilities 82,654.44 58,755.85
Other Information
Depreciation and Amortisation - 49.45 49.45 1.53 46.01 47.54
Expense
Capital Expenditure - - - 354.92 - 354.92
Revenue from type of products and services

The operating segments are primarily based on nature of products and services and hence the Revenue from
external customers of each segment is representative of revenue based on products and services.
Geographical Information
The Company operates in one reportable geographical segment i.e. “Within India”. Hence, no separate
geographical segment wise disclosure is applicable as per the requirements of Ind AS 108 Operating Segments.
Information about major customers
Revenues from transactions with a single external customer did not amount to 10 percent or more of the Company’s
revenues from external customers.
Segment revenue reported above represents revenue generated from external customers. There were no inter-
segment sales in the current year as well as previous year.
35. Employee benefits
(a) Defined Contribution Plan
The Company’s contribution to Provident Fund and Superannuation Fund aggregating ` 242.48 lakhs
(31st March, 2021 : ` 292.74 lakhs) has been recognised in the Statement of Profit or Loss under the head
Employee Benefits Expense.
(b) Defined Benefit Plans:
Gratuity
The Company operates a gratuity plan covering qualifying employees. The benefit payable is the greater
of the amount calculated as per the Payment of Gratuity Act, 1972 or the Company scheme applicable to
the employee. The benefit vests upon completion of five years of continuous service and once vested it is
payable to employees on retirement or on termination of employment. In case of death while in service, the
gratuity is payable irrespective of vesting. The Company makes contribution to the group gratuity scheme
administered by the Life Insurance Corporation of India through its Gratuity Trust Fund.
Through its defined benefit plans the Company is exposed to a number of risks, the most significant of which
are detailed below:
Investment risk
The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds.

Interest risk
A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an
increase in the return on the plan’s debt investments.
Longevity risk
The present value of defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy of
the plan participants will increase the plan’s liability.
Salary risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows:
As at
31-Mar-22 31-Mar-21
Discount rate(s) 6.48% 5.71%
Expected rate(s) of salary increase 10.00% 8.00%
Expected average remaining service 3.90 5.72
Attrition Rate PS: 0 to 42 : 20% PS: 0 to 42: 14%
Mortality rate IALM (2012-14) Ult. IALM (2012-14) Ult.
Defined benefit plans – as per actuarial valuation on 31st March, 2022

(` In lakhs)
Particulars Funded Plan

Gratuity
For the year ended For the year ended
Amounts recognised in comprehensive income in respect of these defined
benefit plans are as follows:
Service Cost
Current Service Cost 108.98 88.99
Net interest expense 4.00 1.48
Components of defined benefit costs recognised in profit or loss 112.98 90.47
Remeasurement on the net defined benefit liability
Return on plan assets (excluding amount included in net interest expense) 11.89 (2.32)
Actuarial (gains)/loss arising from demographic assumptions (30.61) 9.99
Actuarial (gains)/loss arising from changes in financial assumptions 12.16 56.10
Actuarial (gains)/loss arising from experience adjustments (34.44) (43.69)
Components of defined benefit costs recognised in other comprehensive (41.00) 20.08
income
Total 71.98 110.55
360
(` In lakhs)

Gratuity
For the year ended For the year ended
I. Net Asset/(Liability) recognised in the Balance Sheet
1. Present value of defined benefit obligation 383.70 407.40
2. Fair value of plan assets as at 294.99 282.83
3. Surplus/(Deficit) (88.70) (124.57)
4. Current portion of the above - -
5. Non current portion of the above (88.70) (124.57)
II. Movements in the present value of the defined benefit obligation.
1. Present value of defined benefit obligation at the beginning of the 407.40 331.97
year
2. Less: Transfer out liability for employees transferred to group (25.42) -
companies
3. Add: Transfer in liability for employees transferred from group - 6.65
companies
4. Expenses Recognised in Profit and Loss Account
- Current Service Cost 108.98 88.99
- Interest Cost 22.13 17.31
5. Recognised in Other Comprehensive Income
Remeasurement gains / (losses)
- Actuarial Gain (Loss) arising from:
i. Demographic Assumptions (30.61) 9.99
ii. Financial Assumptions 12.16 56.10
iii. Experience Adjustments (34.44) (43.69)
6. Benefit payments (76.51) (59.92)
7. Present value of defined benefit plans at the end of the year 383.69 407.40
III. Movements in the fair value of plan assets are as follows.
1. Fair value of plan assets at the beginning of the year 282.83 264.68
2. Actual Return on Plan Assets (11.89) 2.31
3. Contributions by Employer 5.93 -
4. Interest Income 18.13 15.84
5. Fair value of plan assets at the end of the year 294.99 282.83
IV. The fair value of the plan assets at the end of the reporting period
for each category, are as follows:
- Issuer Managed funds (Non quoted value) 294.99 282.83
In respect of the plan, the most recent actuarial valuation of the plan assets and the present value of the defined benefit
obligation were carried out as at 31st March, 2022 by G. N. Agarwal, Fellow of the Institute of Actuaries of India. The
present value of the defined benefit obligation, and the related current service cost and past service cost, were measured
using the projected unit credit method.

The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
(` In lakhs)
Principal assumption Year Changes in assumption Impact on defined benefit

obligation
Increase in Decrease in
assumption assumption
Discount rate 2022 1.00% 366.84 402.14
2021 1.00% 382.81 434.98
Salary growth rate 2022 1.00% 396.68 371.14
2021 1.00% 428.76 387.16
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant.
In practice this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied as when calculating the defined benefit liability recognised in the Balance sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to previous
year.
The Company expects to contribute ` NIL lakhs (31st March, 2021 ` 39.79 Lakhs) to the gratuity trusts during the next
financial year.
Maturity profile of defined benefit obligation:
(` In lakhs)

Within 1 year 62.52 39.79
1 - 2 year 53.70 40.12
2 - 3 year 54.19 47.63
3 - 4 year 50.57 45.02
4 - 5 year 46.89 43.06
5 - 10 years 163.61 184.65
Major Category of plan assets for Gratuity Fund is as follows:
Asset Category: 31st March, 2022 31st March, 2021

Deposits with Insurance companies 100% 100%
100% 100%
The weighted average age considered for defined benefit obligation as at 31st March 2022 is 35.75 years (31st March,
2021: 36.79 years)
362
36. Related Party Disclosures

(a) Related Parties where control exists
(i) Holding Company
Mahindra & Mahindra Limited
(ii) Subsidiaries
Mahindra Infrastructure Developers Limited Industrial Township (Maharashtra) Limited
Mahindra Residential Developers Limited Anthurium Developers Limited
Mahindra World City (Maharashtra) Limited Deepmangal Developers Private Limited
Mahindra Integrated Township Limited Mahindra Water Utilities Limited (Subsidiary of Mahindra
Infrastucture Developers Limited)
Knowledge Township Limited Moonshine Construction Private Limited
Rathna Bhoomi Enterprises Private Limited Mahindra Bloomdale Developers Limited
(b) Other Parties with whom Transactions have taken place during the year
(i) Joint Ventures
Mahindra World City Developers Limited Mahindra Industrial Park Chennai Limited
Mahindra Homes Private Limited Mahindra World City (Jaipur) Limited
Mahindra Happinest Developers Limited Mahindra Industrial Park Private Limited
(ii) Fellow Subsidiaries
Mahindra Integrated Business Solutions Private Limited
Mahindra & Mahindra Contech Limited
Mahindra Holidays & Resorts India Limited
NBS International Limited
(iii) Associate of Holding Company
Tech Mahindra Limited
(iv) Key Management Personnel
Ms. Sangeeta Prasad - Managing Director & CEO (upto 30th Mr. Arun Kumar Nanda - Non Executive Chairman
June, 2020)
Mr. Arvind Subramanian - Managing Director & CEO (from Dr. Anish Shah - Non Executive Non Independent Director
01st July, 2020)
Mr. Bharat Shah - Independent Director (upto 31st July, Mr. S. Durgashankar - Non Executive Non Independent
2021) Director
Mr. Ameet Hariani - Independent Director Ms. Amrita Chowdhury - Independent Director

Related Party transactions
364
The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:
(` In lakhs)
Particulars Holding Company Subsidiary Companies Joint Ventures Key Management Other Related Parties
Personnel
For the year For the year For the year For the year For the year For the year For the year For the year For the year For the year
ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st ended 31st
March, 2022 March, 2021 March, 2022 March, 2021 March, 2022 March, 2021 March, 2022 March, 2021 March, 2022 March, 2021
Rendering of services
Mahindra & Mahindra Limited 409.57 633.09 - - - - - - - -
Mahindra Infrastructure Developers Limited - - 0.86 0.97 - - - - - -
Mahindra Residential Developers Limited - - - 3.89 - - - - - -
Knowledge Township Limited - - 0.90 0.90 - - - - - -
Mahindra Integrated Township Limited - - - 15.87 - - - - - -
Mahindra Homes Private Limited - - - - 21.19 - - - - -
Mahindra Happinest Developers Limited - - - - - 3.51 - - - -
Mahindra World City (Jaipur) Limited - - - - 141.76 88.00 - - - -

Receiving of Services
Mahindra Integrated Business Solutions - - - - - - - - 121.03 120.87
Private Limited
Mahindra Holidays & Resorts India Limited - - - - - - - - 17.14 10.74
NBS International Ltd - - - - - - - - 1.28 3.40
Mahindra Engineering & Chemical Products - - - - - - - - - 6.37
Ltd
Reimbursement made to parties
Mahindra World City Developers Limited - - - - 0.04 0.08 - - - -
Mahindra Happinest Developers Limited - - - - 18.37 36.54 - - - -
Mahindra Industrial Park Private Limited - - - - 1.27 - - - - -
Mahindra Homes Private Limited - - - - 45.39 - - - - -
Mahindra & Mahindra Contech Limited - - - - - - - - 5.38 5.14
Tech Mahindra Limited - - - - - - - - 0.67 -
Reimbursement received from parties
Mahindra Industrial Park Chennai Limited - - - - 10.80 - - - - -
Mahindra Industrial Park Private Limited - - - - 8.59 0.50 - - - -
Mahindra World City Developers Limited - - - - 19.41 2.54 - - - -
Mahindra World City (Jaipur) Limited - - - - 24.66 3.52 - - - -
Mahindra Homes Private Limited - - - - 109.31 32.46 - - - -
(` In lakhs)
Personnel

Mahindra Bloomdale Developers Limited - - 22.22 3.44 - - - - - -
Mahindra Integrated Township Limited - - 34.04 27.20 - - - - - -
Mahindra Residential Developers Limited - - 5.67 21.65 - - - - - -
Inter-corporate Deposit Given
Mahindra Bloomdale Developers Limited - - 4,200.00 2,675.00 -
Mahindra World City (Maharashtra) Limited - - 15.00 7.00 - - - - - -
Rathna Bhoomi Enterprises Private Limited - 2.50
Deepmangal Developers Private Limited - - 36.00 48.50 - - - - - -
Moonshine Construction Private Limited - - 0.50 - - - - - - -

Mahindra World City (Jaipur) Limited - - - - - 2,000.00 - - - -
Mahindra Integrated Township Limited - - - 2,500.00 - - - - - -
Inter-corporate Deposit Realised
Mahindra Bloomdale Developers Limited - - 1,200.00 3,060.00 - - - - - -
Mahindra World City (Jaipur) Limited - - - - - 2,000.00 - - - -
Mahindra Integrated Township Limited - - - 2,500.00 - - - - - -
Investment Made/Conversion
Knowledge Township Limited (refer note 7a) - - - 2,637.00 - - - - - -
Purchase of Fixed Assets
Mahindra & Mahindra Limited 9.57 - - - - - - - - -
Buyback of Shares
Mahindra Homes Private Limited - - - - 5,505.38 - - - - -
Investment redeemed
Mahindra Happinest Developers Limited - - - - 1,362.11 250.00 - - - -
Interest Income on Optionally Convertible
Redeemable Debentures
Conversion of ICD Interest receivable to
Equity
Knowledge Township Limited (refer note 7a) - - - 518.21 - - - - - -

Mahindra Lifespaces
365
(` In lakhs)
366
Personnel
Interest Income
Mahindra World City (Maharashtra) Limited - - 57.25 61.53 - - - - - -
Deepmangal Developers Private Limited - - 13.72 10.12 - - - - - -
Rathna Bhoomi Enterprises Private Limited - - 0.31 0.13 - - - - - -
Mahindra Homes Private Limited - - - - - 211.44 - - - -
Moonshine Construction Private Limited - - 0.15 0.13 - - - - - -
Mahindra Bloomdale Developers Limited - - 250.82 293.98 - - - - - -
Mahindra Industrial Park Private Limited - - - - 135.14 147.01 - - - -
Mahindra Integrated Township Limited - - - 10.29 - - - - - -
Mahindra World City (Jaipur) Limited - - - - - 38.80 - - - -

Dividend Received
Mahindra World City (Jaipur) Limited - - - - 3,330.00 - - - - -
Mahindra Infrastructure Developers Limited - - 900.00 2,761.20 - - - - - -
Anthurium Developers Limited - - 15.00 - - - - - - -
Managerial Remuneration
Ms. Sangeeta Prasad - - - - - - - 308.72 - -
Mr Arvind Subramanian# - - - - - - 338.18 220.94 - -
Shares allotted under ESOP
Mr Arvind Subramanian - - - - - - 588.16 0.12 - -
Commission and other benefits to Non - - - - - - 41.50 34.10 - -
Executive/Independent Directors
(Incl. sitting fees)
Outstanding Balances as at year end date

The following table provides the outstanding balances with related parties as on the relevant date
(` In lakhs)
Particulars Balance as Holding Subsidiaries Joint Key Other related

at Company ventures Management parties
Personnel
Inter-corporate Deposit Given* 31-Mar-22 - 7,966.41 1,755.00 - -
31-Mar-21 - 4,614.91 1,755.00 - -
Security Deposit Received 31-Mar-22 540.08 - - - -
31-Mar-21 540.08 - - - -
Interest Income Receivable 31-Mar-22 - 955.43 3,800.95 - -
31-Mar-21 - 779.08 6,367.83 - -
Receivables 31-Mar-22 2,051.99 220.30 176.97 - -
31-Mar-21 2,061.90 301.66 279.24 - -
Payables 31-Mar-22 116.76 - 0.08 - 35.87
31-Mar-21 98.40 - 1.19 - 27.44
* The above inter corporate deposit have been given for general business purposes
# As the liability for gratuity and leave encashment is provided on an actuarial basis for the Company as a whole, the amount pertaining to the Key Management
Personnel is not ascertained separately, and therefore, not included above.
Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding
balances at the year-end are unsecured and settlement occurs in cash. There have been no guarantees provided or received
for any related party receivables or payables.
Compensation of key management personnel

The previous year remuneration of key management personnel includes remuneration paid to Ms. Sangeeta Prasad upto
30th June 2020 and to Mr. Arvind Subramanian from 01st July 2020 as below:
(` In lakhs)

Salary including perquisites 900.82 496.82
Other contribution to funds 13.86 32.84
Total 914.68 529.66

37. Contingent liabilities

(` in Lakhs)
(a) Claims against the Company not acknowledged as debt*
(i) Demand from a local authority for energy dues disputed by the 2,164.04 2,164.04
Company.
(ii) Claim from welfare association in connection with project work, disputed 4,550.00 4,500.00
by the Company.
(b) Income Tax Matter under appeal
In respect of certain business incomes re-classified by the Income tax 301.98 301.92
Department as income from house property and other disallowances, the
Company has partially succeeded in appeal and is pursuing the matter
further with the appropriate appellate authorities.
(c) Indirect Tax Matters under appeal
VAT, Service Tax and Entry Tax claims disputed by the Company relating to 1,167.59 1,069.41
issues of applicability and interest on demand. The Company is pursuing the
matter with the appropriate Appellate Authorities.
*In the opinion of the management the above claims are not sustainable and the Company does not expect any outflow of economic resources in respect of above
claims and therefore no provision is made in respect thereof
38. Capital Commitments

(` in Lakhs)
Capital Commitment : Estimated amount of contracts remaining to be executed on 72.92 43.32
capital account and not provided for (net of advances)
39. Impact of COVID-19 (Global Pandemic)

The Management has made an assessment of the impact of COVID-19 on the Company’s operations, financial performance
and position for the year ended 31st March 2022, and has concluded that the impact was primarily on the operational aspects
of the business during the initial months of the year ended 31st March 2022. The Company has used the principles of prudence
in applying judgments, estimates and assumptions based on current assessments and do not foresee any significant impact
of Covid-19 on the operations. In assessing the recoverability of assets such as inventories, financial assets and other assets,
based on current indicators of future economic conditions, the Company expects to recover the carrying amounts of its
assets.
368
40. Disclosure as per Regulation 34(3) read with Para A of Schedule V of the SEBI (Listing
Obligations and Disclosures Requirements) Regulation, 2015 and section 186(4) of Companies
Act, 2013
Loans and advances in the nature of loans given to subsidiaries, joint ventures, firms / companies in which
directors are interested:
(` In lakhs)
Particulars Relationship Amount Maximum Amount Maximum

outstanding balance outstanding balance
as at 31st outstanding as at 31st outstanding
March, 2022 during the March, 2021 during the
period previous
year
Deepmangal Developers Private Limited Subsidiary 194.14 194.14 158.14 158.14
Moonshine Construction Private Limited Subsidiary 2.00 2.00 1.50 1.50
Rathna Bhoomi Enterprises Private Limited Subsidiary 4.05 4.05 4.05 4.05
Mahindra World City (Maharashtra) Limited Subsidiary 749.70 749.70 734.70 734.70
Mahindra Bloomdale Developers Limited Subsidiary 6,544.52 6,544.52 3,544.52 3,929.53
Knowledge Township Limited Subsidiary 472.00 472.00 172.00 172.00
Mahindra Industrial Park Private Limited* Joint Venture 1,755.00 1,755.00 1,755.00 1,755.00
* Mr. Arvind Subramanian (Managing Director & CEO) is also director on the Board of Mahindra Industrial Park Private Limited.
The above inter corporate deposit have been given for general business purpose.

41. Recent Indian Accounting Standards (Ind AS)

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian
Accounting Standards) Amendment Rules, 2022, applicable from April 1st, 2022, as below:
Ind AS 16 – Proceeds before intended use

The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be
recognized in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of
property, plant and equipment. The Company does not expect the amendment to have any impact in its recognition of its
property, plant and equipment in its financial statements.
Ind AS 37 – Onerous Contracts - Costs of Fulfilling a Contract

The amendments specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs
that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour,
materials) or an allocation of other costs that relate directly to fulfilling contracts. The amendment is essentially a clarification
and the Company does not expect the amendment to have any significant impact in its financial statements.
Ind AS 103 – Reference to Conceptual Framework

The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets
acquired and liabilities assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial
Reporting under Indian Accounting Standards (Conceptual Framework) issued by the Institute of Chartered Accountants of
India at the acquisition date. These changes do not significantly change the requirements of Ind AS 103. The Company does
not expect the amendment to have any significant impact in its financial statements.
Ind AS 109 – Annual Improvements to Ind AS (2021)

The amendment clarifies which fees an entity includes when it applies the ‘10 percent’ test of Ind AS 109 in assessing whether
to derecognise a financial liability. The Company does not expect the amendment to have any significant impact in its financial
statements.
42. Expenditure on Corporate Social Responsibility (CSR)

a) Gross Amount required to be spent by the Company for the year ended 31st March, 2022 (as certified by the Company)
: ` NIL Lakhs (Previous Year ` 70.72 Lakhs)
b) Following are the details of amount spent during the year for CSR:
(` In lakhs)
Particulars In cash Yet to be Total

paid in cash
(i) Construction/acquisition of any asset - - -
(-) (-) (-)
(ii) On purchase other than (i) above - - -
(70.72) (-) (70.72)
Figure in bracket represents figures for previous year
43. Input Tax Credit (ITC) benefits to the customers

Revenue from operations for the year ended 31st March, 2022 is net of ` NIL (31st March, 2021. ` 13.44 lakhs) towards input
tax credit benefits passed on to the customers as per the provisions of section 171 on Anti-Profiteering of CGST Act, 2017. The
treatment is as per the prevailing Indian Accounting Standards.
370
44. Financial Ratios
(` in lakhs)
Particulars Numerator Denominator For the year For the year % Variance Reason for material variance
ended 31st ended 31st
March, 2022 March, 2021
a) Current Ratio Current Assets Current Liabilities 2.03 2.45 (17.26%) -
b) Debt Equity Ratio Debt (1) Equity 0.11 0.08 47.61% Increase in utilisation of working capital
(Gross) facility
c) Debt Service Coverage Earning Available Debt Service (3) (0.31) (0.36) (14.20%) -
Ratio (DSCR) for debt service (2)
d) Return of Equity Profit/(Loss) After Average Equity 2.92% (3.55%) (182.24%) Higher operating revenue and Reversal of
Tax Impairment provision
e) Inventory Turnover ratio Revenue from Average Inventory 0.24 0.09 162.49% Increase in Operating Revenue as
Operations compared to previous year
f) Trade Receivables Revenue from Average Trade 4.29 1.28 234.54% Increase in Operating Revenue as
turnover ratio Operations Receivables compared to previous year
g) Trade Payable turnover Cost of Sales Average Trade payable 2.18 0.87 149.01% Increase in Cost of Sales due to increase
ratio in Operating Revenue as compare to
previous year
h) Net capital turnover ratio Revenue from Average Working 0.30 0.10 196.26% Increase in Operating Revenue as
Operations Capital (4) compared to previous year
i) Net profit ratio Profit/(Loss) After Revenue from 16.97% (58.29%) (129.11%) Higher operating revenue and Reversal of
Tax Operations Impairment provision
j) Return on Capital Earning before Capital employed (6) 1.64% (4.24%) (138.79%) Better EBIT due to reversal of Impairment
employed interest & taxes (5) provision in current year
k) Return on investment (5) Income generated Average investments 4.43% 4.95% (10.56%) -
from Investment (7) (Gross)
The company operates in real estate business and is governed by IND AS 115 for recording the revenue as per completion contract method.
Accordingly, abovementioned ratios may not be strictly comparable
Formula used for calculation of Ratios and Financial Indicators are as below :
1) Debt = Borrowing + Lease Liabilities
2) Earning for Debt Service = Net Profit before taxes + Non-cash operating expenses like depreciation and other amortizations + Interest + other adjustments like loss
on sale of Fixed assets etc.
3) Debt Service = Borrowing + Interest Payment + Lease Liability Payment
4) Working Capital = Current Asset - Current Liabilities
5) Earning before interest & taxes = Profit/(loss) before Tax (incl Exceptional Item) + Finance Cost
6) Capital Employed = Equity + Borrowing - Intangible Assets
Mahindra Lifespaces
7) Income generated from Investment = Dividend Income + Interest Income + Net Gain/(loss) arising on Financial Assets measured at Fair Value through Profit and
Loss.
371
45. Other statutory information

a) Security of current assets against borrowings
The Company has been sanctioned working capital limits in excess of ` 5 crores, in aggregate, at points of time during
the year, from banks or financial institutions on the basis of security of current assets. However, the quarterly returns
or statements comprising quarterly financial results are not filed by the Company to such bank or financial institution
as these are published financial results and are available on the Company’s website for public including such banks
or financial institutions. These quarterly financial results are in agreement with the unaudited books of account of the
Company of the respective quarters.
b) The Company do not have any benami property, where any proceeding has been initiated on or are pending against
the Company for holding benami property.
c) Relationship with struck off companies
The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013
or section 560 of Companies Act, 1956.
d) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the group (Ultimate Beneficiaries) or provide
any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the group shall directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
e) Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments
under the Income Tax Act, 1961, that has not been recorded in the books of account.
f) Details of crypto currency or virtual currency
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
g) Registration of Charges or satisfaction with Registrar of Companies (ROC)
There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory
period.
46
The Board has recommended a dividend of ` 2 per share on Equity Share of ` 10 each (20%) subject to approval of
members of the company at the forthcoming Annual General Meeting.
47. Events after the reporting period
No material events have occurred after the Balance Sheet date and upto the approval of the financial statements.
48. Previous Year Figures
The figures for previous year have been regrouped wherever necessary to confirm to current year’s grouping.
For and on behalf of the Board of Directors of

Chairman Managing Director & CEO
DIN: 00010029 DIN: 02551935
Ankit Shah Vimal Agarwal
Assistant Company Secretary Chief Financial Officer
Mumbai : 27th April, 2022
372
Consolidated Independent
Auditors Report
INDEPENDENT AUDITOR’S REPORT

To The Members of Mahindra Lifespace March 2022, and their consolidated profit, their consolidated
Developers Limited total comprehensive income, their consolidated cash flows
and their consolidated changes in equity for the year ended
Report on the Audit of the Consolidated
on that date.
Opinion Basis for Opinion
We have audited the accompanying consolidated financial We conducted our audit of the consolidated financial
statements of Mahindra Lifespace Developers Limited (”the statements in accordance with the Standards on Auditing
Parent/ the Company”) and its subsidiaries, (the Parent and specified under section 143 (10) of the Act (SAs). Our
its subsidiaries together referred to as “the Group”) which responsibilities under those Standards are further described
includes the Group’s share of profit / loss in its associates in the Auditor’s Responsibility for the Audit of the Consolidated
and joint ventures, which comprise the Consolidated Financial Statements section of our report. We are
Balance Sheet as at 31 March 2022, and the Consolidated independent of the Group, its associates and joint ventures in
Statement of Profit and Loss (including Other Comprehensive accordance with the Code of Ethics issued by the Institute of
Income), the Consolidated Statement of Cash Flows and the Chartered Accountants of India (ICAI) together with the ethical
Consolidated Statement of Changes in Equity for the year requirements that are relevant to our audit of the consolidated
then ended, and a summary of significant accounting policies financial statements under the provisions of the Act and the
and other explanatory information (hereinafter referred to as Rules made thereunder, and we have fulfilled our other ethical
the “consolidated financial statements”). responsibilities in accordance with these requirements and
the ICAI’s Code of Ethics. We believe that the audit evidence
In our opinion and to the best of our information and obtained by us is sufficient and appropriate to provide a basis
according to the explanations given to us, and based on the for our audit opinion on the consolidated financial statements.
consideration of reports of the other auditors on separate
financial statements of the subsidiaries, associates and Key Audit Matters
joint ventures referred to in the Other Matters section below,
Key audit matters are those matters that, in our professional
the aforesaid consolidated financial statements give the
judgment, were of most significance in our audit of the
information required by the Companies Act, 2013 (“the Act”)
consolidated financial statements of the current period.
in the manner so required and give a true and fair view in
These matters were addressed in the context of our audit
conformity with the Indian Accounting Standards prescribed
of the consolidated financial statements as a whole, and
under section 133 of the Act read with the Companies (Indian
in forming our opinion thereon, and we do not provide a
Accounting Standards) Rules, 2015, as amended (‘Ind AS’),
separate opinion on these matters. We have determined the
and other accounting principles generally accepted in India,
matters described below to be the key audit matters to be
of the consolidated state of affairs of the Group as at 31
communicated in our report.

Sr. Key Audit Matter Auditor’s Response

No.
1 Carrying values of Inventories (Construction work Principal audit procedures performed:
in Progress and Stock in Trade)
Our audit approach consisted testing of the design and
There is a risk that the valuation of inventory may operating effectiveness of the internal controls and substantive
be misstated as it involves the determination of net testing as follows:
realizable value (NRV) and estimated total construction
cost of completion of each of the projects which is an  We assessed the Group’s process for the valuation of
area of judgement. inventories.
Refer Notes 2.19 and 14 to the Consolidated Financial  Evaluated the design, implementation and tested the
Statements operating effectiveness of the internal controls relating to
the valuation of inventories, including Parent Company’s
management process for the review and approval of
the estimated costs to complete the projects including
construction cost incurred, construction budgets and
net realizable value. We carried out a combination of
procedures involving enquiry with Parent Company’s
management and observation, and inspection of
evidence in respect of operation of these controls.
Selected a sample of inventories and performed procedures

around:
 Construction costs incurred for the inventories by testing

the supporting documents and wherever available,
corroborated the same with the reports from external
supervising engineers.
 Estimated total construction cost to be incurred for

completing the construction of the project and wherever
available, corroborated the same with the reports from
external supervising engineers. Examined the detailed
project reviews by senior operational and financial
management to determine the total budgeted costs for the
project. Assessed the significant judgements/estimates
adopted by the Group for the estimated total construction
costs to be incurred for completing the construction of
the project. Additionally, we carried out site visits for a
number of projects in the year.
 The Group’s methodology and key assumptions for

determining NRV of the inventories. Assessed the
estimates used by the Group for the expected net
amounts to be realized from the sale of inventories in
the ordinary course of business. We examined the total
projected budgeted cost to the total budgeted sale value
from the project. We examined the NRV to recent sales
in the project or to the estimated selling price applied in
assessing the NRV. We assessed the NRV to the carrying
value in books.
374
Auditors Report
Information Other than the Financial Statements its joint ventures and for preventing and detecting frauds and
and Auditor’s Report Thereon other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
• The Parent’s Board of Directors is responsible for the
are reasonable and prudent; and design, implementation
other information. The other information comprises the
and maintenance of adequate internal financial controls,
information included in the Board’s Report, Management
that were operating effectively for ensuring the accuracy
Discussion and Analysis Report, Corporate Governance
and completeness of the accounting records, relevant to
Report and Business Responsibility Report, but does
the preparation and presentation of the financial statements
not include the consolidated financial statements,
that give a true and fair view and are free from material
standalone financial statements and our auditor’s report
misstatement, whether due to fraud or error, which have
thereon. The aforesaid other information is expected to
been used for the purpose of preparation of the consolidated
be made available to us after the date of this auditor’s
financial statements by the Directors of the Parent, as
report.
aforesaid.
• Our opinion on the consolidated financial statements
does not cover the other information and we do not In preparing the consolidated financial statements, the
express any form of assurance conclusion thereon. respective Board of Directors of the companies included
in the Group (and of its associates and joint ventures) are
• In connection with our audit of the consolidated financial responsible for assessing the ability of the respective entities
statements, our responsibility is to read the other to continue as a going concern, disclosing, as applicable,
information, compare with the financial statements of the matters related to going concern and using the going concern
subsidiaries, joint ventures and associates audited by basis of accounting unless the respective Board of Directors
the other auditors, to the extent it relates to these entities either intends to liquidate their respective entities or to cease
and, in doing so, place reliance on the work of the other operations, or has no realistic alternative but to do so.
auditors and consider whether the other information is
materially inconsistent with the consolidated financial The respective Board of Directors of the companies included
statements or our knowledge obtained during the in the Group and of its associates and joint ventures are also
course of our audit or otherwise appears to be materially responsible for overseeing the financial reporting process of
misstated. Other information so far as it relates to the the Group and of its associates and joint ventures.
subsidiaries, joint ventures and associates, is traced
from their financial statements audited by the other Auditor’s Responsibility for the Audit of the
auditors. Consolidated Financial Statements
• When we read the above mentioned reports, if we Our objectives are to obtain reasonable assurance about
conclude that there is a material misstatement therein, whether the consolidated financial statements as a whole
we are required to communicate the matter to those are free from material misstatement, whether due to fraud
charged with governance as required under SA 720 ‘The or error, and to issue an auditor’s report that includes our
Auditor’s responsibilities Relating to Other Information. opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
Management’s Responsibility for the with SAs will always detect a material misstatement when it
Consolidated Financial Statements exists. Misstatements can arise from fraud or error and are
The Parent’s Board of Directors is responsible for the matters considered material if, individually or in the aggregate, they
stated in section 134(5) of the Act with respect to the could reasonably be expected to influence the economic
preparation of these consolidated financial statements decisions of users taken on the basis of these consolidated
that give a true and fair view of the consolidated financial financial statements.
position, consolidated financial performance including
other comprehensive income, consolidated cash flows and As part of an audit in accordance with SAs, we exercise
consolidated changes in equity of the Group including its professional judgment and maintain professional skepticism
Associates and joint ventures in accordance with the Ind throughout the audit. We also:
AS and other accounting principles generally accepted in
• Identify and assess the risks of material misstatement
India. The respective Board of Directors of the companies
of the consolidated financial statements, whether due
included in the Group and of its associates and joint ventures
to fraud or error, design and perform audit procedures
are responsible for maintenance of adequate accounting
responsive to those risks, and obtain audit evidence that
records in accordance with the provisions of the Act for
is sufficient and appropriate to provide a basis for our
safeguarding the assets of the Group and its associates and

opinion. The risk of not detecting a material misstatement Materiality is the magnitude of misstatements in the
resulting from fraud is higher than for one resulting from consolidated financial statements that, individually or in
error, as fraud may involve collusion, forgery, intentional aggregate, makes it probable that the economic decisions of a
omissions, misrepresentations, or the override of internal reasonably knowledgeable user of the consolidated financial
control. statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of
• Obtain an understanding of internal financial control our audit work and in evaluating the results of our work; and
relevant to the audit in order to design audit procedures (ii) to evaluate the effect of any identified misstatements in the
that are appropriate in the circumstances. Under consolidated financial statements.
section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the Parent has We communicate with those charged with governance of the
adequate internal financial controls system in place and Parent and such other entities included in the consolidated
the operating effectiveness of such controls. financial statements of which we are the independent auditors
regarding, among other matters, the planned scope and
• Evaluate the appropriateness of accounting policies timing of the audit and significant audit findings, including
used and the reasonableness of accounting estimates any significant deficiencies in internal control that we identify
and related disclosures made by the management. during our audit.
• Conclude on the appropriateness of management’s use We also provide those charged with governance with a
of the going concern basis of accounting and, based statement that we have complied with relevant ethical
on the audit evidence obtained, whether a material requirements regarding independence, and to communicate
uncertainty exists related to events or conditions that with them all relationships and other matters that may
may cast significant doubt on the ability of the Group and reasonably be thought to bear on our independence, and
its associates and joint ventures to continue as a going where applicable, related safeguards.
concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report From the matters communicated with those charged with
to the related disclosures in the consolidated financial governance, we determine those matters that were of
statements or, if such disclosures are inadequate, to most significance in the audit of the consolidated financial
modify our opinion. Our conclusions are based on the statements of the current period and are therefore the key
audit evidence obtained up to the date of our auditor’s audit matters. We describe these matters in our auditor’s
report. However, future events or conditions may cause report unless law or regulation precludes public disclosure
the Group and its associates and joint ventures to cease about the matter or when, in extremely rare circumstances,
to continue as a going concern. we determine that a matter should not be communicated in
our report because the adverse consequences of doing so
• Evaluate the overall presentation, structure and content would reasonably be expected to outweigh the public interest
of the consolidated financial statements, including the benefits of such communication.
disclosures, and whether the consolidated financial
statements represent the underlying transactions and Other Matters
events in a manner that achieves fair presentation.
We did not audit the financial statements of eleven
subsidiaries, whose financial statements reflect total assets
• Obtain sufficient appropriate audit evidence regarding
of ` 71,070 lakhs as at 31 March, 2022, total revenues of
the financial information of the entities within the Group
` 11,967 lakhs and net cash outflows amounting to ` (155)
and its associates and joint ventures to express an
lakhs for the year ended on that date, as considered in
opinion on the consolidated financial statements.
the consolidated financial statements. The consolidated
We are responsible for the direction, supervision and
financial statements also include the Group’s share of net
performance of the audit of the financial statements
profit of ` 8,677 lakhs for the year ended 31st March, 2022,
of entities included in the consolidated financial
as considered in the consolidated financial statements, in
statements of which we are the independent auditors.
respect of two associates and four joint ventures, whose
For the other entities included in the consolidated
financial statements have not been audited by us. These
financial statements, which have been audited by the
financial statements have been audited by other auditors
other auditors, such other auditors remain responsible
whose reports have been furnished to us by the Management
for the direction, supervision and performance of the
and our opinion on the consolidated financial statements, in
audits carried out by them. We remain solely responsible
so far as it relates to the amounts and disclosures included in
for our audit opinion.
376
Auditors Report
respect of these subsidiaries, joint ventures and associates, associate companies and joint venture companies
and our report in terms of subsection (3) of Section 143 of the incorporated in India is disqualified as on 31 March,
Act, in so far as it relates to the aforesaid subsidiaries, joint 2022 from being appointed as a director in terms of
ventures and associates is based solely on the reports of the Section 164 (2) of the Act.
other auditors.
f) With respect to the adequacy of the internal
Our opinion on the consolidated financial statements above financial controls over financial reporting and the
and our report on Other Legal and Regulatory Requirements operating effectiveness of such controls, refer
below, is not modified in respect of the above matters with to our separate Report in “Annexure A” which
respect to our reliance on the work done and the reports is based on the auditors’ reports of the Parent,
of the branch auditors and other auditors and the financial subsidiary companies, associate companies and
statements certified by the Management. joint venture companies incorporated in India. Our
report expresses an unmodified opinion on the
Report on Other Legal and Regulatory adequacy and operating effectiveness of internal
Requirements financial controls over financial reporting of those
companies
1. As required by Section 143(3) of the Act, based on our
audit and on the consideration of the reports of the other g) With respect to the other matters to be included
auditors on the separate financial statements of the in the Auditor’s Report in accordance with the
subsidiaries, associates and joint ventures referred to in requirements of section 197(16) of the Act, as
the Other Matters section above we report, to the extent amended,
applicable that:
In our opinion and to the best of our information
a) We have sought and obtained all the information and according to the explanations given to us, the
and explanations which to the best of our knowledge remuneration paid by the Parent to its directors
and belief were necessary for the purposes of during the year is in accordance with the provisions
our audit of the aforesaid consolidated financial of section 197 of the Act.
statements.
h) With respect to the other matters to be included in
b) In our opinion, proper books of account as required the Auditor’s Report in accordance with Rule 11 of
by law relating to preparation of the aforesaid the Companies (Audit and Auditors) Rules, 2014,
consolidated financial statements have been kept as amended in our opinion and to the best of our
so far as it appears from our examination of those information and according to the explanations
books, returns and the reports of the other auditors. given to us:
c) The Consolidated Balance Sheet, the Consolidated i) The consolidated financial statements
Statement of Profit and Loss including Other disclose the impact of pending litigations
Comprehensive Income, the Consolidated on the consolidated financial position of the
Statement of Cash Flows and the Consolidated Group, its associates and joint ventures;
Statement of Changes in Equity dealt with by this
Report are in agreement with the relevant books of ii) The Group, its associates and joint ventures
account maintained for the purpose of preparation did not have any material foreseeable losses
of the consolidated financial statements. on long-term contracts including derivative
contracts.
d) In our opinion, the aforesaid consolidated financial
statements comply with the Ind AS specified under iii) There has been no delay in transferring
Section 133 of the Act. amounts, required to be transferred, to the
Investor Education and Protection Fund by
e) On the basis of the written representations received the Parent and its subsidiary companies,
from the directors of the Parent as on 31 March, associate companies and joint venture
2022 taken on record by the Board of Directors of the companies incorporated in India.
Company and the reports of the statutory auditors
of its subsidiary companies, associate companies iv) (a) The respective Managements of the
and joint venture companies incorporated in India, Parent and its subsidiaries which are
none of the directors of the Group companies, its companies incorporated in India, whose

financial statements have been audited or other auditor’s notice that has caused
under the Act, have represented to us or the other auditors to believe that
us and to the other auditors of such the representations under sub-clause (i)
subsidiaries respectively that, to the best and (ii) of Rule 11(e), as provided under
of their knowledge and belief, no funds (a) and (b) above, contain any material
(which are material either individually or misstatement.
in the aggregate) have been advanced
or loaned or invested (either from v) The Parent has not declared or paid any
borrowed funds or share premium or any dividend during the year. As stated in note
other sources or kind of funds) by the 47 to the consolidated financial statements,
Parent or any of such subsidiaries to or the Board of Directors of the Parent have
in any other person or entity, including proposed dividend for the year which is
foreign entities (“Intermediaries”), with subject to the approval of the members at the
the understanding, whether recorded in ensuing Annual General Meeting. The amount
writing or otherwise, that the Intermediary of dividend proposed is in accordance with
shall, directly or indirectly lend or invest section 123 of the Act, as applicable.
in other persons or entities identified in
2. With respect to the matters specified in clause (xxi)
any manner whatsoever by or on behalf
of paragraph 3 and paragraph 4 of the Companies
of the Parent or any of such subsidiaries
(Auditor’s Report) Order, 2020 (“CARO”) issued by the
(“Ultimate Beneficiaries”) or provide any
Central Government in terms of Section 143(11) of the
guarantee, security or the like on behalf
Act, according to the information and explanations given
of the Ultimate Beneficiaries.
to us, and based on the CARO reports issued by the
(b) The respective Managements of the auditors of the subsidiaries, associates and joint ventures
Parent and its subsidiaries which are included in the consolidated financial statements of the
companies incorporated in India, whose Company, to which reporting under CARO is applicable,
financial statements have been audited provided to us by the Management of the Company and
under the Act, have represented to based on the identification of matters of qualifications or
us and to the other auditors of such adverse remarks in their CARO reports by the respective
subsidiaries respectively that, to the best component auditors and provided to us, we report that
of their knowledge and belief, no funds the auditors of such companies have not reported any
(which are material either individually or qualifications or adverse remarks in their CARO report
in the aggregate) have been received except for the following.
by the Parent or any of such subsidiaries
from any persons or entities, including No. Name of the CIN Nature of Clause Number of
foreign entities (“Funding Parties”), with Company relationship CARO report with
the understanding, whether recorded in qualification or
writing or otherwise, that the Parent or adverse remark
any of such subsidiaries shall, directly or 1 Mahindra U45200MH1992 Associate Clause xix
indirectly, lend or invest in other persons Construction PLC068846
or entities identified in any manner Company Limited
whatsoever by or on behalf of the Funding
Party (“Ultimate Beneficiaries”) or provide For Deloitte Haskins and Sells LLP
any guarantee, security or the like on Chartered Accountants
behalf of the Ultimate Beneficiaries. (Firm’s Registration No. 117366W/W-100018)
(c) Based on the audit procedures that Ketan Vora

has been considered reasonable Partner
and appropriate in the circumstances Membership No. 100459
performed by us and those performed by UDIN : 22100459AHXXRE1473
the auditors of the subsidiaries which are
companies incorporated in India whose Place: Mumbai
financial statements have been audited Date: 27 April 2022
under the Act, nothing has come to our
378
Auditors Report
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1(f) under ‘Report Companies Act, 2013, to the extent applicable to an audit of
on Other Legal and Regulatory Requirements’ internal financial controls. Those Standards and the Guidance
section of our report of even date) Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance
Report on the Internal Financial Controls Over about whether adequate internal financial controls over
Financial Reporting under Clause (i) of Sub- financial reporting was established and maintained and if
section 3 of Section 143 of the Companies Act, such controls operated effectively in all material respects.
2013 (“the Act”)
In conjunction with our audit of the consolidated Ind AS Our audit involves performing procedures to obtain audit
financial statements of the Company as of and for the year evidence about the adequacy of the internal financial
ended March 31, 2022, we have audited the internal financial controls system over financial reporting and their operating
controls over financial reporting of Mahindra Lifespace effectiveness. Our audit of internal financial controls over
Developers Limited (hereinafter referred to as “Parent”) financial reporting included obtaining an understanding of
and its subsidiary companies, which includes internal internal financial controls over financial reporting, assessing
financial controls over financial reporting of the Company’s the risk that a material weakness exists, and testing and
subsidiaries, its associate companies and joint ventures, evaluating the design and operating effectiveness of
which are companies incorporated in India, as of that date. internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the
Management’s Responsibility for Internal assessment of the risks of material misstatement of the
Financial Controls financial statements, whether due to fraud or error.
The respective Board of Directors of the Parent, its subsidiary

We believe that the audit evidence we have obtained and the
companies, its associate companies and joint ventures,
audit evidence obtained by the other auditors of the subsidiary
which are companies incorporated in India, are responsible
companies, associate companies and joint ventures, which
for establishing and maintaining internal financial controls
are companies incorporated in India, in terms of their reports
based on the internal control over financial reporting criteria
referred to in the Other Matters paragraph below, is sufficient
established by the respective Companies considering
and appropriate to provide a basis for our audit opinion on the
the essential components of internal control stated in the
internal financial controls system over financial reporting of
Guidance Note on Audit of Internal Financial Controls Over
the Parent, its subsidiary companies, its associate companies
Financial Reporting issued by the Institute of Chartered
and its joint ventures, which are companies incorporated in
Accountants of India (ICAI). These responsibilities include
India.
the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for
Meaning of Internal Financial Controls Over
ensuring the orderly and efficient conduct of its business,
including adherence to the respective company’s policies,
Financial Reporting
the safeguarding of its assets, the prevention and detection A company’s internal financial control over financial reporting
of frauds and errors, the accuracy and completeness of the is a process designed to provide reasonable assurance
accounting records, and the timely preparation of reliable regarding the reliability of financial reporting and the
financial information, as required under the Companies Act, preparation of financial statements for external purposes in
2013. accordance with generally accepted accounting principles.
A company’s internal financial control over financial reporting
Auditor’s Responsibility includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
Our responsibility is to express an opinion on the internal
and fairly reflect the transactions and dispositions of the
financial controls over financial reporting of the Parent, its
assets of the company; (2) provide reasonable assurance
subsidiary companies, its associate companies and its joint
that transactions are recorded as necessary to permit
ventures, which are companies incorporated in India, based
preparation of financial statements in accordance with
on our audit. We conducted our audit in accordance with the
generally accepted accounting principles, and that receipts
Guidance Note on Audit of Internal Financial Controls Over
and expenditures of the company are being made only in
Financial Reporting (the “Guidance Note”) issued by the
accordance with authorisations of management and directors
Institute of Chartered Accountants of India and the Standards
of the company; and (3) provide reasonable assurance
on Auditing, prescribed under Section 143(10) of the

regarding prevention or timely detection of unauthorised financial reporting established by the respective companies
acquisition, use, or disposition of the company’s assets that considering the essential components of internal control
could have a material effect on the financial statements. stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of
Inherent Limitations of Internal Financial Chartered Accountants of India.
Controls Over Financial Reporting
Because of the inherent limitations of internal financial Other Matters
controls over financial reporting, including the possibility Our aforesaid report under Section 143(3)(i) of the Act on the
of collusion or improper management override of controls, adequacy and operating effectiveness of the internal financial
material misstatements due to error or fraud may occur and controls over financial reporting insofar as it relates to eleven
not be detected. Also, projections of any evaluation of the subsidiary companies, two associate companies and four
internal financial controls over financial reporting to future joint ventures, which are companies incorporated in India, is
periods are subject to the risk that the internal financial control based solely on the corresponding reports of the auditors of
over financial reporting may become inadequate because of such companies incorporated in India.
changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate. Our opinion is not modified in respect of the above matters.
Opinion For Deloitte Haskins and Sells LLP

Chartered Accountants
In our opinion to the best of our information and according to
(Firm’s Registration No. 117366W/W-100018)
the explanations given to us and based on the consideration
of the reports of the other auditors referred to in the Other
Matters paragraph below, the Parent, its subsidiary Ketan Vora
companies, its associate companies and joint ventures, which Partner
are companies incorporated in India, have, in all material Membership No. 100459
respects, an adequate internal financial controls system over UDIN : 22100459AHXXRE1473
financial reporting and such internal financial controls over
financial reporting were operating effectively as at March 31, Place: Mumbai
2022, based on the criteria for internal financial control over Date: 27 April 2022
380
C onso l idated B a l ance S h eet
a s a t 3 1 st M a r c h , 2 0 2 2
(` (` in lakhs)
Particulars Note As at As at
I ASSETS
1 NON-CURRENT ASSETS
(a) Property, Plant and Equipment 4 1,175.92 378.50
(b) Right of Use Assets 5 564.42 57.25
(c) Capital Work-in-Progress 5.1 339.80 1,459.19
(d) Investment Property 6 1,999.36 2,048.81
(e) Goodwill 7 6,604.47 6,604.47
(f) Other Intangible Assets 8 4.68 3.73
(g) Financial Assets
(i) Investments 9 62,232.06 55,805.18
(ii) Loans 11 438.80 10.03
(iii) Other Financial Assets 12 1,535.51 1,716.18
(h) Deferred Tax Asset (Net) 22 7,890.22 1,776.74
(i) Other Non-current Assets 13 7,302.18 6,517.21
TOTAL NON-CURRENT ASSETS 90,087.42 76,377.29
2 CURRENT ASSETS
(a) Inventories 14 144,191.60 134,469.94
(b) Financial Assets
(i) Investments 9 3.75 3.62
(ii) Trade Receivables 10 9,188.79 5,641.49
(iii) Cash and Cash Equivalents 15 19,842.38 11,502.88
(iv) Bank balances other than (iii) above 15 2,705.42 2,043.19
(v) Loans 11 7,696.43 7,131.00
(vi) Other Financial Assets 12 5,101.09 7,131.35
(c) Other Current Assets 13 24,927.57 14,489.65
TOTAL CURRENT ASSETS 213,657.03 182,413.12
TOTAL ASSETS (1+2) 303,744.45 258,790.41
II EQUITY AND LIABILITIES
1 EQUITY
(a) Equity Share Capital 16 15,451.73 5,138.32
(b) Other Equity 17 163,399.78 157,972.10
Attributable to owners of the Parent 178,851.51 163,110.42
Non-controlling interests 18 4,910.48 4,197.57
TOTAL EQUITY 183,761.99 167,307.99
LIABILITIES
2 NON-CURRENT LIABILITIES
(i) Borrowings 19 6,013.15 7,521.02
(ii) Lease Liabilities 301.36 -
(iii) Other Financial Liabilities 20 182.62 182.97
(b) Provisions 21 427.00 520.11
(c) Deferred Tax Liabilities (Net) 22 - 1,522.03
TOTAL NON-CURRENT LIABILITIES 6,924.13 9,746.13
3 CURRENT LIABILITIES
(i) Borrowings 23 22,035.55 16,912.67
(ii) Lease Liabilities 281.65 64.66
(iii) Trade Payables
Total Outstanding Dues of Micro Enterprise and Small Enterprises 24 1,117.22 698.59
Total Outstanding Dues of creditors other than Micro Enterprise and Small 24 16,217.45 12,790.46
Enterprises
(iv) Other Financial Liabilities 20 3,620.45 3,208.28
(b) Other Current Liabilities 25 67,037.28 45,545.43
(c) Provisions 21 1,228.00 1,032.06
(d) Current Tax Liabilities (Net) 1,520.73 1,484.14
TOTAL CURRENT LIABILITIES 113,058.33 81,736.29
TOTAL EQUITY AND LIABILITIES (1+2+3) 303,744.45 258,790.41
Summary of Significant Accounting Policies

Consolidated
Balance Sheet and
Statement of Profit Report
Annual Integrated and Loss
2021-22
C onso l idated S tate m ent o f P ro f it and Loss

(` in lakhs)
Note For the year ended For the year ended

I INCOME
(a) Revenue from Operations 26 39,355.36 16,624.92
(b) Other Income . 27 1,468.70 2,156.97
TOTAL INCOME (a + b) 40,824.06 18,781.89
II EXPENSES
(a) Cost of Sales
- Cost of Projects 28 29,632.95 11,629.35
- Operating Expenses 28 680.75 100.18
(b) Employee Benefits Expense 29 8,360.21 7,570.74
(c) Finance Costs 30 651.45 1,096.59
(d) Depreciation and Amortisation Expense 4 to 8 650.64 698.75
(e) Other Expenses 31 9,630.49 6,675.49
TOTAL EXPENSES (a+b+c+d+e) 49,606.49 27,771.10
III LOSS BEFORE EXCEPTIONAL ITEMS AND SHARE OF PROFIT JOINT (8,782.43) (8,989.21)
VENTURES & ASSOCIATES (I - II)
IV EXCEPTIONAL ITEM 9 9,684.23 -
V PROFIT/(LOSS) BEFORE SHARE OF PROFIT OF JOINT VENTURES & 901.80 (8,989.21)
ASSOCIATES (III + IV)
VI SHARE OF PROFIT OF JOINT VENTURES & ASSOCIATES 9,026.25 1,211.37
VII PROFIT/(LOSS) BEFORE TAX (V + VI) 9,928.05 (7,777.84)
VIII TAX (CREDIT) / EXPENSE
(a) Current tax 32(a) 933.11 443.04
(b) Deferred tax 32(a) (7,176.09) (1,076.18)
TOTAL TAX (CREDIT) / EXPENSE (a+b) (6,242.98) (633.14)
IX PROFIT/(LOSS) AFTER TAX (VII - VIII) 16,171.03 (7,144.70)
X OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss
(a) Remeasurements of the defined benefit plans 39.30 1.80
(b) Income tax relating to Items that will not be reclassified to profit or loss 32(b) (11.84) (0.30)
TOTAL OTHER COMPREHENSIVE INCOME FOR THE YEAR (a+b) 27.46 1.50
XI TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (IX + X): 16,198.49 (7,143.20)
XII TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Parent 15,476.49 (7,172.38)
Non controlling interest 722.00 29.18
16,198.49 (7,143.20)
XIII INCOME/(LOSS) FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Parent 15,449.03 (7,173.88)
Non controlling interest 18 722.00 29.18
16,171.03 (7,144.70)
XIV OTHER COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Owners of the Parent 27.46 1.50
Non controlling interest - -
27.46 1.50
XV EARNINGS PER EQUITY SHARE (face value of `10/- each) (`)
(a) Basic 33 10.01 (4.65)
(b) Diluted 33 9.96 (4.65)
382
C onso l idated C as h F l o w S tate m ent
(` In lakhs)

A. Cash flows from operating activities
Profit/(Loss) Before Tax and Exceptional Items 243.82 (7,777.84)
Adjustments for:
Share of (profit)/loss of joint venture and associates (9,026.25) (1,211.37)
Finance costs 651.45 1,096.59
Loss on disposal of Property Plant & Equipment (net) 166.36 56.49
Interest Income (1,091.12) (1,304.89)
Net loss/(gain) arising on financial assets measured at fair value 1,278.84 (541.12)
through profit or loss
Expense recognised in respect of equity-settled share-based payments 88.88 137.81
Share issue expense 69.33 -
Depreciation and Amortisation Expense 650.64 698.75
Provision for doubtful debts 27.48 8.12
Operating Loss Before Working Capital Changes (6,940.57) (8,837.46)
Changes in:
(Increase)/Decrease in trade and other receivables (14,166.41) 5,536.08
Increase in inventories (7,829.82) (12,882.11)
Increase in trade and other payables 25,534.55 10,662.30
Cash used in from Operations (3,402.25) (5,521.19)
Income taxes paid (1,797.38) (1,281.10)
Net Cash used in from operating activities (5,199.63) (6,802.29)
B. Cash flows from investing activities
Bank deposits (Net) (586.00) 1,082.17
Changes in earmarked balances and margin accounts with banks 101.14 691.66
Interest received 3,606.78 9,293.50
Dividend received from Joint ventures 3,330.00 -
Inter-corporate Deposit Given (5,950.00) (4,200.00)
Inter-corporate Deposit Realised 4,955.45 3,700.00
Payment to acquire Property, Plant and Equipment and other Intangible (1,330.78) (371.84)
Assets
Proceeds from disposal of property, plant and equipment 1,207.86 80.35
Purchase of Investments in Subsidiaries and Joint Ventures - -
Proceeds from Investments in Subsidiaries and Joint Ventures 6,988.94 766.37
Net cash generated from investing activities 12,323.39 11,042.21

Consolidated Cash Flow
Statement
(` In lakhs)

C. Cash flows from financing activities
Proceeds from borrowings 50,620.07 46,732.89
Repayment of borrowings (47,005.24) (45,494.49)
Proceeds from issue of Equity shares of the Company 247.95 2.81
Share issue Expenses (180.89) -
Dividends paid (including tax thereon) (37.66) (43.54)
Payment of Lease Liabilities (360.00) (470.60)
Interest paid (2,068.49) (2,711.49)
Net cash generated/(used) in financing activities 1,215.74 (1,984.42)
Net increase in cash and cash equivalents 8,339.50 2,255.50
Cash and cash equivalents at the beginning of the year 11,502.88 9,247.38
Cash and cash equivalents at the end of the year 19,842.38 11,502.88
Notes:
(a) The above Cash Flow Statement has been prepared under the “indirect method” as set out in ‘Indian Accounting Standard
(Ind AS) 7 - Statement of Cash Flows’.
(b) Also refer note no. 15 - Cash and Bank Balances

384
C onso l idated S tate m ent o f c h an g es in E q uit y
A. Equity share capital
(` In lakhs)
Particulars Note No. As at As at

Balance at the Beginning of the year 5,138.32 5,136.14
Add: Bonus Issue during the year 16 10,278.77 -
Add: Issue of equity shares under employee share option plan 16 34.64 2.18
Balance at the end of the year 15,451.73 5,138.32
B. Other Equity
(` In lakhs)
Particulars Share Securities General Other Retained Attributable Non- Total

application Premium Reserve Reserves# Earnings to owners of controlling
money pending the parent interests
allotment
As at 31st March, 2020 0.12 102,518.30 7,535.69 21,770.98 33,166.07 164,991.16 4,193.78 169,184.94
Profit/(Loss) for the year - - - - (7,173.88) (7,173.88) 29.18 (7,144.70)
Other Comprehensive Income net of taxes* - - - - 1.50 1.50 - 1.50
Total Comprehensive Income/(Loss) for the year - - - - (7,172.38) (7,172.38) 29.18 (7,143.20)
Dividend paid on Equity Shares - - - - - - (25.39) (25.39)
Transfers to Surplus in statement of Profit and Loss - - - 148.00 (148.00) - - -
Premium on shares issued during the year - 90.40 - (90.40) - - - -
Received on Exercise of employee stock options 0.75 - - - - 0.75 - 0.75
Allotment of Shares to Employees (0.12) - - - - (0.12) - (0.12)
Arising on share based payment - - - 152.69 - 152.69 - 152.69
As at 31st March, 2021 0.75 102,608.70 7,535.69 21,981.27 25,845.69 157,972.10 4,197.57 162,169.67
Profit/(Loss) for the year - - - - 15,449.03 15,449.03 722.00 16,171.03
Other Comprehensive Income net of taxes* - - - - 27.46 27.46 - 27.46
Total Comprehensive Income/(Loss) for the year - - - - 15,476.49 15,476.49 722.00 16,198.49
Dividend paid on Equity Shares - - - - - - (9.09) (9.09)
Received on Exercise of employee stock options 247.95 - - - - 247.95 - 247.95
Allotment of Shares to Employees (248.70) 435.94 - (221.88) - (34.64) - (34.64)
Utilised for issue of bonus shares - (2,925.19) - (7,353.58) - (10,278.77) - (10,278.77)
Share issue expenses on Bonus issue - (111.56) - - - (111.56) - (111.56)
Arising on share based payment - - - 128.21 - 128.21 - 128.21
Mahindra Lifespaces
As at 31st March, 2022 - 100,007.89 7,535.69 14,534.02 41,322.18 163,399.78 4,910.48 168,310.26
* Remeasurement gains/ (losses) net of taxes on defined benefit plans during the year is recognised as part of retained earnings.
385
Consolidated Statement of
changes
Annual Integrated
in Equity Report 2021-22
B. Other Equity (Contd..)

#Other Reserves
(` In lakhs)
(I) Capital Reserve on Consolidation :

Balance as at the beginning and end of the year 2,347.21 2,347.21
(II) Debenture Redemption Reserve :
Add :
Transfer from Retained earnings - 148.00
Balance as at the end of the year 5,913.87 5,913.87
(III) Capital Redemption Reserve :
Less :
Utilised for issue of bonus shares (7,353.58) -
(IV) Share Options Outstanding Account
Balance as at the beginning of the year 537.38 475.09
Add / (Less) :
Utilised towards allotment of Shares to Employees (221.88) (90.40)
Arising on share based payment 128.21 152.69
Balance as at the end of the year 443.71 537.38
Total 14,534.02 21,981.27
Summary of Significant Accounting Policies (Refer note 2)
386
Notes to the Consolidated
N o t e s t o t h e C O N SO L I D A TE D F inancial S t a t e m e n t s
for the year ended 31st March, 2022
1. General Information Subsidiaries

Mahindra Lifespace Developers Limited (‘the Subsidiaries are entities (including structured entities)
Company’) is a limited Group incorporated in India. The over which the Group has control. Subsidiaries are
equity shares of the Company are listed on the Bombay consolidated on a line-by-line basis from the date
Stock Exchange (BSE) and National Stock Exchange the control is transferred to the Group. They are
(NSE) and its debentures are listed on BSE. Its parent deconsolidated from the date that control ceases. The
and ultimate holding Company is Mahindra & Mahindra acquisition method of accounting is used to account
Limited. for business combinations by the Group. Changes in
the Group’s interest in subsidiaries that do not result in
The addresses of its registered office is disclosed in a loss of control are accounted as equity transactions.
the introduction to the annual report. The Company The carrying amount of the Group’s interests and the
along with its subsidiary companies (together referred non-controlling interests are adjusted to reflect the
to as “the Group”) is engaged in the development of changes in their relative interests in the subsidiaries.
residential projects and large formats developments Any difference between the amount by which the non-
such as integrated cities and industrial clusters. controlling interests are adjusted and the fair value
of the consideration paid or received is recognised
2. Significant Accounting Policies directly in equity and attributed to owners of the Group.
2.1 Statement of compliance & basis of preparation
and presentation Inter-Group transactions, balances and unrealised
gains on transactions between Group are eliminated.
The Consolidated Financial Statements have been
Unrealised losses are also eliminated unless the
prepared in accordance with the Indian Accounting
transaction provides evidence of an impairment of
Standards (‘Ind AS’) as per the Companies (Indian
the asset transferred. These financial statements are
Accounting Standards) Rules, 2015 as amended and
prepared by applying uniform accounting policies in
notified under section 133 of the Companies Act, 2013
use at the group.
(the ‘Act’) and other relevant provisions of the Act. The
aforesaid financial statements have been approved by
Associates
the Group’s Board of Directors and authorised for issue
in the meeting held on 27th April, 2022. Associates are the entities over which the Group has
significant influence. Investment in associates are
These Consolidated financial statements have been accounted for using the equity method of accounting,
prepared on the historical cost basis except for certain after initially being recognised at cost.
financial instruments that are measured at fair values at
the end of each reporting period, as explained in the Joint Arrangements
accounting policies below. A joint venture is a joint arrangement whereby the Group
has the rights to the net assets of the arrangement.
Historical cost is generally based on the fair value of The results, assets and liabilities of a joint venture are
the consideration given in exchange for goods and accounted using the equity method of accounting.
services. Where the Group’s activities are conducted through joint
operations (i.e. the parties have rights to the assets and
Accounting policies have been consistently applied
obligation for liabilities relating to the arrangement), the
except where a newly issued accounting standard is
Group recognises its share of assets, liabilities, income
initially adopted or a revision to an existing accounting
and expenses of such joint operations incurred jointly
standard requires a change in the accounting policy
along with its share of income from the sale of output
hitherto in use.
and any liability and expenses incurred in relation to the
joint operations.
2.2 Basis of Consolidation
The consolidated financial statements incorporate 2.3 Measurement of Fair Values
the financial statements of the Group and entities
Fair value is the price that would be received to sell
(including structured entities) controlled by the Group
an asset or paid to transfer a liability in an orderly
and its subsidiaries.

transaction between market participants at the time i.e. Completed contract method of
measurement date, regardless of whether that price is accounting as per IND AS 115 when (a)
directly observable or estimated using another valuation the seller has transferred to the buyer all
technique. In estimating the fair value of an asset or a significant risks and rewards of ownership
liability, the Group takes into account the characteristics and the seller retains no effective control
of the asset or liability if market participants would take of the real estate to a degree usually
those characteristics into account when pricing the associated with ownership, (b) The seller
asset or liability at the measurement date. Fair value has effectively handed over possession
for measurement and/or disclosure purposes in these of the real estate unit to the buyer forming
standalone financial statements is determined on such part of the transaction; (c) No significant
basis, except for share-based payment transactions uncertainty exists regarding the amount of
that are within the scope of Ind AS 102 – Share consideration that will be derived from real
based Payments and measurements that have some estate sales; and (d) It is not unreasonable
similarities to fair value but are not fair value, such as to expect ultimate collection of revenue
net realisable value in Ind AS 2 - Inventories or value in from buyers. The revenue is measured at
use in Ind AS 36 – Impairment of Assets. the transaction price agreed under the
contract.
In addition, for financial reporting purposes, fair value
measurements are categorised into Level 1, 2, or 3 ii. The Group invoices the customers for
based on the degree to which the inputs to the fair value construction contracts based on achieving
measurements are observable and the significance of performance-related milestones.
the inputs to the fair value measurement in its entirety,
which are described as follows: iii. For certain contracts involving the sale
of property under development, the
• Level 1: Quoted prices (unadjusted) in active
Group offers deferred payment schemes
markets for identical assets or liabilities that the
to its customers. The Group adjusts the
Group can access at the measurement date;
transaction price for the effects of the
• Level 2: Inputs other than quoted prices included significant financing component.
within Level 1, that are observable for the asset or
liability, either directly or indirectly; and iv. Costs to obtain contracts (“Contract costs”)
relate to fees paid for obtaining property
• Level 3: Inputs for the asset or liability that are not sales contracts. Such costs are recognised
based on observable market data (unobservable as assets when incurred and amortised
inputs). upon recognition of revenue from the
related property sale contract.
2.4 Revenue from Contracts with Customers
Revenue is measured at the fair value of the v. Contract assets is the Group’s right to
consideration received or receivable. Revenue is consideration in exchange for goods or
reduced for estimated customer returns, rebates and services that the Group has transferred to a
other similar allowances. customer when that right is conditioned on
something other than the passage of time
2.4.1 Revenue from Projects
i. The Group develops and sells residential 2.4.2 Revenue from Sale of land and other rights
and commercial properties. Revenue from
Revenue from Sale of land and other rights is
contracts is recognised when control over
generally a single performance obligation and
the property has been transferred to the
the Group has determined that this is satisfied
customer. An enforceable right to payment
at the point in time when control transfers as per
does not arise until the development of
the terms of the contract entered into with the
the property is completed. Therefore,
buyers, which generally are with the firmity of the
revenue is recognised at a point in
sale contracts / agreements. The determination
388
of transfer of control did not change upon the An asset is treated as current when it is:
adoption of Ind AS 115 – Revenue from Contracts
with Customers. — Expected to be realised or intended to be sold or
consumed in normal operating cycle
2.4.3 Revenue from Project Management fees
Revenue from Project Management Fees and — Held primarily for trading
Rental Income are recognized on accrual basis
as per the terms and conditions of relevant — Expected to be realised within twelve months
agreements. after the reporting period, or
2.4.4 Land Lease Premium — Cash or cash equivalent unless restricted from
being exchanged or used to settle a liability for at
Land lease premium is recognized as income
least twelve months after the reporting period
upon creation of leasehold rights in favour of the
lessee or upon an agreement to create leasehold All other assets are classified as non-current.
rights with handing over of possession.
A liability is current when:
Property lease rentals, income from operation
& maintenance charges and water charges are — It is expected to be settled in normal operating
recognized on an accrual basis as per terms of cycle
the agreement with the lessees.
— It is held primarily for trading
2.4.5 Dividend and interest income
Dividend income from investment in mutual funds — It is due to be settled within twelve months after
is recognised when the unit holder’s right to the reporting period, or
receive payment has been established.
— There is no unconditional right to defer the
Interest income from a financial asset is settlement of the liability for at least twelve months
recognised when it is probable that the economic after the reporting period
benefits will flow to the Group and the amount of
income can be measured reliably. Interest income The Group classifies all other liabilities as non-current.
is accrued on a time basis, by reference to the
principal outstanding and at the effective interest Deferred tax assets and liabilities are classified as non-
rate applicable, which is the rate that exactly current assets and liabilities.
discounts estimated future cash receipts through
the expected life of the financial asset to that Borrowings are classified as current if they are due to
asset’s net carrying amount on initial recognition. be settled within 12 months after the reporting period.
2.5 Current versus non-current classification 2.6 Leasing

The operating cycle is the time between the acquisition 2.6.1 The Group as a Lessor
of assets for processing and their realisation in cash Leases for which the Group is a lessor are classified
and cash equivalents. as finance or operating leases. Whenever the
terms of the lease transfer substantially all the
Based on the nature of activity carried out by the
risks and rewards of ownership to the lessee, the
Group and the period between the procurement and
contract is classified as a finance lease. All other
realisation in cash and cash equivalents, the Group has
leases are classified as operating leases.
ascertained its operating cycle as 5 years for Current –
Non-Current classification of assets & liabilities.
Rental income from operating leases is generally
recognised on a straight-line basis over the term
The Group presents assets and liabilities in the balance
of the relevant lease. Initial direct costs incurred
sheet based on current/ non-current classification.

in negotiating and arranging an operating lease lease basis, may adopt either the incremental
are added to the carrying amount of the leased borrowing rate specific to the lease or the
asset and recognised as expense on a straight- incremental borrowing rate for the portfolio as a
line basis over the lease term. The respective whole. The lease payments shall include fixed
leased assets are included in the balance sheet payments, variable lease payments, residual
based on their nature. The Group did not need value guarantees, exercise price of a purchase
to make any adjustments to the accounting for option where the Group is reasonably certain to
assets held as a lessor as a result of adopting exercise that option and payments of penalties
IND AS 116 – Leases. for terminating the lease, if the lease term reflects
the lessee exercising an option to terminate
2.6.2 The Group as a Lessee the lease. The lease liability is subsequently
The Group recognises right-of-use asset remeasured by increasing the carrying amount
representing its right to use the underlying asset to reflect interest on the lease liability, reducing
for the lease term and a corresponding lease the carrying amount to reflect the lease payments
liability at the lease commencement date i.e. made and remeasuring the carrying amount to
the date at which the leased asset is available reflect any reassessment or lease modifications
for use by the Group. The cost of the right-of-use or to reflect revised in-substance fixed lease
asset measured at inception shall comprise of payments. The Group recognises the amount
the amount of the initial measurement of the lease of the re-measurement of lease liability due to
liability adjusted for any lease payments made at modification as an adjustment to the right-of-use
or before the commencement date less any lease asset and statement of profit and loss depending
incentives received, plus any initial direct costs upon the nature of modification. Where the
incurred and an estimate of costs to be incurred carrying amount of the right-of-use asset is
by the lessee in dismantling and removing the reduced to zero and there is a further reduction
underlying asset or restoring the underlying in the measurement of the lease liability, the
asset or site on which it is located. The right-of- Group recognises any remaining amount of the
use assets is subsequently measured at cost less re-measurement in statement of profit and loss.
any accumulated depreciation, accumulated
impairment losses, if any and adjusted for any The Group has elected not to apply the
remeasurement of the lease liability. The right-of- requirements of Ind AS 116 Leases to short-
use assets is depreciated using the straight-line term leases of all assets that have a lease
method from the commencement date over the term of 12 months or less and leases for which
shorter of lease term or useful life of right-of-use the underlying asset is of low value. The lease
asset. The estimated useful lives of right-of use payments associated with these leases are
assets are determined on the same basis as recognized as an expense on a straight-line
those of property, plant and equipment. Right-of- basis over the lease term.
use assets are tested for impairment whenever
there is any indication that their carrying amounts 2.7 Foreign exchange transactions and translation
may not be recoverable. Impairment loss, if any, Transactions in foreign currencies i.e. other than the
is recognised in the statement of profit and loss. Group’s functional currency are recognised at the rates
of exchange prevailing at the dates of the transactions.
The Group measures the lease liability at the At the end of each reporting period, monetary items
present value of the lease payments that are not denominated in foreign currencies are retranslated at
paid at the commencement date of the lease. the rates prevailing at that date. Non-monetary items
The lease payments are discounted using the carried at fair value that are denominated in foreign
interest rate implicit in the lease, if that rate can currencies are retranslated at the rates prevailing at
be readily determined. If that rate cannot be the date when the fair value was determined. Non-
readily determined, the Group uses incremental monetary items that are measured in terms of historical
borrowing rate. For leases with reasonably cost in a foreign currency are not retranslated.
similar characteristics, the Group, on a lease by
390
Exchange differences on monetary items are period. They are included in Retained Earnings
recognised in profit or loss in the period in which they in the Statement of Changes in Equity and in the
arise except for: Balance Sheet.
• Exchange differences on foreign currency Remeasurement gains or losses on long term

borrowings relating to assets under construction compensated absences that are classified as
for future productive use, which are included in other long-term benefits are recognised in profit
the cost of those assets when they are regarded or loss.
as an adjustment to interest costs on those
foreign currency borrowings; and 2.8.4 Short-term and other long-term employee
benefits:
• Exchange differences on transactions entered to
The undiscounted amount of short-term employee
hedge certain foreign currency risks.
benefits expected to be paid in exchange for the
2.8 Employee Benefits services rendered by employees are recognised
during the year when the employees render the
2.8.1 Defined contribution plans
service. These benefits include performance
The Group’s contribution paid/payable during the incentive and compensated absences which are
year to Superannuation Fund and Provident fund expected to occur within twelve months after the
is recognised in profit or loss. end of the period in which the employee renders
the related service.
2.8.2 Defined benefit plan
The liability or assets recognised in the Balance The cost of short-term compensated absences is
Sheet in respect of defined benefit gratuity plan is accounted as under:
the present value of the defined benefit obligation
at the end of the reporting period less the fair (a) in case of accumulated compensated
value of the plan assets. The defined benefit absences, when employees render the
obligation is calculated by actuaries using the services that increase their entitlement of
projected unit credit method. future compensated absences; and
The present value of the defined benefit obligation (b) in case of non-accumulating compensated
is determined by discounting the estimated future absences, when the absences occur.
cash outflows with reference to market yields at
the end of the reporting period on government Compensated absences which are not expected
bonds that have terms approximating to the to occur within twelve months after the end of the
terms of the related obligation. period in which the employee renders the related
service are recognised as a liability at the present
The net interest cost is calculated applying the
value of expected future payments to be made in
discount rate to the net balance of the defined
respect of services provided by employees up the
benefit obligation and the fair value of plan
end of the reporting period using the projected
assets. This cost is included in the employee
unit credit method. The benefits are discounted
benefit expenses in the Statement of Profit and
using the market yields at the end of the reporting
Loss.
period that have terms approximating to the
2.8.3 Remeasurement gains/losses terms of the related obligation. Remeasurements
as a result of experience adjustments and
Remeasurement of defined benefit plans,
changes in actuarial assumptions are recognised
comprising of actuarial gains or losses, return
in Statement of Profit and Loss.
on plan assets excluding interest income are
recognised immediately in balance sheet
2.8.5 Employee Stock Option Scheme
with corresponding debit or credit to other
comprehensive income. Remeasurements are Equity-settled share-based payments to
not reclassified to profit or loss in subsequent employees are measured at the fair value of the

equity instruments at the grant date. The fair settled share-based payments is expensed on a
value determined at the grant date of the equity- straight-line basis over the vesting period, based
settled share-based payments is expensed on a on the Group’s estimate of equity instruments
straight-line basis over the vesting period, based that will eventually vest, with a corresponding
on the Group’s estimate of equity instruments increase in equity.
that will eventually vest, with a corresponding
increase in equity. 2. At the end of each reporting period the Group
revises its estimate of the No. of equity instruments
2.9 Cash and Cash Equivalents expected to vest. The impact of revision of the
Cash and cash equivalent in the Balance sheet original estimate, if any, is recognised in profit or
comprise cash at banks and on hand and short-term loss such that the cumulative expense reflects
deposits with an original maturity of three months or the revised estimate with the corresponding
less, which are subject to insignificant risk of changes adjustments to the equity settled.
in value.
2.13 Income Taxes
2.10 Earnings per share Income Tax expense represents the sum of tax currently
The Group reports basic and diluted earnings per share payable and deferred tax
in accordance with Ind AS - 33 on ‘Earnings per Share’.
Basic earnings per share is computed by dividing the 2.13.1 Current tax
net profit or loss for the year by the weighted average Current tax is determined as the amount of tax
number of Equity shares outstanding during the year. payable in respect of taxable income for the
Diluted earnings per share is computed by dividing the year. The Group’s current tax is calculated using
net profit or loss for the year by the weighted average tax rate that has been enacted or substantially
number of equity shares outstanding during the year enacted by the end of the reporting period.
as adjusted for the effects of all diluted potential equity Minimum Alternate Tax (MAT) paid in accordance
shares except where the results are anti- dilutive. with the tax laws, which gives future economic
benefits in the form of adjustment to future
2.11 Borrowing costs income tax liability, is considered as an asset
Borrowing costs directly attributable to the acquisition, if there is convincing evidence that the Group
construction or production of qualifying assets, which will pay normal income tax. Accordingly, MAT
are assets that necessarily take a substantial period is recognized as an asset in the Balance Sheet
of time to get ready for their intended use or sale, are when it is probable that future economic benefit
added to the cost of those assets, until such time as the associated with it will flow to the Group.
assets are substantially ready for their intended use or
sale. 2.13.2 Deferred tax
Deferred tax is recognised on temporary
Interest income earned on the temporary investment differences between the carrying amounts of
of specific borrowings pending their expenditure on assets and liabilities in the financial statements
qualifying assets is deducted from the borrowing costs and the corresponding tax bases used in the
eligible for capitalisation. computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable
All other borrowing costs are recognised in profit or loss temporary differences. Deferred tax assets are
in the period in which they are incurred. generally recognised for all deductible temporary
differences to the extent that it is probable that
2.12 Share based payment transaction of the Group taxable profits will be available against which
1. Equity-settled share-based payment to those deductible temporary differences can be
employees are measured at the fair value of the utilised. Such deferred tax assets and liabilities
equity instruments at the grant date. The fair are not recognised if the temporary difference
value determined at the grant date of the equity- arises from the initial recognition (other than in a
392
business combination) of assets and liabilities in as other property assets, commences when the assets
a transaction that affects neither the taxable profit are ready for their intended use.
nor the accounting profit.
Fixtures and equipment are stated at cost less
The carrying amount of deferred tax assets is accumulated depreciation and accumulated
reviewed at the end of each reporting period and impairment losses.
reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to Depreciation is recognised so as to write off the cost of
allow all or part of the asset to be recovered. assets (other than freehold land and properties under
construction) less their residual values over their useful
Deferred tax liabilities and assets are measured lives, using the straight-line method. The estimated
at the tax rates that are expected to apply in the useful lives, residual values and depreciation method
period in which the liability is settled or the asset are reviewed at the end of each reporting period, with
realised, based on tax rates (and tax laws) that the effect of any changes in estimate accounted for on
have been enacted or substantively enacted by a prospective basis.
the end of the reporting period.
Assets held under finance leases are depreciated over
their expected useful lives on the same basis as owned
The measurement of deferred tax liabilities and
assets. However, when there is no reasonable certainty
assets reflects the tax consequences that would
that ownership will be obtained by the end of the lease
follow from the manner in which the Group
term, assets are depreciated over the shorter of the
expects, at the end of the reporting period, to
lease term and their useful lives.
recover or settle the carrying amount of its assets
and liabilities.
An item of property, plant and equipment is derecognised
upon disposal or when no future economic benefits are
2.13.3 Current and deferred tax for the year
expected to arise from the continued use of the asset.
Current and deferred tax are recognised in Any gain or loss arising on the disposal or retirement of
profit or loss, except when they relate to items an item of property, plant and equipment is determined
that are recognised in other comprehensive as the difference between the sales proceeds and the
income or directly in equity, in which case, the carrying amount of the asset and is recognised in profit
current and deferred tax are also recognised in or loss.
other comprehensive income or directly in equity
respectively. Depreciation on tangible fixed assets has been
provided on pro-rata basis, on the straight-line method
2.14 Property, plant and equipment as per the useful life prescribed in Schedule II to the
Land and buildings held for use in the production or Companies Act, 2013 except for certain assets as
supply of goods or services, or for administrative indicated below:
purposes, are stated in the balance sheet at cost
less accumulated depreciation and accumulated Lease hold improvements are amortised over the
impairment losses. Freehold land is not depreciated. period of lease/estimated period of lease.
Properties in the course of construction for production, Vehicles used by employees are depreciated over the
supply or administrative purposes are carried at cost, period of 48 months considering this period as the
less any recognised impairment loss. Cost includes useful life of the vehicle for the Group.
professional fees and, for qualifying assets, borrowing
Sales office and the sample flat/ show unit cost at site is
costs capitalised in accordance with the Group’s
amortised over 5 years or the duration of the project (as
accounting policy. Such properties are classified to
estimated by management) whichever is lower.
the appropriate categories of property, plant and
equipment when completed and ready for intended Fixed Assets held for disposal are valued at estimated
use. Depreciation of these assets, on the same basis net realizable value.

2.15 Intangible Assets other than goodwill method as per the useful life of such property. Buildings
2.15.1 Intangible assets acquired separately are depreciated over the period of 60 years considering
this period as the useful life for the Group.
Intangible assets with finite useful lives that are
acquired separately are carried at cost less
An investment property is derecognised upon disposal
accumulated amortisation and accumulated
or when the investment property is permanently
impairment losses. Amortisation is recognised on
withdrawn from use and no future economic benefits
a straight-line basis over their estimated useful
are expected from the disposal. Any gain or loss arising
lives. The estimated useful life and amortisation
on derecognition of the property (calculated as the
method are reviewed at the end of each reporting
difference between the net disposal proceeds and the
period, with the effect of any changes in estimate
carrying amount of the asset) is included in profit or loss
being accounted for on a prospective basis.
in the period in which the property is derecognised.
2.15.2 Derecognition of Intangible assets
2.18 Impairment of assets
An intangible asset is derecognised on disposal,
or when no future economic benefits are expected At the end of each reporting period, the Group reviews
from use or disposal. Gains or losses arising from the carrying amounts of its tangible and intangible
derecognition of an intangible asset, measured assets to determine whether there is any indication
as the difference between the net disposal that those assets have suffered an impairment loss.
proceeds and the carrying amount of the asset If any such indication exists, the recoverable amount,
are recognised in profit or loss when the asset is which is the higher of the value in use or fair value less
derecognised. cost to sell, of the asset or cash generating unit, as the
case may be, is estimated and the impairment loss (if
2.15.3 Useful lives of Intangible assets any) is recognised and the carrying amount is reduced
Estimated useful lives of the intangible assets are to its recoverable amount. When it is not possible to
as follows: estimate the recoverable amount of an individual
asset, the Group estimates the recoverable amount of
Computer Software 5 years the cash-generating unit to which the asset belongs.
When a reasonable and consistent basis of allocation
2.16 Goodwill can be identified, corporate assets are also allocated
Goodwill is initially recognised as the excess of the to individual cash-generating units, or otherwise they
acquirer’s interest in the net fair value of the identifiable are allocated to the smallest group of cash-generating
net assets of the acquired business. Subsequent to units for which a reasonable and consistent allocation
initial measurement, goodwill is measured at cost less basis can be identified.
accumulated impairment, if any. Goodwill is allocated
Intangible assets with indefinite useful lives and
to cash generating unit which is expected to benefit
intangible assets not yet available for use are tested for
from the business combination.
impairment at least annually, and whenever there is an
2.17 Investment Property indication that the asset may be impaired.
Investment properties are properties held to earn rentals When an impairment loss subsequently reverses, the
and/or for capital appreciation (including property carrying amount of the asset (or a cash-generating unit)
under construction for such purposes). Investment is increased to the revised estimate of its recoverable
properties are measured initially at cost, including amount, but so that the increased carrying amount does
transaction costs. Subsequent to initial recognition, not exceed the carrying amount that would have been
investment properties are measured in accordance determined had no impairment loss been recognised
with Ind AS 16’s requirements for cost model. for the asset (or cash-generating unit) in prior years.
A reversal of an impairment loss is recognised
Investment property includes freehold/leasehold land
immediately in profit or loss.
and building. Depreciation on investment property has
been provided on pro-rata basis, on the straight-line
394
2.19 Inventories When some or all of the economic benefits

Inventories are stated at lower of cost and net realisable required to settle a provision are expected to
value. The cost of construction material is determined be recovered from a third party, a receivable is
on the basis of weighted average method. Construction recognised as an asset if it is virtually certain that
Work-in-Progress includes cost of land, premium for reimbursement will be received and the amount
development rights, construction costs and allocated of the receivable can be measured reliably.
interest & manpower costs and expenses incidental to
the projects undertaken by the Group. Provisions and contingent liabilities are reviewed
at each Balance Sheet date.
2.20 Cost of Construction/Development
2.22.2 Onerous contracts
Cost of Construction/Development (including cost of
land) incurred is charged to the statement of profit and Present obligations arising under onerous
loss proportionate to project area sold. Costs incurred contracts are recognised and measured as
for projects which have not received Occupancy/ provisions. An onerous contract is considered to
Completion Certificate is carried over as construction exist where the Group has a contract under which
work-in-progress. Costs incurred for projects which the unavoidable costs of meeting the obligations
have received Occupancy/Completion Certificate is under the contract exceed the economic benefits
carried over as Completed Properties. expected to be received from the contract.
2.21 Dividend Distribution 2.22.3 Contingent liabilities
Dividends paid (including income tax thereon) is Contingent liability is disclosed in case of:
recognized in the period in which the interim dividends
a) a present obligation arising from past
are approved by the Board of Directors, or in respect of
events, when it is not probable that an
the final dividend when approved by shareholders
outflow of resources will be required to
2.22 Provisions and contingent liabilities settle the obligation; and
2.22.1 Provisions b) a present obligation arising from past

Provisions are recognised when the Group has events, when no reliable estimate is
a present obligation (legal or constructive) as a possible.
result of a past event, it is probable that the Group
will be required to settle the obligation, and a 2.23 Financial instruments
reliable estimate can be made of the amount of Financial assets and financial liabilities are recognised
the obligation. when the Group becomes a party to the contractual
provisions of the instruments.
The amount recognised as a provision is the
best estimate of the consideration required to Financial assets and financial liabilities are initially
settle the present obligation at the end of the measured at fair value. Transaction costs that are directly
reporting period, taking into account the risks attributable to the acquisition or issue of financial assets
and uncertainties surrounding the obligation. and financial liabilities (other than financial assets and
When a provision is measured using the cash financial liabilities at fair value through profit or loss) are
flows estimated to settle the present obligation, added to or deducted from the fair value of the financial
its carrying amount is the present value of those assets or financial liabilities, as appropriate, on initial
cash flows (when the effect of the time value of recognition. Transaction costs directly attributable to the
money is material). acquisition of financial assets or financial liabilities at fair
value through profit or loss are recognised immediately
in profit or loss.

2.23.1 Classification and subsequent measurement estimated future cash receipts (including all
2.23.1.1 Financial assets fees and points paid or received that form
an integral part of the effective interest rate,
All regular way purchases or sales of financial
transaction costs and other premiums or
assets are recognised and derecognised on
discounts) through the expected life of the
a trade date basis. Regular way purchases
debt instrument, or, where appropriate, a
or sales are purchases or sales of financial
shorter period, to the net carrying amount on
assets that require delivery of assets within
initial recognition.
the time frame established by regulation or
convention in the marketplace. All recognised
Debt investment at FVTOCI are subsequently
financial assets are subsequently measured at
measured at fair value. Interest income under
either amortised cost or fair value depending
effective interest method, foreign exchange
on their respective classification. gains and losses and impairment are
recognised in profit or loss. Other net gains and
On initial recognition, a financial asset is losses are recognised in Other Comprehensive
classified as - measured at: Income (OCI). On derecognition, gains and
losses accumulated in OCI are reclassified to
— Amortised cost; or profit or loss.
— Fair Value through Other Comprehensive For equity investments, the Group makes an
Income (FVTOCI) - debt investment; or election on an instrument-by-instrument basis
to designate equity investments as measured
— Fair Value through Other Comprehensive at FVTOCI. These elected investments are
Income (FVTOCI) - equity investment; or measured at fair value with gains and losses
arising from changes in fair value recognised
— Fair Value Through Profit or Loss (FVTPL) in other comprehensive income and
accumulated in the reserves. The cumulative
Financial assets are not reclassified gain or loss is not reclassified to profit or
subsequent to their initial recognition, except loss on disposal of the investments. These
if and in the period the Group changes its investments in equity are not held for trading.
business model for managing financial assets. Instead, they are held for medium or long-term
strategic purpose.
All financial assets not classified as measured
at amortised cost or FVTOCI are measured at Equity investments that are not designated
FVTPL. as measured at FVTOCI are designated as
measured at FVTPL and subsequent changes
Financial assets at amortised cost are in fair value are recognised in profit or loss.
subsequently measured at amortised cost
using effective interest method. The amortised Financial assets at FVTPL are subsequently
cost is reduced by impairment losses. Interest measured at fair value. Net gains and losses,
income, foreign exchange gains and losses including any interest or dividend income, are
and impairment are recognised in profit or recognised in profit or loss.
loss. Any gain and loss on derecognition is
recognised in profit or loss. 2.23.1.2 Financial liabilities and equity instruments
Debt and equity instruments issued by
The effective interest method is a method the Group are classified as either financial
of calculating the amortised cost of a debt liabilities or as equity in accordance with the
instrument and of allocating interest income substance of the contractual arrangements
over the relevant period. The effective and the definitions of a financial liability and
interest rate is the rate that exactly discounts an equity instrument.
396

Equity instruments 2.23.4 Impairment of financial assets
The Group applies the expected credit loss
An equity instrument is any contract that (ECL) model for recognising impairment loss
evidences a residual interest in the assets of on financial assets. With respect to trade
an entity after deducting all of its liabilities. receivables, the Group measures the loss
Equity instruments issued by the Group is allowance at an amount equal to lifetime
recognised at the proceeds received, net of expected credit losses.
directly attributable transaction costs.
Loss allowances for financial assets measured

Financial liabilities at amortised cost are deducted from the
gross carrying amount of the assets. For debt
Financial liabilities are classified as measured securities at FVTOCI, the loss allowance is
at amortised cost or FVTPL. A financial liability
recognised in OCI and is not reduced from the
is classified as at FVTPL if it is classified as
carrying amount of the financial asset in the
held-for-trading or it is a derivative (that does
balance sheet.
not meet hedge accounting requirements) or
it is designated as such on initial recognition.
The gross carrying amount of a financial asset
Other financial liabilities are subsequently
is written off (either partially or in full) to the
measured at amortised cost using the effective
extent that there is no realistic prospect of
interest method. Interest expense and foreign
recovery. This is generally the case when the
exchange gains and losses are recognised in
profit or loss. Any gain or loss on derecognition Group determines that the debtor does not
is also recognised in profit or loss. have assets or sources of income that could
generate sufficient cash flows to repay the
2.23.2 Derecognition of financial assets amounts subject to the write- off. However,
financial assets that are written off could still
The Group derecognises a financial asset
be subject to enforcement activities under
when the contractual rights to the cash flows
the Group’s recovery procedures, taking into
from the financial asset expire, or it transfers
account legal advice where appropriate. Any
the rights to receive the contractual cash flows
in a transaction in which substantially all of the recoveries made are recognised in profit or
risks and rewards of ownership of the financial loss.
asset are transferred or in which the Group
neither transfers nor retains substantially all of 2.23.5 Derecognition of financial liabilities
the risks and rewards of ownership and does The Group derecognizes financial liabilities
not retain control of the financial asset. when, and only when, the Group’s obligations
are discharged, cancelled or have expired.
If the Group enters into transactions whereby An exchange between with a lender of debt
it transfers assets recognised on its balance instruments with substantially different terms
sheet, but retains either all or substantially all of is accounted for as an extinguishment of the
the risks and rewards of the transferred assets, original financial liability and the recognition of
the transferred assets are not derecognised. a new financial liability. Similarly, a substantial
modification of the terms of an existing
2.23.3 Offsetting financial liability (whether or not attributable
Financial assets and financial liabilities are to the financial difficulty of the debtor) is
offset and the net amount presented in the accounted for as an extinguishment of the
balance sheet when, and only when, the original financial liability and the recognition
Group currently has a legally enforceable right of a new financial liability. The difference
to set off the amounts and it intends either to between the carrying amount of the financial
settle them on a net basis or to realise the liability derecognised and the consideration
asset and settle the liability simultaneously. paid and/or payable is recognised in profit or
loss.

2.24 Business combinations When the consideration transferred by the Group in

The Group accounts for its business combinations business combination includes assets or liabilities
under acquisition method of accounting. The acquirer’s resulting in a contingent consideration arrangement, the
identifiable assets, liabilities and contingent liabilities contingent consideration is measured at its acquisition
that meet the condition for recognition are recognised date fair value and included as a part of the consideration
at their fair values at the acquisition date. The difference transferred in a business combination. Changes in the
between the fair value of the purchase consideration fair value of the contingent consideration that qualify
paid together with non-controlling interest on acquisition as measurement period adjustments, are adjusted
date and the fair value of net assets acquired is retrospectively, with corresponding adjustments against
recognised as goodwill or capital reserve on acquisition. goodwill or capital reserve as the case may be.
The excess of the sum of the consideration transferred,
the amount of any non-controlling interests in the Measurement period adjustments are adjustments
acquiree, and the fair value of the acquirer’s previously that arise from additional information during the
held equity interest in the acquiree (if any) over the net ‘measurement period’ (which cannot exceed one year
of the acquisition-date amounts of the identifiable assets from the acquisition date) about facts and circumstances
acquired and the liabilities assumed is recognized as that existed at the acquisition date.
goodwill. Any shortfall is recognised as capital reserve
The subsequent accounting for changes in the fair
on consolidation.
value of the contingent consideration that do not qualify
In case of a bargain purchase, before recognising as the measurement period adjustments depends
gain in respect thereof, the Group determines whether on how the contingent consideration is classified.
there exists clear evidence of underlying reasons for Contingent consideration that is classified as equity is
classifying the business combination as a bargain not remeasured at subsequent reporting dates and its
purchase. Thereafter, the Group reassesses whether subsequent settlement is accounted for within equity.
it has correctly identified all of the assets acquired Contingent consideration that is classified as an asset
and all of the liabilities assumed and recognises any or a liability is remeasured at fair value at subsequent
additional asset or liabilities that are identified in that reporting dates with the corresponding gain or loss
reassessment. The Group then reviews the procedures being recognised in profit or loss.
used to measure the amounts that Ind AS requires for
When a business combination is achieved in stages, the
the purposes of calculating the bargain purchase. If the
Group’s previously held equity interest in the acquiree
gain remains after this reassessment and review, the
is remeasured to its acquisition-date fair value and the
Group recognises it in other comprehensive income and
resulting gain or loss, if any, is recognised in profit or loss.
accumulates the same in equity as capital reserve. This
Amounts arising from interests in the acquiree prior to the
gain is attributed to the acquirer. If there does not exist
acquisition date that have previously been recognised in
clear evidence of the underlying reasons for classifying
other comprehensive income are reclassified to profit or
the business combination as a bargain purchase, the
loss where such treatment would be appropriate if that
Group recognises the gain, after reassessing and
interest were disposed of.
reviewing (as described above), directly in equity as
capital reserve.
If the initial accounting for a business combination is
incomplete by the end of the reporting period in which
The interest in non-controlling interest is initially measured
the combination occurs, the Group reports provisional
at fair value or at the proportionate share of the acquiree’s
amount for the items for which the accounting is
identifiable net assets. The choice of measurement
incomplete. Those provisional amount are adjusted
basis is made on an acquisition by acquisition basis.
during the measurement period, or additional assets
Subsequent to initial acquisition, the carrying amount of
or liabilities are recognised, to reflect new information
non-controlling interest is the amount of those interest in
obtained about facts and circumstances that existed at
initial recognition plus the non-controlling interest’s share
the acquisition date that, if known, would have affected
of subsequent changes in equity of subsidiaries.
the amount recognised at that date.
398
2.24.1 Business Combination under common have the significant effect on the amounts recognised in
control the financial statements:
Business Combination under common control
are accounted as per Appendix C in Ind AS A. Useful lives of property, plant and equipment,
103 - Business combinations, at carrying Investment Property and Intangible Asset
amount of assets and liabilities acquired The Group reviews the useful life of property, plant
and any excess of consideration issued over and equipment, Investment Property and Intangible
the net assets acquired is recognised as Asset at the end of each reporting period. This re-
capital reserve on common control business assessment may result in change in depreciation
combination. expense in future periods.
2.24.2 Acquisition of interest in associate and B. Fair value measurements and valuation
joint venture processes
Acquisition of interest in an associate or a Some of the Group’s assets and liabilities are
joint venture, is initially recognised at cost. measured at fair value for financial reporting
Any excess of the cost of the investment purposes. In estimating the fair value of an asset or
over the Group’s share of the fair value of the a liability, the Group uses market-observable data
identifiable assets and liabilities of the investee to the extent it is available. Where Level 1 inputs
is regarded as goodwill, which is included in are not available, the Group engages third party
the carrying amount of the investment. Any valuers, where required, to perform the valuation.
excess of the Group’s share of the net fair value Information about the valuation techniques and
of the identifiable assets and liabilities over the inputs used in determining the fair value of various
cost of the investment, after reassessment, is assets, liabilities and share based payments are
recognised in equity as capital reserve in the disclosed in the notes to the financial statements.
period in which the investment is acquired.
C. Actuarial Valuation
3. Use of estimates and judgements The determination of Group’s liability towards
In the application of the Group’s accounting policies, defined benefit obligation to employees is made
which are described in note 2, the management through independent actuarial valuation including
is required to make judgements, estimates and determination of amounts to be recognised in
assumptions about the carrying amounts of assets the Statement of Profit and Loss and in other
and liabilities that are not readily apparent from other comprehensive income. Such valuation depends
sources. The estimates and associated assumptions are upon assumptions determined after taking into
based on historical experience and other factors that are account inflation, seniority, promotion and other
considered to be relevant. Actual results may differ from relevant factors such as supply and demand
these estimates. factors in the employment market. Information
about such valuation is provided in notes to the
The estimates and underlying assumptions are reviewed financial statements.
on an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimate D. Taxes
is revised if the revision affects only the period of the Deferred tax assets are recognised for temporary
revision and future periods if the revision affects both differences to the extent that it is probable that
current and future periods. taxable profit will be available against which the
losses can be utilised. Significant management
Key sources of estimation uncertainty judgement is required to determine the amount of
In the process of applying the Group’s accounting deferred tax assets that can be recognised, based
policies, management has made the following upon the likely timing and the level of future taxable
judgements based on estimates and assumptions, which profits together with future tax planning strategies.

E. Determination of the timing of revenue F. Determination of performance obligations

recognition on the sale of completed and under With respect to the sale of property, the Group
development property has evaluated and concluded that the goods and
The Group has evaluated and generally concluded services transferred in each contract constitute a
that the recognition of revenue over the period of single performance obligation. In particular, the
time criteria are not met owing to non-enforceable promised goods and services in contracts for the
right to payment for performance completed to sale of property is to undertake development of
date and, therefore, recognises revenue at a point property and obtaining the Occupation Certificate.
in time. The Group has further evaluated and Generally, the Group is responsible for all these
concluded that based on the analysis of the rights goods and services and the overall management of
and obligations under the terms of the contracts the project. Although these goods and services are
relating to the sale of property, the revenue is to be capable of being distinct, the Group accounts for
recognised at a point in time when control transfers them as a single performance obligation because
which coincides with receipt of Occupation they are not distinct in the context of the contract.
Certificate.
400
N otes to t h e C O N S O L I D A T E D Financia l S tate m ents
4. Property, Plant and Equipment
(` In lakhs)
Additions during the year 468.89 52.29 86.65 232.98 76.23 163.27 1,080.31
Deductions/Adjustments during the year 48.00 - (67.37) (6.86) (23.73) (26.95) (76.91)
st
Deductions/Adjustments during the year 48.00 - (66.50) (6.86) (14.35) (29.10) (68.81)
III. Net carrying amount (I-II) 414.75 87.93 93.54 249.14 159.74 170.82 1,175.92
(` In lakhs)
Additions during the year - - 11.25 48.65 37.72 35.98 133.60
Mahindra Lifespaces
III. Net carrying amount (I-II) 1.72 77.69 37.01 93.83 135.02 33.23 378.50
401
5. Right of use Assets

(` In lakhs)
Description of Assets Buildings

As at As at
Additions during the year 846.24 (26.27)
II. Accumulated depreciation

Depreciation expense for the year 322.35 431.03
5.1 - Capital Work-in-Progress

(` In lakhs)
Buidings
Project-in-Progress*
1-2 years - 242.62
2-3 years - 66.60
More than 3 years - 914.72
Project temporary suspended - -
Total 339.80 1,459.19
*Movement due to capitalisation and sale during the year.
6. Investment Property
(` In lakhs)

Balance as at 31 March, 2022
st
1,766.17 1,189.01 2,955.18
st
- 955.82 955.82
402
(` In lakhs)

st
1,766.17 1,189.01 2,955.18
Fair value disclosure on Groups’s investment properties
The Group’s investment property consist of a commercial property constructed on land taken on perpetual lease in India,
Mahindra Towers at Delhi. Management determined that the investment properties consist of two classes of assets − office
and retail − based on the nature, characteristics and risks of each property.
Details of the investment properties and information about the fair value hierarchy :
(` In lakhs)
Particulars Mahindra Towers, Delhi #

Land Buildings Total
Opening balance as at 1st April, 2020 12,520.00 1,070.00 13,590.00
Fair value difference (320.00) (20.00) (340.00)
Closing balance as at 31 March, 2021
st
12,200.00 1,050.00 13,250.00
Fair value difference (2,200.00) (30.00) (2,230.00)
Closing balance as at 31st March, 2022 10,000.00 1,020.00 11,020.00
# The fair values of the Mahindra Towers at Delhi have been arrived at on the basis of a valuation carried out by the independent valuers of Anarock Property
Consultant Private Limited, not related to the Company who are registered with the authority which governs the valuers in India and have appropriate qualifications
and experience in the valuation of properties in the relevant locations. The Fair value was determined using the discounted cash flow methodology as on
31st March, 2022 based on the forecasted cash flows for five years.
Information regarding income and expenditure of Investment property:

(` In lakhs)

Rental income derived from investment properties (included in ‘Revenue from 787.39 669.03
Operations’)
Direct operating expenses that generate rental income (included in ‘Other 401.41 264.11
Expenses’)

7. Goodwill
(` In lakhs)
8. Other Intangible Assets

(` In lakhs)
Description of Assets Computer Software

As at As at
Amortisation expense for the year 4.05 14.17
404
9. Investments
(` In lakhs)

Face QTY Amounts Amounts Face QTY Amounts Amounts
Value Current Non Value Current Non
Current Current
A. COST
- of Joint Ventures
Mahindra World City (Jaipur) Limited 10 111,000,000 - 31,323.31 10 111,000,000 - 25,337.66
Mahindra World City Developers Limited 10 17,799,999 - 10,607.36 10 17,799,999 - 12,169.51

(Refer note ‘b’ below)
Class A Equity Shares 10 616,879 - 61.69 10 616,879 - 61.69
Class C Equity Shares (Refer note ‘c’ below) 10 45,523 - 17,000.87 10 64,423 - 22,290.00
Mahindra Industrial Park Private Limited 10 50,000 - (664.29) 10 50,000 - (1,009.82)
Mahindra Happinest Developers Limited 10 51,000 - (1,138.85) 10 51,000 - (1,163.84)
Mahindra Inframan Water Utilities Limited 10 24,999 - (0.23) 10 24,999 - (0.23)
-of Associates
Mahindra Knowledge Park (Mohali) Limited 10 6 - - 10 6 - -
Mahindra Construction Company Limited 10 3,000 - (2.91) 10 3,000 - (2.91)
TOTAL INVESTMENTS CARRIED AT COST [A] - 57,186.95 - 57,682.06
B. AMORTISED COST
- of Joint Ventures
Mahindra Homes Private Limited 10 1 - 0.00 10 1 - 0.00
(Series A 0.01% Optionally convertible
Reedemable Preference Shares)
- of others
Prudential Management & Services Pvt. Ltd. 1 2 - 0.00 1 2 - 0.00
TOTAL INVESTMENTS CARRIED AT - 0.00 - 0.00

AMORTISED COST [B]
Mahindra Lifespaces
405
(` In lakhs)
406
Current Current
C. Designated as at Fair Value Through Profit

and Loss (FVTPL)
Investments in Mutual Funds 3.75 - 3.62 -
- of Joint Ventures
Mahindra Happinest Developers Limited 10 949,661 - 895.15 10 949,661 - 843.85

(0.01% Optionally Convertible Redeemable
Preference Shares)
- of Other Entities
Urban Stay Technologies Private Limited - - - - 10 45,000 - 14.54
(0.0001% Cumulative Compulsorily Convertible
Preference Shares) (Refer note ‘e’ below )
Investments in debentures
- of Joint Ventures
Mahindra Happinest Developers Limited - - - - 10 16,121,060 - 1,417.50
(Refer note ‘a’ below) (15% Optionally
Convertible Redeemable Debentures)
Mahindra Industrial Park Private Limited 100,000 7,457 - 7,925.00 100,000 7,457 - 9,306.00
(11% Optionally Convertible Debentures)
- of Other Entities
Urban Stay Technologies Private Limited (Refer - - - - 10 1,550 - 0.50
note ‘e’ below )
New Tirupur Area Development Corporation 10 15,500,000 - - 10 15,500,000 - -
Limited
TOTAL INVESTMENTS CARRIED AT FVTPL [C] 3.75 8,820.15 3.62 11,582.39
TOTAL INVESTMENTS (A) + (B)+ (C) 3.75 66,007.10 3.62 69,264.45
Total Impairment value for investment carried at - (3,775.04) - (13,459.27)
cost (D) (Refer note ‘d’ below )
TOTAL INVESTMENTS CARRYING VALUE (A) 3.75 62,232.06 3.62 55,805.18
+ (B) + (C) + (D)
(` In lakhs)

Current Current
Other disclosures
Aggregate carrying value of unquoted 3.75 62,232.06 3.62 55,805.18
investments
Aggregate amount of impairment in value of - (3,775.04) - (13,459.27)
unquoted investments
*` 0.00 lakhs denotes amount less than ` 500/-

Notes:
a. During the year company has redeemed the investment in 15% Optionally Convertible Redeemable Debentures in Mahindra Happinest Developers
Limited for ` 1,482.96 lakhs basis the fair valuation of the entity.
b. Pursuant to approval received from the Board of directors of the Company and Board of Directors of Mahindra Integrated Township Ltd. (MITL),
Mahindra Residential Developers Ltd. (MRDL) and Mahindra World City Developers Ltd. (MWCDL) respectively for the Scheme of Amalgamation
of MITL and MRDL with MWCDL, an application under Section 230 to 232 of the Companies Act, 2013 has been filed with National Company Law
Tribunal, Chennai on 24th December, 2021.
c. The company has received ` 5,505.38 Lakhs as a consideration for buy back of 18,900 Class C equity shares from Joint Venture Company viz
Mahindra Homes Private Limited (MHPL). The transaction was completed on 24th December, 2021.
Exceptional Item:
d. Mahindra Homes Private Limited (MHPL), a Joint Venture of the Company, is executing residential projects at NCR and Bengaluru. The residential
project in NCR is a Joint Development with the land owner. During the year MHPL saw significant increase in sales with improvement in selling
price, volumes and collections from the projects and there was a buy back of its Class C equity shares. Pursuant to above, the Company has
evaluated the carrying value of its investment and on the basis of estimated Net Present Value of forecasted cash flows expected to be generated
by MHPL, reversed an impairment loss of ` 9,684.23 Lakhs (31st March, 2021: NIL).
e. During the year company has sold the investment in equity shares & 0.0001% Cumulative Compulsorily Convertible Preference Shares in Urban
Stay Technologies Private Limited for ` 0.45 lakhs basis the fair valuation of the entity.
Mahindra Lifespaces
407
10. Trade receivables

(` In lakhs)

Current Non-Current Current Non-Current
Trade receivables
(a) Considered good - unsecured 9,188.79 - 5,641.49 -
(b) Credit impaired 181.62 27.53 154.14 27.53
9,370.41 27.53 5,795.63 27.53
Less: Allowance for credit losses (181.62) (27.53) (154.14) (27.53)
Total 9,188.79 - 5,641.49 -
10 a - Movement in the allowance for expected credit loss

(` In lakhs)

Balance at beginning of the year 154.14 27.53 141.72 59.02
Additions /(Reversal) during the year 27.48 - 12.42 (31.49)
Balance at end of the year 181.62 27.53 154.14 27.53
Refer Note 36 for disclosures related to credit risk, impairment of trade receivables under expected credit loss model and related financial instrument disclosures.
10 b - Ageing for trade receivables from the due date of payment for each of the category is as follows:
Undisputed Trade Receivable - Considered good - unsecured*
Not Due 4,572.87 3,260.74
Less than 6 months 4,099.35 1,244.76
6 months -1 year 128.24 301.35
1-2 Years 96.53 511.66
2-3 years 179.10 196.36
Trade Receivable - Credit impaired
Not Due - -
Less than 6 months 7.84 0.15
6 months -1 year 7.45 -
1-2 Years 11.79 6.09
2-3 years 6.09 13.13
Disputed Trade Receivable - which have significant increase in credit risk - -
Disputed Trade Receivable - Credit impaired - -
Total 9,397.94 5,823.16
* there were no unbilled receivables, hence the same is not disclosed in ageing schedule
408
11. Loans
(` In lakhs)

Loans receivables considered good - unsecured
a. Loans to related parties (refer note 41) 7,696.43 438.77 7,131.00 10.00
b. Other Loans and Advances - 0.03 - 0.03
Total 7,696.43 438.80 7,131.00 10.03
Advance given to employees as per the Company’s policy are not considered for the purposes of disclosure under section
186(4) of the Companies Act, 2013.
The Loans to related parties (refer note 41) are repayable on demand or as per the terms or period of repayment.
There are no Loans or advances in the nature of loans to Promoter, Directors, Key Management Person as defined under
Companies Act, 2013.
12. Other financial assets
(` In lakhs)

Financial assets at amortised cost
a) Balance with bank held as margin money - 12.71 - -
b) Security Deposit 649.96 1,522.80 163.86 1,526.14
c) Interest Accrued 4,451.13 - 6,967.49 -
d) Fixed Deposits with maturity more than one year - - - 190.04
Total 5,101.09 1,535.51 7,131.35 1,716.18
13. Other assets

(` In lakhs)

(a) Capital Advances - 251.90 - 253.15
(b) Advances other than capital advances
(i) Advance to related party* 2,000.00 - 2,000.00 -
(ii)Balances with government authorities (other 2,024.79 - 2,359.87 -
than income taxes)
(iii) Prepaid Expenses 3,074.16 - 1,705.81 -
(iv) Income Tax Assets (Net) 0.05 7,050.28 4.54 6,264.06
(v) Security Deposit 1,425.00 - 1,650.00 -
(vi) Other advances # 16,403.57 - 6,769.43 -
Total 24,927.57 7,302.18 14,489.65 6,517.21
# Other Advances mainly includes Land advances, Employees advances and Project Advances given to vendors.
Advance given to employees as per the Company’s policy are not considered for the purposes of disclosure under section 186(4) of the Companies Act, 2013.

*The Group had entered into an agreement to acquire a parcel of land near Thane, Maharashtra, at a consideration of ` 2,000.00 lakhs. While full consideration
was paid, the land was not conveyed pending completion of certain formalities. The Group has incurred additonal cost of ` 2,367.65 lakhs towards liasoning
and other related costs upto 31st March 2022 (` 1,530.54 lakhs upto 31st March 2021) which has been included in inventories as construction work in progress in
note no. 14. Tahsildar (Thane) has issued an order against the registered owner alleging non-adherence of certain conditions pertaining to Bombay Tenancy and
Agricultural Lands Act, 1948 and changed the land records to reflect Government of Maharashtra as the holder of the land. The Group has been legally advised
that the said order and the demand thereunder is grossly erroneous and not tenable. Accordingly, the Group has filed an appeal before Sub-Divisional Officer
Thane (SDO). SDO after hearing and completing the process has issued an order dated 07th February, 2019 and set aside the order passed by Tahsildar (Thane)
and has also directed Tahsildar (Thane) to delete the name of Government of Maharashtra from the land records of the aforesaid land.
14. Inventories (at lower of cost and net realisable value)

(` In lakhs)
(a) Raw materials 3,438.28 2,945.41
(b) Construction Work-in-progress* 134,468.04 129,136.26
(c) Finished Goods 6,285.28 2,388.27
Total 144,191.60 134,469.94
*Construction Work-in-Progress represents materials at site and construction cost for the projects.
1. Based on projections and estimates by the Group of the expected revenues and costs to completion, provision for losses
to completion and/ or write off of costs carried to inventory are made on projects where the expected revenues are lower
than the estimated costs to completion. In the opinion of the management, the net realisable value of the construction
work in progress will not be lower than the costs so included therein. The amount of inventories recognised as an expense
` 29,632.95 lakhs (31st March, 2021: ` 11,629.35 lakhs) include ` Nil lakhs (31st March, 2021: ` Nil lakhs) in respect of
write down of inventory to net realisable value.
2. Certain Companies in the Group has availed cash credit facilities, short term loans and borrowed through Non-Convertible
Debentures, which are secured by hypothecation of inventories.
3. The Company had purchased land parcel at Alibaug and two GAT Numbers (1755 and 1756) out of this land parcel have
been attached by Income Tax department by serving order of attachment dated 31st July 2017 on one of the erstwhile
land owners in lieu of recovery proceedings of tax dues of ` 5,988.00 lakhs payable towards Income Tax department.
The Company had lodged objections to the attachment of these two GAT Numbers with Income Tax Department. During
the year ended 31st March, 2021, based on the letter dated 16th February, 2021 received by the Company from Deputy
Commissioner of Income Tax, the erstwhile land owner’s income tax liability stands at ` 24.33 lakhs. There is no change
in the wealth tax liability of ` 6.06 lakhs. During the current year, attachment of above mentioned GAT Nos were released
by the Tax Recovery Officer, Thane.
410
15. Cash and Bank Balances

(` In lakhs)
31st March, 2022 31st March,2021
Cash and cash equivalents
(a) Cheques on hand - 16.91
(b) Balance with Banks
- On current accounts* 1,756.55 2,534.96
- Fixed Deposit account with original maturity Less than 3 months 18,085.83 8,951.01
Total Cash and cash equivalent (considered in Statement of Cash Flows) 19,842.38 11,502.88
Bank Balances other than Cash and cash equivalents
(a) Balances with Banks:
(i) Earmarked balances 1,237.54 1,342.73
(ii) On Margin Accounts 31.55 40.17
(iii) Fixed Deposits with original maturity greater than 3 months 1,436.33 660.29
Total Other Bank balances 2,705.42 2,043.19
* As of 31st March, 2022 includes ` 25.18 lakhs (31st March, 2021: ` 20.74 lakhs) held in AED denominated bank accounts
16. Equity Share Capital

(` In lakhs)

No. of shares Amount No. of shares Amount
Authorised:
Unclassified shares of ` 10 each 6,000,000 600.00 6,000,000 600.00
Issued:
Subscribed and Fully Paid up:
Total 154,517,264 15,451.73 51,383,238 5,138.32
(i) Reconciliation of the number of shares and outstanding amount

No. of Shares ` In lakhs No. of Shares ` In lakhs
Balance at the Beginning of the year 51,383,238 5,138.32 51,361,388 5,136.14
Add: Bonus Issue during the year* 102,787,676 10,278.77 - -
Add: Stock options allotted during the year 346,350 34.64 21,850 2.19
Balance at the end of the year 154,517,264 15,451.73 51,383,238 5,138.32
*Pursuant to the approval of the Shareholders, through postal ballot and e-voting on 6th September, 2021 the Company, on 16th September, 2021 allotted
10,27,87,676 Ordinary Shares of ` 10/- each, as fully paid-up Bonus Shares in the proportion of 2 (Two) Bonus Share of ` 10/- each for every existing 1 (One)
Ordinary Shares of ` 10/- each held as on the Record Date i.e. 15th September, 2021.

Terms/ rights attached to equity shares with voting rights

The Company has only one class of equity shares having par value of ` 10 per share. Each holder of equity shares is
entitled to one vote per share and carry a right to dividends. The company declares and pays dividends in Indian rupees.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in ensuing Annual General
Meeting.
(ii) Details of shares held by the holding company and its subsidiaries:
Particulars Equity Shares with

Voting rights
Other than the above shares, no shares are held by any subsidiaries or associates of the holding company
(iii) Details of shares held by each shareholder holding more than 5% shares
Class of shares / Name of shareholder As at 31st March, 2022 As at 31st March, 2021
Number of % holding Number of % holding
shares held shares held
Mahindra & Mahindra Limited 79,319,550 51.33% 26,439,850 51.46%
iv) Shares reserved for issue under options

The Company has 1,250,720 (Previous Year 548,504) equity shares of ` 10/- each reserved for issue under options [Refer
Note 29].
v) The allotment of 1,53,189 (Previous Year 51,063) equity shares of the Company has been kept in abeyance in accordance
with Section 206A of the Companies Act, 1956 (Section 126 of the Companies Act 2013), till such time the title of the
bonafide owner of the shares is certified by the concerned Stock Exchange or the Special Court (Trial of Offences relating
to Transactions in Securities).
(vi) Details of shareholdings by the Promoters of the Company
Class of shares / Name of shareholder As at 31st March, 2022 As at 31st March, 2021 % change
Number of % holding Number of % holding during
shares held shares held the period

Mahindra & Mahindra Limited 79,319,550 51.33% 26,439,850 51.46% (0.13%)
(vii) Aggregate number of equity shares issued as bonus during the period of five years immediately
preceeding the reporting date:
Equity share alloted as fully paid bonus shares by capitalisation of Capital 102,787,676 -
Redemption Reserve and Security Premium
412
17. Other equity

(` In lakhs)
General reserve 7,535.69 7,535.69
Securities premium 100,007.89 102,608.70
Share options outstanding account 443.71 537.38
Retained earnings 41,322.18 25,845.69
Capital Reserve on Consolidation 2,347.21 2,347.21
Capital redemption reserve 5,829.23 13,182.81
Debenture redemption reserve 5,913.87 5,913.87
Share Application money pending allotment - 0.75
Total 163,399.78 157,972.10
Description of the nature and purpose of Other Equity:

General Reserve: The general reserve is used from time to time to transfer profits from retained earnings for appropriation
purposes. There is no policy of regular transfer. Items included under General Reserve shall not be reclassified back into the
Profit and Loss.
Securities Premium Account: The Securities Premium is created on issue of shares at a premium.
Share Option Outstanding Account: The Share Options Outstanding Account represents reserve in respect of equity settled
share options granted to the Company’s employees in pursuance of the Employee Stock Option Plan.
Retained Earnings: This reserve represents cumulative profits of the Company and effects of remeasurement of defined
benefit obligations. This reserve can be utilised in accordance with the provisions of Companies Act, 2013.
Capital Reserve on Consolidation : Gain on bargain purchase, i.e., excess of fair value of net assets acquired over the fair
value of consideration in a business combination or on acquisition of interest in associate is recognised as Capital Reserve
on Consolidation.
Capital Redemption Reserve: The Capital Redemption Reserve is created against redemption of Preference Shares and Buy
back of Equity Shares.
Debenture Redemption Reserve: Debenture Redemption Reserve is a Statutory Reserve (as per Companies Act, 2013)
created out of profits of the Company available for payment of dividend for the purpose of redemption of Debentures issued
by the Company. On completion of redemption, the reserve is transferred to retained earnings.
Share Application Money Pending allotment- This represents share application money received from the eligible employees
upon exercise of employee stock option. The same will be transferred to equity share capital account after the allotment of
shares to the applicants. The share application money pending allotment of ` 0.75 lakhs pertaining to previous year has been
transferred to equity share capital during the year upon allotment of shares.

18. Non Controlling Interests

(` In lakhs)
Balance at beginning of year 4,197.57 4,193.78
Share of Profit/(Loss) for the year 722.00 29.18
Dividend paid (9.09) (25.39)
Balance at end of year 4,910.48 4,197.57
19. Non-Current Borrowings

(` In lakhs)
Description of the instrument Currency Effective Coupon Rate Repayment Number of As at As at

of Loan Interest Rate (%) Bullet (or) Installments 31st March, 31st March,
used for Installment 2022 2021
Discounting
Cash flows (%)
Secured (Carried at Amortised Cost)
Fully Redeemable
-Non Convertible Debentures ` 8.40% 8.40% Installment 1 4,500.00 4,500.00
(refer note iii below)
Term Loan from Axis Bank ` 1 yr 1 yr Installment 2 - 1,500.00
(refer note i below) MCLR+0.25% MCLR+0.25%
Total Secured Borrowing (A) 4,500.00 6,000.00
Unsecured
- Other loans ` NA NA NA NA 742.15 750.02
- Optionally Convertible Redeemable ` 11% Premium Nil Bullet 1 771.00 771.00
Debentures (refer note ii below)
Total Unsecured Borrowing (B) 1,513.15 1,521.02
Total (A+B) 6,013.15 7,521.02
Notes:
i. Term loan is taken from Axis Bank in the month of August 2019 for a tenure of 3 years, repayable in 2 equal installments
starting from 24th month of disbursement. The term loan is secured by first ranking pari passu charge on specific lands
of a subsidiary, The loan has been repaid in full during the year ended 31st March, 2022.
ii. Optionally Convertible Redeemable Debentures from related parties obtained at 11.00% p.a.
iii. Non Convertible Debentures
The terms and conditions of the Secured Non-Convertible Debentures issued by the Group are summarized below:
Series I II III
Face Value of Debentures (` Lakhs) 1,500.00 1,500.00 1,500.00
Rate of Interest Payable Annually 8.40% 8.40% 8.40%
Maturity Date 14-Sep-2023 13-Sep-2024 12-Sep-2025
The above Debentures are secured by first ranking pari passu mortgage and charge on specific lands of a subsidiary in
the Group. The carrying value of these specific Lands is shown as part of “Construction Work-in-progress” in Inventories
Schedule, in note no. 14.
414
20. Other Financial Liabilities

(` In lakhs)
Current Non Current Current Non Current
Other Financial Liabilities Measured at
Amortised Cost
(a) Interest accrued but not due on borrowings 560.86 - 136.08 -
(b ) Unclaimed dividends * 88.87 - 126.53 -
(c) Other liabilities # 2,970.72 182.62 2,945.67 182.97
Total 3,620.45 182.62 3,208.28 182.97
* There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund.
# Other liabilities mainly include Trade Deposits Society Maintenance deposits
21. Provisions
(` In lakhs)
Current Non- Current Current Non- Current
(a) Provision for employee benefits
- Gratuity 13.80 148.02 9.73 180.15
- Leave Encashment 152.04 278.98 159.41 339.96
(b) Other Provisions
- Defect Liabilities 1,062.16 - 862.92 -
Total 1,228.00 427.00 1,032.06 520.11
Details of movement in provisions for Defect Liabilities are as follows:
(` In lakhs)
Opening Balance as at 862.92 811.31
Additional provisions recognised 206.76 59.72
Amounts used during the year (7.52) (8.11)
Closing Balance as at 1,062.16 862.92
Defect Liability Provisions:

Provision for defect liability represents present value of management’s best estimate of the future outflow of economic resources
that will be required in respect of residential units when control over the property has been transferred to the customer, the
estimated cost of which is accrued during the period of construction, upon sale of units and recognition of related revenue.
Management estimates the related provision for future defect liability claims based on historical cost of rectifications and is
adjusted regularly to reflect new information. The residential units are generally covered under a the defect liability period
limited to 5 years from the date when control over the property has been transferred to the customer.

22. Deferred Tax (Assets)/Liabilities (Net)

Balances of Deferred Tax Assets/ Deferred Tax Liabilities as presented in Balances sheet as below
(` In lakhs)
Deferred Tax Liabilities - 1,522.03
Deferred Tax Assets (7,890.22) (1,776.74)
Total (7,890.22) (254.71)

Deferred Tax (assets) / liabilities in relation to
(` In lakhs)
Particulars Opening Utilisation Recognised Recognised Closing

Balance as for in Statement in Other Balance as at
at 1st April, the year of Profit and Comprehensive 31st March,
2021 Loss Income 2022
Deferred Tax Liabilities:
Fiscal allowance on Property, Plant and 376.37 - (45.39) - 330.98
Equipment
Other Temporary differences 96.22 - 44.12 - 140.34
Deferred Tax Liabilities 472.59 - (1.27) - 471.32
Offsetting of deferred tax liabilities with 1,049.44 (471.32)
deferred tax (assets)
Net Deferred Tax Liabilities 1,522.03 -
Deferred Tax (Assets):
Provision for Employee Benefits (90.27) - 4.18 11.84 (74.25)
Minimum Alternate Tax Credit (684.85) - (618.33) - (1,303.18)
Unrealised gain/loss on intercompany 3,702.07 - (4,638.49) - (936.42)
stock and undistributed profit
Adjustment relating to cumulative effect 1.44 - (1.44) - -
of applying IND AS 115 - Revenue from
Contracts with Customers
Arising on business combination during 99.00 - (99.00) - -
the year
Carry forward of Business Loss (3,536.27) - (1,709.20) - (5,245.47)
Interest income on Optionally Convertible (532.20) - 53.22 - (478.98)
Provision for Doubtful debts 17.67 - (24.60) - (6.93)
Disallowance u/s 43(B) of the Income tax (175.15) - (141.16) - (316.31)
Act, 1961
Deferred Tax Assets (1,198.56) - (7,174.82) 11.84 (8,361.54)
Offsetting of deferred tax liabilities with (578.18) 471.32
deferred tax (assets)
Net Deferred Tax Assets (1,776.74) (7,890.22)
Deferred Tax (Assets)/Liabilities (Net) (254.71) (7,890.22)
416
23. Current Borrowings

(` In lakhs)
A. Secured Borrowings at amortised cost
(a) Loans on cash credit account from Banks 3,773.86 4,130.17
(b) Other loan from Financial Institution 3,500.00 3,500.00
Total 7,273.86 7,630.17
B. Unsecured Borrowings at amortised cost
(a) Loans on cash credit account from Banks 480.64 7.17
(b) Other Loans from banks 12,500.00 7,490.23
(c) Loans from other parties 1,781.05 1,785.10
Total 14,761.69 9,282.50
Total Borrowings (A+B) 22,035.55 16,912.67
Secured Borrowing
(a) The cash credit facility carrying interest rate in the range of 7.35% p.a. to 7.75% p.a. (Previous Year 7.45% p.a. to 8.75%
p.a.) is secured by first charge on all existing and future current assets excluding land and immovable properties. Also
the cash credit facility availed by certain companies carrying interest rate of Bank Base Rate 0.25% p.a. (Previous Year
0.25% p.a.) payable on a monthly basis is secured by hypothecation of book debts and Construction Work in progress.
(b) Other loan from Financial Institution carrying interest rate is 8.85% (previous year 8.85% p.a. to 9.10% p.a.) is secured by
first charge on all existing and future current assets excluding land and immovable properties.
Unsecured Borrowings
(a) The cash credit facility is carrying interest rate in the range of 7.20% p.a. to 7.65% p.a. (Previous Year 7.35% p.a. to
8.20% p.a.)
(b) Other loans from banks include short term loan carrying interest rate in the range of 4.25% p.a. to 7.45% p.a. (Previous
Year 4.25% p.a. to 7.40% p.a.)
(c) Other loans from other parties is carrying interest rate of 7.75% p.a. (Previous Year 7.85% p.a.)
24. Trade Payables

(` In lakhs)
Trade payable - Micro and small enterprises* 1,117.22 698.59
Trade payable - Other than micro and small enterprises 16,217.45 12,790.46
Total 17,334.67 13,489.05
Trade Payables are payables in respect of the amount due on account of goods purchased or services received in the normal
course of business.

24 a. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act,
2006
*This information has been determined to the extent such parties have been identified on the basis of intimation received from
the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006.
(` In lakhs)
Dues remaining unpaid
Principal 1,117.22 698.59
Interest - -
Interest paid in terms of Section 16 of the MSMED Act along with the amount of
payment made to the supplier beyond the appointed day during the year
Principal paid beyond the appointed date - -
Interest paid in terms of Section 16 of the MSMED Act - -
Amount of interest due and payable for the period of delay on payments made - -
beyond the appointed day during the year
Further interest due and payable even in the succeeding years, until such date - -
when the interest due as above are actually paid to the small enterprises
Amount of interest accrued and remaining unpaid - -
24 b. Ageing for trade payable from the due date of payment for each of the category is as follows:
Undisputed dues of micro enterprises and small enterprises
Unbilled - -
Not Due 901.25 568.93
1-2 Years - -
2-3 years - -
More than 3 years - -
Undisputed dues of creditors other than micro enterprises and small
enterprises
Unbilled 1,109.90 1,297.46
Not Due 10,143.98 6,952.74
Less than 1 year 3,195.01 1,738.91
1-2 Years 1,037.27 1,307.91
2-3 years 130.78 259.70
More than 3 years 600.51 1,233.74
Total 17,334.67 13,489.05
418
25. Other Current Liabilities

(` In lakhs)
a. Advances received from customers 66,544.94 45,225.58
b. Statutory dues payable 486.93 314.62
c. Others 5.41 5.23
Total 67,037.28 45,545.43
26. Revenue from Operations

(` In lakhs)

a) Revenue from Contracts with Customers
(i) Revenue From Projects 38,416.57 15,842.86
(ii) Project Management Fees 137.71 65.80
b) Income from Operation of Commercial Complexes 787.39 669.18
c) Other Operating Income 13.69 47.08
Total 39,355.36 16,624.92
Notes:
(1) Contract Balances

(a) Amounts received before the related performance obligation is satisfied are included in the balance sheet (Contract
liability) as “Advances received from Customers” in Note 25- Other Current Liabilities. Amounts billed for development
milestone achieved but not yet paid by the customer are included in the balance sheet under trade receivable in
note no. 10
(b) During the year, the Company recognised Revenue of ` 25,520.07 lakhs (31st March, 2021 : ` 13,475.71 lakhs) from
opening contract liability included in the balance sheet as “Advances received from Customers” in note no. 25 -
Other Current Liabilities of ` 45,225.58 lakhs (1st April, 2020 : ` 33,559.25 lakhs).
(c) There were no significant changes in the composition of the contract liabilities and Trade receivable during the
reporting period other than on account of periodic invoicing and revenue recognition.
(d) Amounts previously recorded as contract liabilities increased due to further milestone based invoices raised during
the year and decreased due to revenue recognised during the year on completion of the construction.
(e) Amounts previously recorded as Trade receivables increased due to further milestone based invoices raised during
the year and decreased due to collections during the year.
(f) There are no contract assets outstanding at the end of the year.
(g) The aggregate amount of the transaction price allocated to the performance obligations that are completely or
partially unsatisfied as at 31st March, 2022, is ` 136,782.64 lakhs (31st March, 2021 : ` 107,580.16 lakhs). Out of this,
the Company expects to recognize revenue of around 52% (31st March, 2021 : 35%) within the next one year and
the remaining thereafter. This includes contracts that can be terminated for convenience with a penalty as per the
agreement since, based on current assessment, the occurrence of the same is expected to be remote.

(2) Reconciliation of revenue recognised with the contracted price is as follows:

(` In lakhs)

Contracted price 38,461.74 16,098.09
Adjustments on account of cash discounts or early payment rebates, etc. 45.17 255.23
Revenue recognised as per Statement of Profit and Loss 38,416.57 15,842.86
(3) Contract costs

(` In lakhs)

Contract costs included in Prepaid expenses in Note no. 13- Other Assets 2,589.11 1,379.27
(a) The Company incurs commissions that are incremental costs of obtaining a contract with a customer. Under Ind
AS 115, the Company recognises the incremental costs of obtaining a contract as assets under Prepaid Expenses
under note no. 13 - Other Assets and amortises it upon completion of the related property sale contract.
(b) For the year ended 31st March 2022, amortisation amounting to ` 680.75 lakhs (31st March, 2021, ` 100.18 lakhs) was
recognised as Brokerage cost in note no. 28 - Cost of Sales. There were no impairment loss in relation to the costs
capitalised.
27. Other Income

(` In lakhs)

(a) Interest Income on
(1) Inter Corporate Deposits 609.65 528.25
(2) Bank Deposits 418.35 302.33
(3) Optionally Convertible Debentures - 211.44
(4) Others* 63.12 262.87
(b) Gain on disposal of Property, Plant and Equipment 4.49 2.29
(c) Net Gain arising on Financial Assets mandatorily measured at Fair Value - 541.12
through Profit and Loss
(d) Miscellaneous Income 373.09 308.67
Total 1,468.70 2,156.97
* Other Interest Income includes interest income on account of financing component involved in contracts with customers and interest charged on late payment
received from customers.
420
28. Cost of Sales

(` In lakhs)
A. Cost of Project
Opening Stock:
Raw Material 2,945.41 3,008.96
Finished Goods 2,388.27 10,406.51
Sub-Total (a) 134,469.94 120,426.03
Add: Expenses incurred during the year
Land Cost 1,703.19 8,568.88
Architect Fees 382.96 240.07
Civil Electricals, Contracting etc 19,964.63 8,923.27
Interest costs allocated 1,466.40 1,056.79
Employee benefits expense allocated 1,592.08 1,296.11
Liasioning costs 2,130.47 1,872.63
Insurance 5.13 12.33
Legal and Professional Fees 3,036.26 885.44
Other Expenses 9,073.49 2,817.74
Sub-Total (b) 39,354.61 25,673.26
Less: Closing Stock:
Raw Material 3,438.28 2,945.41
Finished Goods 6,285.28 2,388.27
Sub-Total (c) 144,191.60 134,469.94
Total A (a+b-c) 29,632.95 11,629.35
B. Operating Expenses
Brokerage 680.75 100.18
Total B 680.75 100.18
Total (A+B) 30,313.70 11,729.53
29. Employee Benefits Expense

(` In lakhs)

(a) Salaries and wages, including bonus 9,055.99 8,109.62
(b) Contribution to provident and other funds 450.51 418.50
(c) Share based payment expenses 88.88 137.81
(d) Staff welfare expenses 356.91 200.92
Less : Allocated to projects (1,592.08) (1,296.11)
Total 8,360.21 7,570.74

Share based payment

The Company has granted options to its eligible employees under the Employee Stock Options Scheme 2006 (“ESOS 2006”)
and the Employee Stock Options Scheme 2012 (“ESOS 2012). The options granted under both the schemes are equity settled.
ESOS 2006:- Options granted under ESOS 2006 vest in 4 equal instalments of 25% each on expiry of 12 months, 24 months,
36 months and 48 months respectively from the date of grant. The options may be exercised on any day over a period of five
years from the date of vesting.
ESOS 2012 (Options granted till 16th March, 2021):- Options granted under ESOS 2012 vest in 4 instalments bifurcated as 20%
each on the expiry of 12 months and 24 months, 30% each on the expiry of 36 months and 48 months respectively from the
date of grant. The options may be exercised on any day over a period of five years from the date of vesting.
ESOS 2012 (Options granted from 17th March, 2021):- Options granted under ESOS 2012 vest in 3 equal instalments of
33.33% each on expiry of 12 months, 24 months, and 36 months respectively from the date of grant. The options may be
exercised within a period of five years from the date of grant.
The other details of the schemes are summarised below:
Details about Vesting Conditions:
Particulars Number of Grant Date Expiry Date Exercise Price Fair value
Options per Option
(including
at Grant
issue of
share options Date
under bonus (`)
arrangement)
ESOS 2006
2 Series 15 Granted on 30 Oct 2020
th 12,00,000 30-Oct-20 30-Oct-29 ` 246 per share 108.97
ESOS 2012
th 27,400 24-Jul-13 24-Jul-22 ` 10 per share 409.27
3 Series 5 Granted on 17th October 2014 28,800 17-Oct-14 17-Oct-23 ` 10 per share 461.87
4 Series 6 Granted on 30 April 2015
th 3,900 30-Apr-15 30-Apr-24 ` 10 per share 402.60
5 Series 7 Granted on 28th January 2016 40,300 28-Jan-16 28-Jan-25 ` 10 per share 417.10
8 Series 10 Granted on 30th Jan 2018 3,500 30-Jan-18 30-Jan-27 ` 10 per share 453.81
th 11,400 14-Feb-19 14-Feb-28 ` 10 per share 341.88
11 Series 13 Granted on 26th July 2019 1,40,700 26-Jul-19 26-Jul-28 ` 10 per share 353.37
13 Series 15 Granted on 30th Oct 2020 25,500 30-Oct-20 30-Oct-29 ` 10 per share 258.83
15 Series 17 Granted on 16 March 2022
th 67,867 16-Mar-22 16-Mar-22 ` 10 per share 286.25
422
Movement in Share Options

Number of Weighted Number of Weighted
Options average Options average
exercise price exercise price
(`) (`)
1 The number and weighted average exercise 548,504 183.54 126,350 20.32
prices of share options outstanding at the
beginning of the year;
2 Granted during the year 67,867 10.00 467,654 211.86
3 Issue of share options under bonus 1,033,014 63.50 - -
arrangement
4 Forfeited during the year 46,665 5.48 17,450 10.00
5 Exercised and alloted during the year* 346,350 71.80 21,850 10.00
6 Expired during the year 5,650 149.38 6,200 137.02
7 Outstanding at the end of the year 1,250,720 60.27 548,504 183.54
8 Exercisable at the end of the year 103,969 46.54 21,550 46.54
* Excludes share application money pending allotment of Nil options (31 March, 2021 - 7,550 options)
st
Share Options Exercised and alloted during the Year

and Alloted (`)
Equity Settled
1 Series 11 Granted on 30th July 2018 1,350 03-Jan-22 246.63
2 Series 11 Granted on 30th July 2018 500 14-May-21 499.68
th
2,500 17-Nov-21 262.88
4 Series 11 Granted on 30th July 2018 750 18-Jan-22 271.60
th
1,500 20-Jan-22 265.40
th
450 23-Sep-21 278.65
th
1,000 25-Feb-21 499.40
th
600 07-Dec-21 250.88
12 Series 12 Granted on 14th Feb 2019 450 20-Feb-22 309.60
th
300 31-Jul-21 762.65


and Alloted (`)
th
1,600 01-Nov-21 277.48
th
600 07-Nov-21 283.05
20 Series 13 Granted on 26th July 2019 1,200 10-Dec-21 253.53
th
300 12-Feb-21 496.10
th
300 15-Dec-21 250.45
th
1,000 16-Nov-21 267.93
th
1,000 19-Nov-21 255.05
29 Series 13 Granted on 26th July 2019 300 24-Jun-21 592.48
th
1,700 26-Jul-21 723.08
th
300 28-Jul-20 206.28
th
900 02-Dec-21 245.23
th
300 11-Oct-21 278.08
36 Series 14 Granted on 29th July 2020 600 13-Dec-21 257.53
th
2,400 27-Nov-21 241.50
38 Series 15 Granted on 30th Oct 2020 900 02-Feb-22 263.45
th
900 20-Dec-21 227.00
th
3,00,300 31-Oct-21 275.20
43 Series 7 Granted on 28th January 2016 1,500 11-Oct-21 278.08
44 Series 7 Granted on 28th January 2016 900 19-Feb-21 487.48
th
750 20-Sep-21 275.95
46 Series 7 Granted on 28th January 2016 600 28-Jan-22 247.23
th
4,000 10-Feb-21 472.57
th
1,050 12-Feb-20 400.55
th
1,500 23-Nov-21 244.68
424

and Alloted (`)
3,46,350
* These are the options for which exercise price were received during the current year.
Share Options outstanding at the end of the year

The share options outstanding at the end of the year had a range of exercise prices of ` 10 - ` 82 (as at 31st March, 2021:
` 10 - ` 325), and weighted average remaining contractual life of 2,231 days (as at 31st March, 2021: 2,996 days).
The Fair value has been calculated using the Black Scholes option pricing model and the significant inputs
used for the valuation are as follows
Particulars 4th August 4th August 24th July 17th October 30th April 28th January 28th
2012 2012 2013 2014 2015 2016 July 2016
date (`)
Expected volatility 44.15% - 44.15% - 47.63% 26.68% - 26.11% - 27.17% - 26.98% -
59.61% 59.61% 43.74% 37.68% 30.20% 28.17%
Expected life / Option Life 3.5 - 6.5 Years 3.5 - 6.5 Years 6 - 9 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years
Expected dividends yield 1.38% 1.38% 1.31% 2.28% 2.57% 2.49% 1.31%
Risk-free interest rate 8.06% - 8.20% 8.06% - 8.20% 8.31% - 8.39% 8.49% - 8.52% 7.69% - 7.74% 7.43% - 7.73% 6.88% - 7.14%
Particulars 25th July 30th January 30th July 14th February 26th July 29th July 30th Oct
2017 2018 2018 2019 2019 2020 2020
date (`)
Expected volatility 27.24% - 27.77%- 27.95%- 28.39%- 28.40%- 30.51%- 31.48%-
28.90% 28.98% 30.52% 30.88% 29.58% 32.39% 33.32%
Expected life / Option Life 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years 3.5 - 6.5 Years
Expected dividends yield 1.39% 1.22% 1.05% 1.58% 1.54% 2.95% -
Risk-free interest rate 6.37%-6.66% 7.11% - 7.56% 7.76% - 8.01% 6.97% - 7.29% 6.25% - 6.55% 4.82% - 5.69% 4.82% - 5.69%

Particulars 30th Oct 2020 17th Mar 2021 16th Mar 2022
Share price per Option at grant date (`) 258.83 542.32 294.45
Exercise price per Option (`) 10 10 10
Expected volatility 31.48%- 34.19%- 36.95%-
33.32% 34.87% 38.47%
Expected life / Option Life 3.5 - 6.5 Years 3 - 4 Years 3 - 4 Years
Expected dividends yield - - -
Risk-free interest rate 4.82% - 5.69% 5.16% - 5.59% 5.47% - 5.88%
In respect of Options granted under the Employee Stock Option Plan the accounting is done as per requirements of Ind AS
102 - ‘Share Based Payments’ after adjusting for reversals on account of options forfeited.
The risk-free interest rate being considered for the calculation is the interest rate applicable for maturity equal to the expected
life of the options based on the zero-yield curve for Government Securities.
30. Finance Cost

(` In lakhs)

(a) Interest costs :
Interest expense for financial liablities at amortised cost 2,064.19 2,076.28
Less: Allocated to projects (1,466.40) (1,161.79)
(b) Interest on lease liabilities 48.83 21.19
(c) Other Borrowing costs* 4.83 160.91
Total 651.45 1,096.59
* Other borrowing costs include guarantee charges and ancilliary costs incurred in connection with borrowings.
31. Other Expenses

(` In lakhs)

(a) Power & Fuel 68.56 43.34
(b) Rent, Rates & Taxes 774.73 505.45
(c) Insurance 43.36 37.15
(d) Repairs and maintenance - Buildings 213.90 83.13
(e) Repairs and maintenance - Others 760.51 816.76
(f) Advertisement, Marketing & Business Development 2,259.06 1,833.23
426
(g) Travelling and Conveyance Expenses 169.68 62.59

(h) Expenditure on Corporate Social Responsibility (CSR) under section 135 44.22 105.39
of the Companies Act, 2013
(i) Payment to Auditors # 107.95 107.07
(j) Legal and other professional costs 1,259.75 1,145.49
(k) Printing & Stationery 21.98 20.13
(l) Communication 69.59 52.79
(m) Allowance for credit losses 27.48 -
(n) Loss on disposal of Property Plant & Equipment 170.85 -
(o) Net loss arising on Financial Assets measured at Fair value through profit 1,278.84 -
& loss
(p) Miscellaneous expenses 2,360.03 1,862.97
Total 9,630.49 6,675.49
# Payments to Auditors (excluding of GST) (` In lakhs)

(i) To Statutory auditors
For Audit 83.46 78.65
For Other Services 22.70 26.28
Reimbursement of Expenses 0.21 0.56
(ii) To Cost auditors for cost audit 1.58 1.58
Total 107.95 107.07
32. Tax (Credit) / Expense

(a) Tax (Credit) / Expense recognised in profit or loss
(` In lakhs)

Current Tax:
In respect of current year 933.11 443.04
Deferred Tax:
In respect of current year origination and reversal of temporary differences (7,176.09) (1,076.18)
Total (6,242.98) (633.14)

(b) Tax (Credit) / Expense recognised in other Comprehensive income

(` In lakhs)

Deferred tax related to items recognised in other comprehensive
income during the year:
Remeasurement of defined benefit plans (11.84) (0.30)
Total (11.84) (0.30)
(c) Reconciliation of estimated income tax (credit)/expense at tax rate to income tax expense reported in
Statement of Profit and Loss is as follows:
(` In lakhs)

Loss Before Exceptional Items And Share Of Profit (8,782.43) (8,989.21)
Income tax (credit)/expense calculated at 25.17% (2,210.54) (2,262.58)
Effect of expenses that is non-deductible in determining taxable profit (23.92) 20.49
Unrealised gain/loss on intercompany stock and undistributed profit (5,514.00) -
Income tax on Dividend 1,292.73 694.99
Changes in recognised deductible temporary differences 212.75 913.96
Income tax (credit) / expense recognised In profit or loss (6,242.98) (633.14)
33. Earnings per Share

` `
Basic earnings per share 10.01 (4.65)
Diluted earnings per share 9.96 (4.65)
428
Basic earnings per share

The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as
follows:
(` In lakhs)

Profit/(Loss) for the year 15,449.03 (7,173.88)
Weighted average number of equity shares 154,295,260 154,120,748
Diluted earnings per share

The diluted earnings per share has been computed by dividing the net Profit/(Loss) after tax available for equity shareholders
by the weighted average number of equity shares, after giving dilutive effect of the outstanding stock options for the respective
periods.
(` In lakhs)

Profit/(Loss) for the year used in the calculation of diluted earnings per share 15,449.03 (7,173.88)
EPS
The weighted average number of ordinary shares for the purpose of diluted earnings per share reconciles to the weighted
average number of ordinary shares used in the calculation of basic earnings per share as follows:

Weighted average number of equity shares used in the calculation of Basic EPS 154,295,260 154,120,748
Add: Options outstanding under Employee Stock Option Plan* 801,817 -
EPS
* As on 31st March, 2021, 358,816 potential equity shares are considered anti-dilutive and therefore excluded from the calculation of weighted average number of
equity shares used in the calculation of diluted EPS
Pursuant to issue of Bonus Shares by the Company (refer note 16) during the current year Earning per share (Basic and
Diluted) have been adjusted for the period presented

34. Disclosure of interest in Subsidiaries and interest of Non Controlling Interest

(a) Details of the Group’s material subsidiaries at the end of the reporting period are as follows:
Name of the Subsidiary Principal Activity Place of Proportion of Ownership Interest

Incorporation and Voting power held by the
and Place of Group
Operation As at As at
Mahindra Residential Developers Development of Residential India 97.14% 97.14%
Limited Projects
Mahindra Integrated Township Development of Residential India 97.14% 97.14%
Limited Projects
Mahindra Water Utilities Limited Operation & Maintenance of India 98.99% 98.99%
water collection, treatment
& distribution
Mahindra Bloomdale Developers Development of Residential India 100.00% 100.00%
Limited Projects
Mahindra Infrastructure Developers Development of India 100.00% 100.00%
Limited Infrastructure Projects
Industrial Township (Maharashtra) Development of Industrial India 100.00% 100.00%
Limited township
Anthurium Developers Limited Development of Residential India 100.00% 100.00%
Projects
Deep Mangal Developers Private Development of India 100.00% 100.00%
Knowledge Township Limited Development of Industrial India 100.00% 100.00%
township
Mahindra World City (Maharashtra) Development of Multi India 100.00% 100.00%
Limited Product Special Economic
Zones
Moonshine Construction Private Development of Residential India 100.00% 100.00%
Limited Projects
Rathna Bhoomi Enterprises Private Development of Residential India 100.00% 100.00%
Limited Projects
(b) As the Group holds majority shares in all the above subsidiaries, there is no material non-controlling
interest in any of the subsidiary.
430
35 - Investment in Joint Arrangements

(a) The Group’s interests in jointly controlled entities of the Group are :
Name of the Joint Ventures/ Principal activity Place of Proportion of Ownership Interest
Associates incorporation and Voting power held by the
and operation Group
As at As at
Joint Ventures : $
Mahindra World City Developers Development of Multi India 89.00% 89.00%
Limited Product Special Economic
Zone and Domestic Tariff
Area
Mahindra Industrial Park Chennai Development of Industrial India 53.40% 53.40%
Limited parks
Mahindra World City (Jaipur) Limited Development of Multi India 74.00% 74.00%
Product Special Economic
Zone and Domestic Tariff
Area
Mahindra Inframan Water Utilities Operations & Maintenance India 50.00% 50.00%
Private Limited of water & sewerage
facilities at Navi Mumbai
Mahindra Industrial Park Private Development of Industrial India 100.00% 100.00%
Limited * parks
Mahindra Happinest Developers Development of Residential India 51.00% 51.00%
Limited* Projects
Mahindra Homes Private Limited* Development of Residential India 75.00% 75.00%
Projects
Associates
Mahindra Knowledge Park Mohali Development of Industrial India 46.15% 46.15%
Limited Parks
Mahindra Construction Company Development of India 54.17% 54.17%
$ All of the above entities have been treated as Joint Ventures even though the group holds more than half of the voting power in these entities as it does not have
unilateral control over the investee, primarily due to existence of joint venture agreements that give the other investors substantive rights.
* As per agreement with other shareholders, the economic interest of Mahindra Lifespace Developers Limited is 25% in Mahindra Happinest Developers Limited,
50% in Mahindra Homes Private Limited and 50% in Mahindra Industrial Park Private Limited.

(b) Summarised financial information in respect of the Group’s material joint venture is set out below. The
summarised financial information below represents amounts shown in the joint venture’s financial
statements prepared in accordance with Ind ASs.
(` In lakhs)
Particulars Mahindra Homes Mahindra World City

Private Limited (Jaipur) Limited
31st March, 31st March, 31st March, 31st March,
2022 2021 2022 2021
Current assets
Cash and cash equivalents 287.71 4,710.88 138.93 1,347.50
Other assets 49,076.01 78,234.16 60,024.00 52,575.26
Total Current assets 49,363.72 82,945.04 60,162.93 53,922.76
Total Non-current assets 895.60 839.17 14,160.21 14,825.38
Current liabilities
Financial liabilities (excluding Trade Payables and Provisions) 12,517.06 23,685.42 4,127.26 5,197.46
Other liabilities 4,411.69 16,247.40 3,953.54 4,035.52
Total Current liabilities 16,928.75 39,932.82 8,080.80 9,232.98
Non-Current liabilities
Financial liabilities (excluding Trade Payables and Provisions) - - 15,482.70 21,029.04
Other liabilities 33.14 - 7,869.81 4,808.02
Total Non-current liabilities 33.14 - 23,352.51 25,837.06
Revenue from operations 24,239.02 24,401.23 29,103.34 11,074.33

Interest income 632.93 233.26 103.32 27.47
Depreciation and amortisation 6.68 10.53 506.78 549.39
Interest cost 178.19 595.54 1,623.97 2,169.16
Income tax expense 26.77 - 4,355.52 777.99
Profit/(Loss) for the year 449.06 1,185.25 13,702.91 3,240.91
Other comprehensive Income/(loss) for the year 7.74 - 8.82 11.98
Total comprehensive income/(loss) for the year 456.80 1,185.25 13,711.73 3,252.89
432
Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture
recognised in the consolidated financial statements:
(` In lakhs)
Particulars Mahindra Homes Mahindra World City

Private Limited (Jaipur) Limited
31st March, 31st March, 31st March, 31st March,
2022 2021 2022 2021
Net assets 33,297.43 43,851.40 42,889.83 33,678.10
Proportion of the Group’s ownership interest in Joint Venture 16,648.72 21,925.70 31,738.47 24,921.80
Stock Reserve (net of deferred tax) 413.84 425.99 (415.16) 415.86
Carrying amount of the Group’s interest in Joint Venture 17,062.56 22,351.69 31,323.31 25,337.66
Contingent Liabilities (Proportion of the Group’s ownership) 2,492.88 1,481.78 23,836.54 23,836.54
Aggregate information of Joint Ventures that are not individually material

(` In lakhs)

The Group’s share in Profit or Loss (1,190.92) (1,749.53)
The Group’s share in total comprehensive income (1,190.92) (1,749.53)
Aggregate carrying amount of the Group’s interests in these Joint Ventures 8,803.99 9,995.62
Contingent Liabilities (Proportion of the Group’s ownership) 9,753.72 676.24
36 - Financial Instruments
Capital management
The Group’s capital management objectives are:
- safeguard its ability to continue as a going concern, so that it can continue to maximise the returns to shareholders and
benefits for other stakeholders.
- maintain an optimal capital structure to reduce the cost of capital.
The Management of the Group monitors the capital structure using debt equity ratio which is determined as the proportion of
total debt to total equity.
(` In lakhs)
Debt 28,631.71 24,498.35
Cash and bank balances (22,547.80) (13,546.07)
Net Debt (A) 6,083.91 10,952.28
Equity (B) 183,761.99 167,307.99
Net Debt to Equity Ratio (A / B) 0.03 0.07

Categories of financial assets and financial liabilities

The following tables shows the carrying amount of financial assets and financial liabilities by category:
(` In lakhs)

Non-current Assets
Investments 53,411.91 8,820.15 62,232.06
Loans 438.80 - 438.80
Current Assets
Investments - 3.75 3.75
Loans 7,696.43 - 7,696.43
Borrowings 6,013.15 - 6,013.15
- Non Derivative Financial Liabilities 182.62 - 182.62
Current Liabilities
Borrowings 22,035.55 - 22,035.55
Trade Payables 17,334.67 - 17,334.67

(` In lakhs)

Non-current Assets
Investments 44,222.79 11,582.39 55,805.18
Loans 10.03 - 10.03
Current Assets
Investments - 3.62 3.62
Loans 7,131.00 - 7,131.00
434
(` In lakhs)

Borrowings 7,521.02 - 7,521.02
Lease Liabilities - -
- Non Derivative Financial Liabilities 182.97 - 182.97
Current Liabilities
Borrowings 16,912.67 - 16,912.67
Trade Payables 13,489.05 - 13,489.05
Financial Risk Management Framework

The Group’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. In order to manage
the aforementioned risks, the Group operates a risk management policy and a program that performs close monitoring
of and responding to each risk factor.
CREDIT RISK
(i) Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss
to the Group. Credit risk arises from trade receivables, cash and cash equivalents, mutual Funds & other financial
assets.
Trade Receivables
The Group’s trade receivables include receivables on sale of residential flats and rent receivable. As per the Group’s
flat handover policy, a flat is handed over to a customer only upon payment of entire amount of consideration. The rent
receivables are secured by security deposits obtained under the lease agreement. Thus, the Group is not exposed to any
credit risk on receivables from sale of residential flats and rent receivables.
Cash and Cash Equivalents, Mutual Funds & Other Financial Assets
For banks and financial institutions, only high rated banks/institutions are accepted. The Group holds cash and cash
equivalents with bank and financial institution counterparties, which are having highest safety ratings based on ratings
published by various credit rating agencies. The Group considers that its cash and cash equivalents have low credit risk
based on external credit ratings of the counterparties.
The Group holds mutual funds with financial institution counterparties, which are having highest safety ratings based on
ratings published by various credit rating agencies. The Group considers that its mutual funds have low credit risk based
on external credit ratings of the counterparties.
For Other Financial Assets, the Group assesses and manages credit risk based on reasonable and supportive forward
looking information. Other financial assets are considered to be low credit risk expsoure assets.

LIQUIDITY RISK
(i) Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an
appropriate liquidity risk management framework for the management of the Group’s short-term, medium-term
and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining
adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and
actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
(ii) Maturities of financial liabilities

The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities with
agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted
cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables
include both interest and principal cash flows.
(` In lakhs)

Non-derivative financial liabilities
Non Current
Borrowings - 6,013.15 -
Lease Liabilities - 301.36 -
Other Financial Liabilities (Non Derivative Financial - 182.62 -
Liabilities)
Total Non Current (A) - 6,497.13 -
Current
Borrowings 20,285.55 1,750.00 -
Other Financial Liabilities (Non Derivative Financial 3,620.45 - -
Liabilities)
Total Current (B) 41,522.32 1,750.00 -
Total (A+B) 41,522.32 8,247.13 -
Non Current
Borrowings - 7,521.02 -
Lease Liabilities - -
Other Financial Liabilities (Non Derivative Financial - 182.97 -
Liabilities)
Total Non Current (A) - 7,703.99 -
Current
Borrowings 16,912.67 - -
Other Financial Liabilities (Non Derivative Financial 3,208.28 - -
Liabilities)
Total Current (B) 33,674.66 - -
Total (A+B) 33,674.66 7,703.99 -
436
MARKET RISK
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk such as equity
price risk. The objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return. All such transactions are carried out within the guidelines set by the Board of
Directors.
(i) Currency Risk
Foreign currency risk is the risk that the fair value or the future cash flows of an exposure will fluctuate because of
changes in the foreign exchange rate. The Group undertakes few transactions denominated in foreign currencies
only for availing certain services. Hence Foreign currency risk is not significant in comparision to company’s
operations.
(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates
primarily to the Group’s long-term debt obligations with floating interest rates.The Group manages its interest rate
risk by having a balanced portfolio of fixed and floating rate loans and borrowings.
(iii) Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of
loans and borrowings affected. With all other variables held constant, the Group’s loss before tax is affected through
the impact on floating rate borrowings, as follows:
(` in lakhs)
Increase / decrease in basis points Currency As at 31st March, 2022 As at 31st March, 2021
Effect on profit before tax Effect on loss before tax
+100 ` (280.49) (244.34)
-100 ` 280.49 244.34
37 - Fair Value Measurement

Fair Valuation Techiques and Inputs used - recurring Items
(` in lakhs)
measured at Fair value 31 March, 31 March,
st st hierarchy Technique(s) hierarchy Key input(s)
2022 2021
Financial assets
Investments
1) Mutual fund 3.75 3.62 Level 1 Unquoted Not applicable as Level 1 hierarchy
investments Market Price
2) Investment in 895.15 858.39 Level 3 Income For Discounted Cash Flow - Group
Preference Shares - Approach - Financial projections. These
unquoted Discounted include forecasts of balance sheet,
Cash Flow statement of profit and loss along
with underlying assumptions.

(` in lakhs)
measured at Fair value 31st March, 31st March, hierarchy Technique(s) hierarchy Key input(s)
2022 2021
3) Investment 7,925.00 10,723.50 Level 3 Income For Discounted Cash Flow - Group
in Optionally Approach - Financial projections. These
Convertible Discounted include forecasts of balance sheet,
Debentures Cash Flow statement of profit and loss along
with underlying assumptions.
4) Investment in Equity - 0.50 Level 3 Net Asset Value For Net Asset Value- The value is
Shares -unquoted derived based on the book value
since the assets are intended to be
disposed off.
Total financial assets 8,823.90 11,586.01
Significant unobservable inputs used in level 3 fair value measurements

(` in lakhs)
Financial assets Fair value as at Fair value Significant Relationship of unobservable

measured at Fair value 31 st
31 st hierarchy unobservable inputs to fair value and sensitivity
March, March, inputs
2022 2021
1) Investment in 895.15 858.39 Level 3 Interest Rates Any change (increase/ decrease)
Preference Shares - to discount in the discount factor, financial
unquoted future cash projections etc. would entail
flow, Financial corresponding change in the
2) Investment in Equity - 0.50 Level 3 Intrinsic worth of Increase in book value/multiple will
Shares - unquoted Net Assets result in increase in valuation
3) Investment 7,925.00 10,723.50 Level 3 Interest Rates Any change (increase/ decrease)
in Optionally to discount in the discount factor, financial
Convertible future cash projections etc. would entail
Debentures flow, Financial corresponding change in the
Financial Instrument not measured using Fair Value i.e. measured using amortized cost
The carrying value of Other financial assets / liabilities represent reasonable estimate of fair value.
There were no transfers between Level 1 and Level 2 during the year.
438
Reconciliation of Level 3 fair value measurements of financial instruments measured at fair value
(` In lakhs)
Particulars Investment Investment Investment Total

in Preference in Equity in Optionally
Shares - Shares - Convertible
unquoted unquoted Debentures
Opening Balance of Fair Value 858.39 0.50 10,723.50 11,582.39
Total incomes/gains or (losses) recognised in Profit or Loss 37.21 (0.48) (1,315.57) (1,278.84)
Redemption of Optionally Convertible Redeemable (0.45) (0.02) (1,482.93) (1,483.40)
Closing balance of fair value 895.15 - 7,925.00 8,820.15
Opening Balance of Fair Value 1,271.85 15.08 10,520.72 11,807.65
Total incomes/gains or (losses) recognised in Profit or Loss (413.46) (14.58) 969.16 541.12
Redemption of Optionally Convertible Redeemable - - (766.37) (766.37)
Closing balance of fair value 858.39 0.50 10,723.50 11,582.39
38. Leases
As lessee
The Group has entered into operating lease arrangements for its registered office at Worli, Mumbai & Andheri regional office.
The lease is non-cancellable for a period of 1-3 years and may be renewed based on mutual agreement between the parties.
The leases have varying terms, escalation clause and renewal rights. The Group has recognised right of use assets for these
leases except for short term leases.
(` In lakhs)
Undiscounted Cash Flow of Lease liabilities For the year ended For the year ended
Less than one year 310.83 65.90
One to Three years 310.83 -
Total undiscounted lease liabilities at Balance sheet date 621.66 65.90
Cash outflow for leases for the year ended 31st March, 2022 is ` 360.00 lakh (31st March, 2021 is ` 470.60 lakhs).
Expense of ` 30.70 lakh relating to leases of low-value assets for the year ended 31st March, 2022 (` 2.63 lakh for the year
ended 31st March, 2021) is inlcuded in “Rent, Rates & Taxes” of Note 31 “Other Expenses”
39. Segment information

The reportable segments of the Group are ‘Projects, Project Management and Development’ and ‘Operating of Commercial
Complexes’.
The segments are largely organised and managed separately according to the organisation structure that is designed based
on the nature of business. Operating segments are reported in a manner consistent with the internal reporting provided to the
Managing Director regarded as the Chief Operating Decision Maker (“CODM”).

Description of each of the reportable segments for all periods presented, is as under:
i) Projects, Project Management & Development: This Segment of the business includes income from sale of residential
units across projects, project management and development in India.
ii) Operating of Commercial Complexes: This Segment of the business includes rental income from commercial properties
at Delhi.
The CODM evaluates the Group’s performance and allocates resources based on an analysis of various performance
indicators by operating segments. The CODM reviews revenue and gross profit as the performance indicator for all of the
operating segments. The measurement of each segment’s revenues, expenses and assets is consistent with the accounting
policies that are used in preparation of the financial statements. Segment profit represents the profit before interest and tax.
Information regarding the Group’s reportable segments is presented below:
(` In lakhs)

Revenue
External customers 38,567.97 787.39 39,355.36 15,955.99 668.93 16,624.92
Total revenue 38,567.97 787.39 39,355.36 15,955.99 668.93 16,624.92
Results
Segment Results 1,185.16 385.98 1,571.14 144.63 404.82 549.45
Share of (loss) / profit of Joint 9,026.25 - 9,026.25 1,211.37 - 1,211.37
Ventures & Associates
Less
Unallocated Interest (Finance Cost) - - 651.45 - - 1,096.59
Unallocated corporate expense net - - 17.89 - - 8,442.07
of unallocated income (Includes
exceptional item - refer note 9)
Profit / (Loss) before tax - - 9,928.05 - - (7,777.84)
Income Tax (credit)/ expense - - (6,242.98) - - (633.14)
Profit / (Loss) after tax - - 16,171.03 - - (7,144.70)
Segment Assets & Liabilities
Segment Assets 259,034.27 2,437.22 261,471.49 216,700.41 2,397.99 219,098.40
Unallocated corporate assets 42,272.96 39,692.01
Total Assets 303,744.45 258,790.41
Segment Liabilities 112,614.21 723.91 113,338.12 83,046.49 550.83 83,597.32
Unallocated corporate liabilities 6,644.34 7,885.10
Total Liabilities 119,982.46 91,482.42
Other Information
Depreciation and Amortisation 37.78 49.45 87.23 35.61 46.01 81.62
Expense
Capital Expenditure 1,330.78 - 1,330.78 368.84 - 368.84
440
Revenue from type of products and services

The operating segments are primarily based on nature of products and services and hence the Revenue from
external customers of each segment is representative of revenue based on products and services.
Geographical Information
The Group operates in one reportable geographical segment i.e. “Within India”. Hence, no separate
geographical segment wise disclosure is applicable as per the requirements of Ind AS 108 Operating
Segments.
Information about major customers

Revenues from transactions with a single external customer did not amount to 10 percent or more of the
Company’s revenues from external customers.
Segment revenue reported above represents revenue generated from external customers. There were no
inter-segment sales in the current year as well as previous year.
40. Employee benefits

(a) Defined Contribution Plan
The Group’s contribution to Provident Fund and Superannuation Fund aggregating ` 303.53 lakhs (2021 :
` 346.94 lakhs) has been recognised in the Statement of Profit or Loss under the head Employee Benefits
Expense.
(b) Defined Benefit Plans:

Gratuity
The Group operates a gratuity plan covering qualifying employees. The benefit payable is the greater of
the amount calculated as per the Payment of Gratuity Act, 1972 or the Group scheme applicable to the
employee. The benefit vests upon completion of five years of continuous service and once vested it is
payable to employees on retirement or on termination of employment. In case of death while in service, the
gratuity is payable irrespective of vesting. The Group makes annual contribution to the group gratuity scheme
administered by the Life Insurance Corporation of India through its Gratuity Trust Fund.
Through its defined benefit plans the Group is exposed to a number of risks, the most significant of which are
detailed below:
Investment risk
The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds.
Interest risk
A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an
increase in the return on the plan’s debt investments.
Longevity risk
The present value of defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy of
the plan participants will increase the plan’s liability.

Salary risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows:
Valuation as at
31-Mar-22 31-Mar-21
Discount rate(s) 6.20% - 7.20% 5.71% - 6.80%
Expected rate(s) of salary increase 8%-10% 8%
Attrition Rate 1% to 20% across 1% to 14% across
various age groups various age groups
Mortality rate IALM (2012-14) ULT. IALM (2012-14) ULT.
Defined benefit plans – as per actuarial valuation on 31st March, 2022

(` In lakhs)

Gratuity
2022 2021
Amounts recognised in comprehensive income in respect of these defined benefit
plans are as follows:
Service Cost
Current Service Cost 118.68 106.70
Past service cost and (gains)/losses from settlements - -
Net interest expense 8.04 5.95
Components of defined benefit costs reconised in profit or loss 126.72 112.65
Remeasurement on the net defined benefit liability
Return on plan assets (excluding amount included in net interest expense) 11.70 (2.42)
Actuarial (gains)/loss arising from demographic assumptions (27.89) 9.99
Actuarial (gains)/loss arising from changes in financial assumptions 13.07 39.48
Actuarial (gains)/loss arising from experience adjustments (36.18) (48.85)
Components of defined benefit costs recognised in other comprehensive income (39.30) (1.80)
Total 87.42 110.85
I. Net Asset/(Liability) recognised in the Balance Sheet
1. Present value of defined benefit obligation 555.22 559.55
2. Fair value of plan assets 393.40 369.67
3. Surplus/(Deficit) (161.82) (189.88)
4. Current portion of the above (13.80) (9.73)
5. Non current portion of the above (148.02) (180.15)
442
(` In lakhs)

Gratuity
2022 2021
II. Change in the obligation during the year ended 31 March
st
1. Present value of defined benefit obligation at the beginning of the year 559.55 485.39
2. Adjustment to the Opening Balance - -
3. Less: Transfer out liability for employees transferred to group companies (25.43) 6.65
- Current Service Cost 118.68 106.70
- Past Service Cost - -
- Interest Expense (Income) 31.97 27.29
- Actuarial (Gain)/ Loss arising from:
i. Demographic Assumptions (23.77) 9.99
ii. Financial Assumptions 8.94 39.46
iii. Experience Adjustments (36.17) (48.85)
6. Benefit payments (78.55) (67.08)
7. Present value of defined benefit plans at the end of the year 555.22 559.55
III. Change in fair value of assets during the year ended 31st March
1. Fair value of plan assets at the beginning of the year 369.67 349.02
- Expected return on plan assets 22.71 21.34
- Actual Return on plan assets in excess of the expected return 0.18 2.39
4. Contributions by employer (including benefit payments recoverable) (4.86) 2.14
5. Benefit payments 5.70 (5.22)
6. Fair value of plan assets at the end of the year 393.40 369.67
IV. The Major categories of plan assets
- Insurer managed funds (Non Quoted Value) 393.40 369.67
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
(` In lakhs)
Principal assumption Year Changes in assumption Impact on defined benefit

obligation
Increase in Decrease in
assumption assumption
Discount rate 2022 1.00% 244.75 288.69
2021 1.00% 985.53 1,134.86
Salary growth rate 2022 1.00% 288.21 244.75
2021 1.00% 1,121.83 994.32

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant.
In practice this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied as when calculating the defined benefit liability recognised in the Balance sheet.
The methods and types of assumptions used in preparing the sensitivity analyses did not change compared to previous
year.
The Company expects to contribute ` NIL lakhs (31st March, 2021 ` 48.74 lakhs) to the gratuity trusts during the next
financial year.
Maturity profile of defined benefit obligation:
(` In lakhs)

Within 1 year 16.13 48.74
1 - 2 year 14.64 51.37
2 - 3 year 27.92 58.15
3 - 4 year 11.30 64.70
4 - 5 year 9.41 51.56
5 - 10 years 227.80 398.00
Major Category of plan assets for Gratuity Fund is as follows:
Asset Category: 31st March, 2022 31st March, 2021

Deposits with Insurance companies 100% 100%
100% 100%
The Group’s policy is driven by considerations of maximizing returns while ensuring credit quality of the debt instruments.
The asset allocation for plan assets is determined based on investment criteria prescribed under the Indian Income
Tax Act, 1961, and is also subject to other exposure limitations. The Group evaluates the risks, transaction costs and
liquidity for potential investments. To measure plan asset performance, the Group compares actual returns for each asset
category with published benchmarks.
The weighted average age considered for defined benefit obligation as at 31st March 2022 is in the range of 10.14 years
- 35.75 years (31st March, 2021: 11.12 years - 35.93 years)
444
41. Related Party Disclosures

(a) Related Parties where control exists
(i) Holding Company
Mahindra & Mahindra Limited (M&M)
(b) Other Parties with whom Transactions have taken place during the year
(i) Joint Ventures
Mahindra World City Developers Limited Mahindra Industrial Park Chennai Limited
Mahindra Homes Private Limited Mahindra World City (Jaipur) Limited
Mahindra Happinest Developers Limited Mahindra Industrial Park Private Limited
(ii) Fellow Subsidiaries
Mahindra EPC Industries Limited Mahindra Holidays & Resorts India Limited
Mahindra Integrated Business Solutions Private Limited NBS International Limited
Mahindra Defence Systems Limited Mahindra & Mahindra Financial Services Limited
Mahindra Logistics Ltd. Mahindra & Mahindra Contech Limited
Mahindra Rural Housing Finance Limited
Meru Mobility Tech Private Limited
(iii) Associate of Holding Company
Tech Mahindra Limited Mahindra Construction Company Limited
Mahindra Knowledge Park (Mohali) Limited
(iv) Key Management Personnel
Mr Arvind Subramanian - Managing Director & CEO Mr. Arun Kumar Nanda - Non Executive Chairman
(from 1st July, 2020)
Ms Sangeeta Prasad - Managing Director & CEO Mr. Durgashankar Subramanian - Non Independent
(upto 30th June, 2020) Director
Mr. Bharat Shah - Independent Director Mr. Ameet Hariani - Independent Director
(upto 31st July, 2021)
Ms. Amrita Chowdhury - Independent Director Dr. Anish Shah - Non Independent Director

Related Party transactions
446
The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:
(` In lakhs)
Particulars Holding Company Joint Ventures Key Management Other Related Parties
Personnel
For the For the For the For the For the For the For the For the
year ended year ended year ended year ended year ended year ended year ended year ended
31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2022 2021 2022 2021 2022 2021 2022 2021
Rendering of services
Mahindra & Mahindra Limited 736.97 670.19 - - - - - -
Mahindra Homes Private Limited - - 21.19 - - - - -
Mahindra Happinest Developers Limited - - - 3.51 - - - -

Mahindra World City (Jaipur) Limited - - 141.76 88.00 - - - -
Tech Mahindra Limited - - - - - - - 0.06
Mahindra Defence Systems Limited - - - - - - - 0.06
Mahindra Logistics Ltd. - - - - - - 22.84 -
Receiving of Services
Mahindra EPC Industries Limited - - - - - - 1.23 1.60
Meru Mobility Tech Private Limited - - - - - - 6.73 -
Mahindra Integrated Business Solutions Private Limited - - - - - - 194.41 214.77
Mahindra Holidays & Resorts India Limited - - - - - - 17.14 10.74
Mahindra World City Developers Limited - - 236.54 254.27 - - - -
Mahindra Engineering and Chemicals Product Limited - - - - - - - 9.26
NBS International Ltd. - - - - - - 1.28 3.40
Sale of Goods
Mrs Poornima Subramanian wife of Mr Arvind Subramanian - - - - 11.79 29.49 - -
Reimbursement made to parties
Mahindra Industrial Park Private Limited - - 1.27 - - - - -
Mahindra Homes Private Limited - - 45.39 - - - - -
Mahindra Happinest Developers Limited - - 18.37 36.54 - - - -
Mahindra & Mahindra Contech Limited - - - - - - 5.38 5.14
Tech Mahindra Limited - - - - - - 0.67 -
(` In lakhs)
Personnel
2022 2021 2022 2021 2022 2021 2022 2021
Reimbursement received from parties

Mahindra Industrial Park Chennai Limited - - 10.80 - - - - -
Mahindra Industrial Park Private Limited - - 8.59 0.50 - - - -
Mahindra World City (Jaipur) Limited - - 24.66 3.52 - - - -
Mahindra Homes Private Limited - - 109.31 32.46 - - - -

Mahindra Knowledge Park (Mohali) Limited - - 0.65 - - - - -
Inter-corporate Deposit Given*
Mahindra World City Developers Limited - - 5,940.00 2,200.00 - - - -
Mahindra & Mahindra Financial Services Limited - - - - - - 426.27 -
Mahindra Inframan Water Utilities Private Limited - - 2.50 - - - - -
Mahindra World City (Jaipur) Limited - - - 2,000.00 - - - -
Inter-corporate Deposit Realised
Mahindra World City Developers Limited - - - - - - 4,200.00 -
Mahindra World City (Jaipur) Limited - - - 2,000.00 - - - -
Mahindra Rural Housing Finance Limited - - - - - - 800.00 -
Mahindra & Mahindra Financial Services Limited - - - - - - 375.00 500.00
Investment sold / redeemed
Mahindra Happinest Developers Limited - - 1,362.11 250.00 - - - -
Interest Income on Optionally Convertible Redeemable
Debentures
Interest Income
Mahindra Homes Private Limited - - - 211.44 - - - -
Mahindra World City (Jaipur) Limited - - - 38.80 - - - -

Mahindra Inframan Water Utilities Private Limited - - 0.11 - - - - -
Mahindra Lifespaces
Mahindra Construction Company Limited - - - - - - 0.80 0.90
Mahindra & Mahindra Financial Services Limited - - - - - - 27.88 30.90
447
(` In lakhs)
448
Personnel
2022 2021 2022 2021 2022 2021 2022 2021
Mahindra Rural Housing Finance Limited - - - - - - 54.54 63.05

Interest Expense
Dividend Received
Mahindra World City (Jaipur) Limited - - 3,330.00 - - - - -
Purchase of Fixed Assets

Mahindra & Mahindra Limited 9.57 - - - - - -
Managerial Remuneration
Ms Sangeeta Prasad - - - - - 308.72 - -
Mr Arvind Subramanian# - - - - 338.18 220.94 - -
Buy back of Equity Shares
Mahindra Homes Private Limited - - 5,505.38 - - - - -
Shares Alloted under ESOP
Mr Arvind Subramanian - - - - 588.16 - - -
Commission and other benefits to Non Executive/ - - - - 41.50 34.10 - -
Independent Directors (Incl. Sitting Fees)
Outstanding Balances as at year end date

The following table provides the outstanding balances with related parties as on the relevant date
(` In lakhs)
Particulars Balance as at Holding Joint Key Other related

Company ventures Management parties
Personnel
Inter-corporate Deposit Given* 31-Mar-22 - 7,697.50 - 437.70
31-Mar-21 - 5,955.00 - 1,185.00
Inter-corporate Loans Taken 31-Mar-22 - 1,755.00 - -
31-Mar-21 - 1,755.00 - -
OCRDs Issued 31-Mar-22 - 771.00 - -
31-Mar-21 - 771.00 - -
Security Deposit Received 31-Mar-22 604.13 - - -
31-Mar-21 548.48 - - -
Security Deposit Paid 31-Mar-22 - 89.34 - -
31-Mar-21 - 89.34 - -
Interest Income Receivable 31-Mar-22 - 3,997.51 - 3.89
31-Mar-21 - 6,452.11 - 37.36
Interest Expense Payable 31-Mar-22 - 490.22 - -
31-Mar-21 - 79.87 - -
Receivables 31-Mar-22 2,053.75 176.97 - 1.09
31-Mar-21 2,061.90 279.58 - 0.42
Payables 31-Mar-22 139.09 63.79 - 622.05
31-Mar-21 125.78 1.99 - 631.85
*The above intercorporate deposits have been given for general business purposes
# As the liability for gratuity and leave encashment is provided on an actuarial basis for the Company as a whole, the amount pertaining to the Key Management
Personnel is not ascertained separately, and therefore, not included above.
Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding
balances at the year-end are unsecured and settlement occurs in cash. There have been no guarantees provided or received
for any related party receivables or payables.
Compensation of key management personnel

The previous year remuneration of key management personnel includes remuneration paid to Ms. Sangeeta Prasad upto
30th June 2020 and to Mr. Arvind Subramanian from 01st July 2020 as below:
(` In lakhs)

Salary including perquisites 900.82 496.82
Other contribution to funds 13.86 32.84
Total 914.68 529.66

42. Contingent liabilities

(` in Lakhs)
(a) Claims against the Group not acknowledged as debt*
(i) Demand from a local authority for energy dues disputed by the Group. 2,164.04 2,164.04
(ii) Claim from welfare association in connection with project work, disputed 4,550.00 4,500.00
by the Group.
Note : The above amount is based on demand raised, which the Group is
contesting with the concerned authorities. Outflows, if any, arising out of
this claim would depend on the outcome of the decision of the appellate
authorities and Group’s rights for future appeals. No reimbursements are
expected.
(b) Tax Matter under appeal
(i) Income Tax
Demands against the Group not acknowledged as debts and not 1,457.25 1,509.92
provided for, relating to issues of deductibility and taxability in respect
of which the Group is in appeal and exclusive of the effect of similar
matters in respect of assessments remaining to be completed.
(ii) Indirect Tax
VAT, Service Tax and Entry Tax claims disputed by the Group relating to 1,256.52 831.49
issues of applicability and interest on demand. The Group is pursuing
the matter with the appropriate Appellate Authorities.
*In the opinion of the management the above claims are not sustainable and the Group does not expect any outflow of economic resources in respect of above
claims and therefore no provision is made in respect thereof
43. Impact of COVID-19 (Global Pandemic)

The Management has made an assessment of the impact of COVID-19 on the Group’s operations, financial performance and
position for the year ended 31st March 2022, and has concluded that the impact was primarily on the operational aspects of
the business during the initial months of the year ended 31st March 2022. The Group has used the principles of prudence in
applying judgments, estimates and assumptions based on current assessments and do not foresee any significant impact of
Covid-19 on the operations. In assessing the recoverability of assets such as inventories, financial assets and other assets,
based on current indicators of future economic conditions, the Group expects to recover the carrying amounts of its assets.

450
44 - a) Additional Information to the consolidated Financial Statements (continued)
Statement of share of Net assets and the Profit or Loss and Other comprehensive income of the entities attributable to the owners and Non controlling
interest.
Name of the Enterprise Net assets (i.e, Total Assets Share in profit or loss Share in other comprehensive Share in total comprehensive
minus Total Liabilities) income income
Amount As a % of Amount As a % of Amount As a % of Amount As a % of
(` In lakhs) consolidated (` In lakhs) consolidated (` In lakhs) consolidated (` In lakhs) consolidated
net assets profit or loss other total
comprehensive comprehensive
Income Income
Mahindra Lifespace Developers Limited (Parent) 96,540.32 53.98% 5,037.73 32.61% 30.68 111.73% 5,068.41 32.75%
Subsidiaries (as per line by line method)
Mahindra Integrated Township Limited 1,248.03 0.70% 2,135.29 13.82% (9.74) (35.47%) 2,125.55 13.73%
Mahindra Residential Developers Limited 16,568.71 9.26% 205.51 1.33% - - 205.51 1.33%
Mahindra Water Utilities Limited 8,511.12 4.76% 699.71 4.53% 4.53 16.49% 704.24 4.55%
Mahindra Infrastructure Developers Limited 569.58 0.32% (23.79) (0.15%) - - (23.79) (0.15%)
Mahindra Bloomdale Developers Limited (833.23) (0.47%) (873.59) (5.65%) 1.99 7.25% (871.58) (5.63%)
Industrial Township (Maharashtra) Ltd. 267.95 0.15% (1.34) (0.01%) - - (1.34) (0.01%)
Anthurium Developers Limited 28.06 0.02% (1.46) (0.01%) - - (1.46) (0.01%)
Deep Mangal Developers Private Limited (82.08) (0.05%) (20.03) (0.13%) - - (20.03) (0.13%)
Knowledge Township Limited 5,854.15 3.27% (20.50) (0.13%) - - (20.50) (0.13%)
Mahindra World City (Maharashtra) Limited (2,038.43) (1.14%) (4.45) (0.03%) - - (4.45) (0.03%)
Moonshine Construction Private Limited (32.39) (0.02%) - - - - - -
Ratnabhoomi Enterprises Private Limited (26.75) (0.01%) 11.70 0.08% - - 11.70 0.08%
Joint Ventures (as per equity method) -
Mahindra World City Developers Limited 10,607.36 5.93% (1,171.67) (7.58%) - - (1,171.67) (7.57%)
Mahindra World City (Jaipur) Limited 31,323.31 17.51% 10,001.28 64.74% - - 10,001.28 64.62%
Mahindra Inframan Water Utilities Private Limited (0.23) (0.00%) (0.50) (0.00%) - - (0.50) (0.00%)
Mahindra Homes Private Limited 17,062.56 9.54% 215.88 1.40% - - 215.88 1.39%
Mahindra Happinest Developers Limited (1,138.85) (0.64%) 25.01 0.16% - - 25.01 0.16%
Mahindra Industrial Park Chennai Limited - - (389.28) (2.52%) - - (389.28) (2.52%)
Mahindra Industrial Park Private Limited (664.29) (0.37%) 345.53 2.24% - - 345.53 2.23%
Associates (as per equity method)
Mahindra Knowledge Park Mohali Limited - - - - - - 0.00 -

Mahindra Construction Company Limited (2.91) (0.00%) - - - - 0.00 -
Mahindra Lifespaces
Non controlling Interest (4,910.48) (2.75%) (722.00) (4.67%) - - (722.00) (4.67%)
Total 178,851.51 100.00% 15,449.03 100.00% 27.46 100.00% 15,476.49 100.00%
451
44. b) Form AOC 1
452
Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Account) Rules, 2014.
Statement containing salient features of financial statements of Subsidiary / Associates / Joint Ventures as per Companies Act,
2013
Part”A” Subsidiaries
` in lakhs
Sl. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Name of Subsidiary Mahindra Mahindra Mahindra Mahindra Mahindra Knowledge Mahindra Mahindra Industrial Anthurium Mahindra Mahindra Mahindra Mahindra Mahindra Deep Moonshine Mahindra
Infrastructure World City World City World City Integrated Township Residential Bloomdale Township Developers Industrial Industrial Water Homes Knowledge Mangal Construction Happinest
Developers Developers (Jaipur) (Maharashtra) Township Limited Developers Developers (Maharashtra) Limited Park Private Park Utilities Private Park Developers Private Developers
Limited Limited Limited Limited Limited Limited Limited Limited Limited Chennai Limited Limited Mohali Private Limited Limited
Limited Limited Limited
(MIDL) (MWCDL) (MWCJL) (MWCML) (MITL) (KTL) (MRDL) (MBDL) (ITML) (ADL) (MIPPL) (MIPCL) (MWUL) (MHPL) (MKPML) (DMDPL) (MCPL) (MHDL)
The date since when 14-Dec-01 22-Sep-04 26-Aug-05 21-Sep-05 04-May-06 16-Aug-07 01-Feb-08 03-Jun-08 02-Jul-08 02-Jun-10 29-Mar-13 22-Dec-14 27-Jul-15 30-Mar-17 07-May-18 28-Dec-17 28-Dec-17 27-Sep-17
subsidiary acquired
Reporting period of the NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

subsidiary concerned, if
different from the holding
company’s reporting period
Reporting Currency and NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Exchange rate as on the last
date of the relevant Financial
year in the case of foreign
subsidiaries
Share capital 1,800.00 2,000.00 15,000.00 117.04 5,000.00 4,907.17 25.00 5.00 500.00 5.00 5.00 17,000.00 10.00 91.35 0.00 1.01 0.00 10.00
Reserves & surplus 293.91 9,013.17 27,889.83 (1,169.52) 4,191.93 585.76 9,610.13 (1,837.62) (232.05) 8.08 (790.40) (322.24) 2,066.15 33,206.08 (124.61) (83.10) (32.37) (3,823.68)
Total assets 2,141.35 48,313.70 74,323.14 1,179.97 25,603.68 7,159.99 10,245.06 24,125.86 269.32 13.47 24,533.90 33,238.95 2,453.79 50,259.32 0.03 329.00 0.29 40,932.37
Total Liabilities 47.44 37,300.53 31,433.31 2,232.45 16,411.75 1,667.06 609.93 25,958.47 1.37 0.39 25,319.30 16,561.19 377.63 16,961.89 124.63 411.09 32.66 44,746.05
Investments 7.79 11,500.00 4,706.63 1,178.78 6,629.48 - - - - - 1,178.00 - 3.75 - - 0.05 0.25 -
Turnover 1,045.58 2,862.40 29,249.15 - 10,227.36 - 702.68 1,618.21 2.82 0.51 1,570.43 78.86 2,320.29 25,120.62 - 0.00 - 7,078.84
Profit/(Loss) before taxation 1,033.20 (2,884.57) 18,058.43 (61.70) 3,613.24 (21.39) 215.03 (872.67) (0.87) (1.46) 923.51 (973.91) 952.30 475.83 (0.50) (34.73) (0.64) (95.93)
Provision for taxation 35.79 (852.54) 4,355.52 - 1,012.42 - 63.75 - 0.47 - 232.45 (244.91) 245.45 26.77 - - - 43.00
Profit/(Loss) after taxation 997.41 (2,032.03) 13,702.91 (61.70) 2,600.82 (21.39) 151.28 (872.67) (1.34) (1.46) 691.06 (729.00) 706.86 449.06 (0.50) (34.73) (0.64) (138.93)
Proposed Dividend - - 5,250.00 - - - - - - - - - 1,200.00 - - - - -
% of shareholding 100.00% 89.00% 74.00% 100.00% 97.14% 100.00% 97.14% 100.00% 100.00% 100.00% 100.00% 53.40% 98.99% 75.00% 99.99% 100.00% 100.00% 51.00%
Notes:
1. No subsidiaries which are yet to commence operations, however MWCML, ITML, ADL, MKPML DMDPL and MCPL are evaluating viable business oppurtunities
2. No subsidiaries which have been liquidated or sold during the year.
3. ` 0.00 lakhs denotes amount less than ` 500/-
Part “B”Associates/Joint Ventures : Nil #

# Mahindra World City Developers Limited, Mahindra World City (Jaipur) Limited, Mahindra Homes Private Limited, Mahindra Industrial Park Private Limited and
Mahindra Happinest Developers Limited are all direct joint venture cum subsidiary companies and have been covered in Part A above.

DIN: 00010029 DIN: 02551935

45. Security of current assets against borrowings

The Group has been sanctioned working capital limits in excess of ` 5 crores, in aggregate, at points of time during
the year, from banks or financial institutions on the basis of security of current assets. However, the quarterly returns or
statements comprising quarterly financial results are not filed by the Group to such bank or financial institution as these
are published financial results and are available on the Group’s website for public including such banks or financial
institutions. These quarterly financial results are in agreement with the unaudited books of account of the Group of the
respective quarters.
46. Other statutory information

a) The Group do not have any benami property, where any proceeding has been initiated on or are pending against the
group for holding benami property.
b) Relationship with struck off companies

The Group does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956.
c) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the group (Ultimate Beneficiaries) or provide any
guarantee, security or the like to or on behalf of the ultimate beneficiaries.
The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the group shall directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
d) Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under
the Income Tax Act, 1961, that has not been recorded in the books of account.
e) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
f) Registration of Charges or satisfaction with Registrar of Companies (ROC)

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory
period.
47. The Board of Directors of the Company has recommended a dividend of ` 2 per share on Equity Share of ` 10 each (20%)
subject to approval of members of the company at the forthcoming Annual General Meeting.
48. Capital Commitments

(` In lakhs)
Commitments As at As at
Capital Commitment : Estimated amount of contracts remaining to be executed on 72.92 43.32
capital account and not provided for (net of advances)
454
49. Recent Indian Accounting Standards (Ind AS)

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian
Accounting Standards) Amendment Rules, 2022, applicable from April 1st, 2022, as below:
Ind AS 16 – Proceeds before intended use

The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be
recognized in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of
property, plant and equipment. The Group does not expect the amendment to have any impact in its recognition of its property,
plant and equipment in its financial statements.
Ind AS 37 – Onerous Contracts - Costs of Fulfilling a Contract

The amendments specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs
that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour,
materials) or an allocation of other costs that relate directly to fulfilling contracts. The amendment is essentially a clarification
and the Group does not expect the amendment to have any significant impact in its financial statements.
Ind AS 103 – Reference to Conceptual Framework

The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets
acquired and liabilities assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial
Reporting under Indian Accounting Standards (Conceptual Framework) issued by the Institute of Chartered Accountants of
India at the acquisition date. These changes do not significantly change the requirements of Ind AS 103. The Group does not
expect the amendment to have any significant impact in its financial statements.
Ind AS 109 – Annual Improvements to Ind AS (2021)

The amendment clarifies which fees an entity includes when it applies the ‘10 percent’ test of Ind AS 109 in assessing whether
to derecognise a financial liability. The Group does not expect the amendment to have any significant impact in its financial
statements.
50. Input Tax Credit (ITC) benefits to the customers

Revenue from operations for the year ended 31st March, 2022 is net of ` Nil (31st March, 2021 -13.44 lakhs) towards input
tax credit benefits passed on to the customers as per the provisions of section 171 on Anti-Profiteering of CGST Act, 2017.
The treatment is as per the prevailing Indian Accounting Standards.
51. Events after the reporting period

No material events have ocurred after the balancesheet date and upto the approval of the financial statements.
52. Previous Period Figures

The figures for previous year have been regrouped wherever necessary to conform to current year’s classification.

DIN: 00010029 DIN: 02551935

Business Responsibility and

Sustainability Report
The world is facing the severe risk With changing consumer behaviour solutions that are rooted in a legacy
and impacts of 'Climate action failure, towards residential developments, of trust and transparency and aligned
extreme weather events, Biodiversity initiatives such as Climate Responsive with the organizational sustainability
loss, Social cohesion erosion, Livelihood Design, use of energy efficient commitments. Its developments are
crises, Human environmental damage, equipments, integration of renewable characterised by thoughtful design.
energy, reduce dependence on and a welcoming environment that
Natural resource crises, and many
freshwater through low flow fixtures, enhance overall quality of life for both
others as highlighted in the Global Risk
sewage water treatment and reuse individuals and industries.
report 2022 by World Economic Forum.
onsite, rainwater harvesting, organic
In such challenging times, it becomes waste composting onsite, helps reduce Continuing its efforts in responsible
more important for businesses to play environmental impact and also the governance practices and meeting
a key role in addressing these risks maintenance cost. sustainability commitments, Mahindra
faced by the community. Mahindra Lifespaces is publishing its 1st Business
Lifespace Developers Limited works With its 100% green portfolio and Responsibility and Sustainability Report
for the well-being of the planet and all commitment to build Net Zero buildings (BRSR), developed in accordance
the stakeholders by ‘Crafting future with from 2030, Mahindra Lifespaces with SEBI’s guidelines and the nine
environmentally and socially responsible continues its effort to develop green, principles under ‘National Guidelines
innovative, and customer-focused on Responsible Business Conduct’.
homes and industrial development’.
456
Business Responsibility &
Sustainability Report (BRSR)
SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity
1. Corporate Identity Number (CIN) of the Listed Entity - L45200MH1999PLC118949
2. Name of the Listed Entity - Mahindra Lifespace Developers Ltd.
3. Year of Incorporation - March 16, 1999
4. Registered office address - Mahindra Towers, 5th floor, Worli, Mumbai – 400018
5. Corporate address - Mahindra Towers, 5th floor, Worli, Mumbai – 400018
6. E-mail - investor.mldl@mahindra.com
7. Telephone - 022 67478600 / 01
8. Website - www.mahindralifespaces.com
9. Financial year for which reporting is being done - 1st April 2021 to 31st Mar 2022
10. Name of the Stock Exchange(s) where shares are listed – BSE Limited (Bombay Stock Exchange Limited) / NSE
India (National Stock Exchange of India Ltd.)
11. Paid-up Capital - ` 15451.7 lakh
12. Name and contact details (telephone, email address) of the person who may be contacted in case of any
queries on the BRSR Report
Name: Dr. Sunita Purushottam
Designation: Head of Sustainability, Mahindra Lifespace Developers Limited
Telephone Number: 022 67478600
E-mail ID: purushottam.sunita@mahindra.com
13. Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e., only for the entity)
or on a consolidated basis (i.e., for the entity and all the entities which form a part of its consolidated financial
statements, taken together).
Consolidated (For the entity and its subsidiaries)
II. Products/services
14. Details of business activities (accounting for 90% of the turnover)
Sr. % of Turnover
Description of Main Activity Description of Business Activity
No. of the Entity
1.
Construction of 100% green certified
Residential buildings and
1. Construction 100%
2.
Operation and maintenance of Integrated
Cities and Industrial Clusters
15. Products/Services sold by the entity (accounting for 90% of the entity’s turnover)
Sr.
Product/Service NIC Code % of total Turnover Contributed
No.
1. 1. Residential
4100 >98%
2. Integrated Cities and Industrial Clusters

III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated
Location Number of plants Number of offices Total

Area Offices (including branch and project offices of Mahindra
Lifespace Developers Limited and its subsidiaries): 20 - Mumbai
National Not Applicable 20
Metropolitan Region (7), Pune (3), Nagpur (1), Gurugram (1),
Bengaluru (1), Chennai (5), Jaipur (1), and Ahmedabad (1).
International Not Applicable NIL, the Company has a representative office in Dubai. Not Applicable
17. Markets served by the entity:

a. Number of locations
Locations Number
Residential
Mumbai Metropolitan Region, Pune, Nagpur, Gurugram, Bengaluru,
Chennai.
National (No. of States) No of states served: 4
Integrated Cities and Industrial Clusters
Chennai, Jaipur, and Ahmedabad
No of states served: 3
International (No. of Countries) None (Not Applicable)
b. What is the contribution of exports as a percentage of total turnover of the entity?

Mahindra Lifespace Developers Limited is a real estate development company involved in construction of
residential homes and operations and maintenance of Integrated Cities and Industrial Clusters with operations
within India. It is not involved in export of any product or services; hence it is not applicable.
c. A brief on types of customers

Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development business of the Mahindra
Group. It is committed to crafting the future with environmentally and socially responsible homes and industrial
developments and transforming India’s urban landscape through its premium residential developments; and
value homes under the ‘Mahindra Happinest®’ brand for the residential customers; and integrated cities
and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands respectively for the
industrial customers. 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 FY 2014, 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 in 27 years of its existence for its varied unique projects and
ESG initiatives.
458
IV. Employees
18. Details as at the end of Financial Year i.e.
a. Employees and workers (including differently abled)
Sr. Total Male Female

Particulars
No. (A) No. (B) % (B / A) No. (C) % (C / A)
IC & IC – EMPLOYEES
1. Permanent (D) 48 41 85.42 7 14.58
2. Other than Permanent (E) 10 9 90 1 10
3. Total employees (D + E) 58 50 86.21 8 13.79
RESIDENTIAL – EMPLOYEES
1. Permanent (F) 432 359 83.10 73 16.90
2. Other than Permanent (G) 61 55 90.16 6 9.84
3. Total employees (F + G) 493 414 83.98 79 16.02
b. Differently abled employees and workers
Sr. Total Male Female

Particulars
No. (A) No. (B) % (B / A) No. (C) % (C / A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 2 2 100 0 0
2. Other than Permanent (E) 0 0 0 0 0
3. Total differently abled
2 2 100 0 0
employees (D + E)
19. Participation/inclusion/representation of women
Total (A) No. and percentage of females

No. (B) % (B/A)
Board of Directors 6 1 16.67
Key Management Personnel 3 0 0
Senior Management Personnel 11 2 18.18
20. Turnover rate for permanent employees
FY 2021-22 FY 2020-21
Male Female Total Male Female Total
IC & IC – EMPLOYEES
Permanent Employees 18.75% 0 18.75% 9.84% 1.64% 11.48%
RESIDENTIAL – EMPLOYEES
Permanent Employees 21.99% 5.79% 27.78% 13.68% 4.71% 18.39%

V. Holding, Subsidiary and Associate companies (including joint venture)

21. (a) Names of holding / subsidiary / associate companies / joint ventures
Indicate whether % of Does the entity indicated at

holding/ shares column A, participate in the
Sr. Name of the holding / subsidiary /
Subsidiary/ held by Business Responsibility
No. associate companies / joint ventures (A)
Associate/ Joint listed initiatives of the listed
Venture entity entity? (Yes/No)
1 Mahindra and Mahindra Limited Holding 51.33% Yes
2 Mahindra World City Developers Limited Subsidiary 89.00% Yes
3 Mahindra World City (Jaipur) Limited Subsidiary 74.00% Yes
4 Mahindra Integrated Township Limited Subsidiary 97.14% Yes
5 Mahindra Residential Developers Limited Subsidiary 97.14% Yes
6 Mahindra Industrial Park Chennai Limited Subsidiary 53.40% Yes
7 Mahindra Homes Private Limited Subsidiary 72.51% Yes
8 Mahindra Happinest Developers Limited Subsidiary 51.00% Yes
9 Mahindra Bloomdale Developers Limited Subsidiary 100% Yes
Mahindra Infrastructure Developers
10 Subsidiary 100% No
Limited
11 Mahindra World City (Maharashtra) Limited Subsidiary 100% No
12 Knowledge Township Limited Subsidiary 100% No
13 Industrial Township (Maharashtra) Limited Subsidiary 100% No
14 Anthurium Developers Limited Subsidiary 100% No
15 Mahindra Industrial Park Private Limited Subsidiary 100% Yes
16 Deep Mangal Developers Private Limited Subsidiary 100% No
17 Mahindra Water Utilities Limited Subsidiary 98.99% No
18 Moonshine Construction Private Limited Subsidiary 100% No
19 Mahindra Knowledge Park Mohali Limited Subsidiary 99.97% No
VI. CSR Details

22.
Whether CSR is applicable as per Section 135 of Companies
(i) Yes
Act, 2013
Standalone 30,650 lakh
(ii) Turnover (in `)
Consolidated 40,824 lakh
Standalone 1,49,130 lakh
(iii) Net worth (in `)
Consolidated 1,83,760 lakh
(iv) Total amount spent on CSR for FY 2021-22 (in `) 133.26 lakh
CSR Spends (in `)

Entity Name
(FY 2021-22)
Mahindra Bloomdale Developers Limited | MBDL 10.80 lakh
Mahindra Residential Developers Ltd. | MRDL 12.41 lakh
Mahindra World City Developers Ltd. | MWCDL 4.03 lakh
Mahindra World City Jaipur Ltd. | MWCJL 85.02 lakh
Mahindra Water Utilities Ltd. | MWUL 21.00 lakh
Grand Total 1,33.26 lakh
460
VII. Transparency and Disclosures Compliances
23. Complaints/grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct (NGRBC)
Stakeholder Grievance Redressal FY 2021-22 FY 2020-21

group Mechanisms in Number of Number of Remarks Number of Number of Remarks
from whom Place (Yes/No) complaints complaints complaints complaints
complaint is (If yes, then provide filed during the pending filed during pending
received web-link for year resolution at the year resolution at
grievance redressal close of the close of the
policy) year year
Communities In-person
Reporting to the 0 - - 0 - -
project manager or
site incharge
Investors Quarterly & Yearly
(other than Monitoring on ESG - - - - - -
shareholders) parameters
Shareholders Filed with SEBI as Nature of complaints Nature of
per the regulatory involve: complaints involve:
parameters 1. Non-receipt of 1. Non-receipt
Dividend warrants of Dividend
2. Complaints from warrants
BSE/NSE/SEBI/ 2. Complaints
Regulatory Bodies from BSE/
48 0 3. Non-receipt of 56 0 NSE/SEBI/
Annual Report Regulatory
Bodies
4. Non-receipt of
Share Certificates 3. Non-receipt of
Annual Report
5. Non receipt of
securities after 4. Non-receipt
transmission on / of Share
duplicate Certificates
Employees Third party – Ethics 0 0 - 0 0 -
Helpline
https://ethics.mahindra.com
Mahindra Lifespaces
461
462
Stakeholder Grievance Redressal FY 2021-22 FY 2020-21
group Mechanisms in Number of Number of Remarks Number of Number of Remarks
from whom Place (Yes/No) complaints complaints complaints complaints
complaint is (If yes, then provide filed during the pending filed during pending
received web-link for year resolution at the year resolution at
grievance redressal close of the close of the
policy) year year
Customers 1. Customer Assist
2. M Life app Includes customer Includes customer
3. Facility complaints related to complaints related to
Management 8213 501 civil work, leakages, 6463 227 civil work, leakages,
(FM) Helpdesk etc. related to the etc. related to the
product. product.
4. Email to FM
manager
Value Chain Workers
Partners 1. Workers
Complaint
Register onsite,
and regular
monitoring of the 0 0 - 0 0 -
same
2. In-person to
the Project In
charge/Project
Manager
Other Value Contractors/
Chain Suppliers
Partners In-person to the 0 0 - 0 0 -
Contract In-charge,
email, calls and Ethics
helpline
24. Overview of the entity’s material responsible business conduct issues: Please indicate material responsible business conduct and sustainability
issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same,
approach to adapt or mitigate the risk, as per the following format:
Sr. Material issue Indicate Rationale for identifying the risk/ Approach to adapt or mitigate Positive/ Negative
No. identified whether Opportunity Implications
risk or
opportunity
1 Economic Risk and Risk Positive Implications

Performance Opportunity • Changing Consumer preferences and lifestyle • 1 00% green Portfolio - IGBC/ • Attracts customers
• Increased peer competition in emerging markets GRIHA certified products • Attracts Investors
• Increased investor scrutiny on ESG parameters, etc. • Transparent and Complete public • Attracts talent
Opportunity disclosures on ESG
• Leadership in green buildings • Customer Value Proposition on
the benefits of adopting green
• Differentiating factor and a competitive advantage due to
products
green portfolio
2 Supply Chain Risk and Risk Positive Implications
Management Opportunity • nvironmental - Higher scope 3 emission
E • reen Supply Chain Management
G • Reduced Scope 3
• Disruption - Work stoppage due to unethical or illegal (GSCM) Policy emissions
operation • Code of Conduct for suppliers • Sustainable Supply
• Regulatory - Legal action due to child labour, non- and contractors Chain
compliance to mandatory statutory requirement • Capacity Building/Training • Adherence to all
• Inferior quality products workshops compliances
Opportunity • Raising awareness on ESG and • Collaborate and innovate
• Align with company strategy and policies and with Science related implications
Based Targets • Partnership for sustainability
• Reduce cost of construction integration in supply chain
3 Governance and Risk and Risk Positive Implications

Compliance Opportunity • L ack of knowledge, skill or capability of governance team • SG risk and mitigation integrated •
E Resilient, ethical, and
constrains ESG risk management into Enterprise Risk Management transparent organisation
• Non-compliance to statutory requirements (ERM) Framework • Partnerships drive
• Non-compliance to green building commitments • Board and Leadership level innovation in the
• Financial risk - Non-compliance related to product labelling: overview of ESG risk and development of
fines and penalties mitigation measures sustainable habitats and
• Policy advocacy through ecosystems
Opportunity
partnerships • Enhanced brand
• Improve current governance to Gold Standard
• Financial quantification of ESG reputation
• Comply with the required rules and regulations
risk
• Strengthen supplier relations and collaboration for socially
Mahindra Lifespaces
conscious value chain

463
464
risk or
opportunity
4 Environmental Risk and Risk Positive Implications

well-being Opportunity Regulatory Risk • 1 00% Green certified portfolio • Reduced Scope 1, 2 and
• Dependence on non-renewable sources of energy Mahindra Lifespaces has 3 emissions
• Heavy Groundwater extraction committed and has detailed • Monetary benefits to
action plan to become Carbon customers (reduced
• Improper Waste Disposal - Diversion to Landfill Neutrality by 2040 maintenance cost)
• Noncompliance with the EC conditions and Water Law • Approved Science Based Targets • Reduced environmental
• Increase cost if carbon tax is implemented in line with 1.5 degree world impact
Increased Cost • All new developments to be Net • Enhanced brand
• Inefficient Energy Use Zero by 2030 reputation
• Carbon Price • Zero Waste to Landfill for all our • Efficient energy use
• Work Delay leading to untimely delivery and cost implication developments • Use of renewable source
• Inexperienced contractors and subcontractors may cause • Environmental Monitoring and of energy
hindrance to sustainable construction Mitigation in place for all projects • Water recycling and
• Unavailability of the material as well as expertise reuse
Opportunity • Waste management
• Improve environmental quality, and working conditions and treatment through
• Innovation in operations and regional priority (using local authorized waste
products) handlers
• Ease of receiving consents
• Reduce Cost of Construction and Operations
5 Customer well- Risk and Risk Positive Implications

being Opportunity • Loss of Brand Reputation • 100% Green certified products • Increased Customer
• Risk to Customer health and safety (toxic elements present in • Customer outreach through trust and Confidence
the brownfield land) newsletter/green events and • Enhanced brand
• Risk to business continuity Green tour in each project reputation
• Legal risk • Behavioural Interventions - Make • Reduced Scope 3
• Customer Litigation for non-compliance to green building the Switch Initiatives to help emissions
commitments make the necessary switch to • Increased customer
• Loss of business opportunity adopt sustainable lifestyle for our benefits (savings on
• Delay in project execution customers maintenance cost)
• Deteriorating quality of buildings (unwanted chemical • Customer feedback throughout
reaction due to presence of corrosive compounds) the home buying journey (till post
Opportunity possession)
• Improve Customer Health and well-being
• Grow Business
• Preserve natural habitat
risk or
opportunity
6 Employee well- Risk and Risk Positive Implications

being Opportunity Regulatory Risk • Regular Employee training on • Increased Employee
• Non-Compliance with labour laws and regulations diverse topics trust and Confidence
Financial implication • Regular employee feedback - • Enhanced brand
• Cost of fines and compensation Quarterly PULSE surveys and reputation
• Lack of investment in employee training leading to higher annual M-CARES
costs associated with new recruitment • Appreciation and reward for
• High attrition rate translates to higher cost for recruiting and aligning the work with the
training new Associates organizational core values and
• Decreased productivity and associate morale philosophy
• Loosing talent to competitors • Safety, Health and well-being
• Lack of equal opportunity programs for all workforce
• Loss of Brand reputation
• Unsuitable/unprepared workforce for changing market
demand and disruption.
• Lack of equal opportunity
Opportunity
• Build human capital through trainings and skill upgradation
• Attract talent for the benefit of the company
7 Community well- Risk and Risk CSR initiatives across projects Positive Implications
being Opportunity • Risk to Brand Image • The Green Army - School • Enhanced brand
• Social license to operate affected due to social impacts initiative to inculcate sustainable awareness and trust
and/or community relations not well managed (e.g. air and habitats in school children • More Engaged
water pollution) (extended to Green Army Family communities
• Business continuity risk due to the pandemic) • Social License to
• Prosecution due to noncompliance to Rehabilitation and • Nanhi Kali - Support in operate
Resettlement Act provision of primary education to • Support in livelihood
• Stoppage of work due to community unrest leading to underprivileged girl children in opportunities
revenue loss India
• Increase positive brand
Opportunity • Hunar - Skill development and awareness
• Engage community women empowerment program
• Create healthy competition leading to innovation • Hariyali - Tree Plantation Program
• Gain peer consortium to augment benefit from Government • MTCoE (Mahindra TERI Centre of
organization for the sector Excellence) - To build a greener
• Create positive impact on climate change prevention urban future by developing
Mahindra Lifespaces
innovative energy efficient

solutions tailored to Indian
465
climates
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and Management processes
1. a. Whether your entity’s policy/
policies cover each principle and
Yes Yes Yes Yes Yes Yes Yes Yes Yes
its core elements of the NGRBCs.
(Yes/No)
b. Has the policy been approved by
the Board? (Yes/No)
c. Web link of the policies, if The policies aligned with the NGRBCs are available in the public domain on our website. Link:
available https://www.mahindralifespaces.com/investor-center/?category=code-policies
2. Whether the entity has translated the
policy into procedures. (Yes / No)
3. Do the enlisted policies extend to your
value chain partners? (Yes/ No)
4. Name the national and international All Company’s policies are in alignment with international standards such as ISO 9001, 14001,
codes/ certifications/ labels/standards 45001, OHSAS 18001, UNGC principles, and relevant regulatory requirements. The policies
(e.g., Forest Stewardship Council, are aligned with the Mahindra Rise principles and the Mahindra and Mahindra Sustainability
Fairtrade, Rainforest Alliance, Trustea) Framework, and are regularly updated based on market trends, global good practices, and
standards (e.g., SA 8000, OHSAS, feedback received from stakeholders.
ISO, BIS) adopted by your entity and The Corporate Governance Cell reviews the efficacy of the codes and policies of Mahindra
mapped to each principle. Lifespaces. The Company conducts periodic review and evaluation of the policies through The
Mahindra Way (TMW). TMW promotes the adoption of certain Group Common Policies and
Practices by all functions and aligns the policies to international and national standard. The
policies for EOHS and Quality are subject to internal and external audits as a part of Integrated
management systems (IMS) certification. Additionally, an external organization conducts
assurance for non-financial report i.e., Sustainability report (GRI Standard). As a part of the annual
certification/audit process, assessment is done on the efficacy of implementation of the policies
and the associated systems.
5. Specific commitments, goals, targets Mahindra Lifespace Developers Limited has ESG and other business commitments with detailed
set by the entity with defined timelines, goals & yearly targets (defined in the 5-year roadmap available on the company website), and
if any. the progress against these targets is communicated through the sustainability report and other
stakeholder disclosures such as CDP & GRESB available in the public domain.
Commitments
1. 100% Green Portfolio (IGBC/GRIHA certified projects)
2. Carbon neutrality by 2040
3. Approved Science Based Targets by SBTi for 3 entities:
a. Reduce 63% of absolute Scope 1 & 2 emissions by 2033 with 2018 as base year
b. Reduce 20% of absolute Scope 3 emissions by 2033 with 2018 as base year
Mahindra World City Jaipur
b. Reduce 20% of absolute Scope 3 emissions by 2033 with 2018 as base year
4. IGBC Mission on Net Zero
All new developments to be Net Zero by 2030
466
6. Performance of the entity against As all the targets are long-term, Mahindra Lifespace Developers Limited annually monitors and
specific commitments, goals and measures the performance against each of the commitments and the associated targets, and
targets along with reasons in case the the same is reported in its public disclosures available in the public domain with details on the
same are not met. actions/initiatives implemented to achieve the same.
Reasons for not meeting

Commitment Status
the target
1. 100% Green Portfolio (IGBC/
Achieved NA
GRIHA certified projects)
2. Carbon neutrality by 2040 In Progress NA
3. Approved Science Based
In Progress NA
Targets by SBTi for 3 entities:
All the new developments are on
track with detailed action plan
aligned with Net Zero commitment.
Since the existing projects design
was finalized way back and currently
a. Reduce 63% of absolute Scope
in final stages of development, it is
1 & 2 emissions by 2033 with Not on Track
difficult to retrofit at this stage for
2018 as base year
most of the existing projects and
achieve the respective reductions,
but we are incorporating the retrofits
in few existing projects to achieve a
considerable emission reduction.
b. Reduce 20% of absolute Scope
3 emissions by 2033 with 2018 In Progress NA
as base year
1 & 2 emissions by 2031 with In Progress NA
2016 as base year
Mahindra World City Jaipur
1 & 2 emissions by 2033 with In Progress NA
2018 as base year
b. Reduce 20% of absolute Scope
3 emissions by 2033 with 2018 In Progress NA
as base year
4. IGBC Mission on Net Zero
All new developments to be Net
In Progress NA
Zero by 2030
5. C40 Climate Positive
Development Program (Mahindra In Progress NA
World City Jaipur)

GOVERNANCE, LEADERSHIP AND OVERSIGHT
7. Statement by director responsible for the business responsibility report, highlighting ESG-related challenges, targets and achievements
(listed entity has flexibility regarding the placement of this disclosure)
The Director’s message highlighting the ESG aspects, challenges, initiatives undertaken and implemented, and our ESG aligned growth
story has been presented in the leadership communication at the beginning of the integrated report. Refer Page No. 4 – MD & CEO Message
8. Details of the highest authority Mahindra Lifespaces has a multi-tiered governance structure with well-defined roles &
responsible for implementation and responsibilities. Spearheaded by Board of Directors (BoD), responsible for overseeing –
oversight of the Business Responsibility ‘formulation & implementation’ of our policies and strategy, management of daily activity rests
policy(ies). with Chief Executive Officer (CEO) & senior leaders. Sustainability is central to our governance
to enable strategic oversight & facilitate long-term value creation. Working with BoD, senior
leadership oversees implementation of sustainability centric business initiatives. Enterprise Risk
Management (ERM) framework is leveraged to mitigate ESG risks & capitalise on opportunities.
Our sustainability policies provide foundation for assessing ESG & other climate-related risks.
Four pillars of our Sustainability Policy – Sustainable Products, Sites, Offices, & Communities -
help in creating greener, safer, & healthier buildings for all. Our BoDs bring in core skills required
for sustainable growth of company. To aid the Board discharge its responsibility effectively, our
CEO briefs them at every meeting on overall performance of company.
1. Detailed operations report presented at quarterly Board meetings
2. Board reviews strategy & business plans, regulatory compliance, risk management policies,
sustainability plans & performance, & CSR spends, plan & review.
Following information on sustainability interventions were shared with the Board.
(A) Strategic initiatives
1. Climate scenario analysis - Assessment of climate impact on business, aligned with
TCFD
2. Supply chain stakeholder meet (climate impact across value chain)
3. Integration of ESG risks & opportunities into ERM
(B) Sustainable products
1. Green certification and incentives for projects
(C) Sustainable sites
1. Sustainability maturity assessment (site preparedness to mitigate climate risk)
2. Zero waste to landfill (ZWL) surveillance audit for MWC Chennai
3. SBT performance progress
(D) Sustainable offices
1. Employee engagement - Making Sustainability Personal
2.
Training on climate responsive design (both senior management and other
stakeholders (internal & external)
3. Sustainable Office Guidelines
(E) Sustainable communities
1. Green Army (Reach and Impact): Sensitize school children to adopt a sustainable life
2. Mahindra TERI Centre of Excellence: ‘Build a greener urban future by developing
innovative energy efficient solutions tailored to Indian climate’
468
9. Does the entity have a specified Mahindra Lifespaces multi-tiered governance structure spearheaded by Board of Directors
Committee of the Board/Director (BoD), responsible for overseeing – ‘formulation & implementation’ of our strategy, management
responsible for decision-making on of daily activity rests with Chief Executive Officer (CEO) & senior leaders. Board level committees
sustainability related issues? (Yes / No). such as Audit Committee, Corporate Social Responsibility (CSR) Committee, Risk Management
If yes, provide details. Committee, Stakeholders Relationship Committee, etc. formed from amongst the Board members
help in formulation, overseeing & implementation of associated policies. ‘Risk Management’ &
‘CSR’ committee are involved in overseeing our climate related interventions.
(A) Risk Management Committee
Risk management system is in place for identification & assessment of risks, mitigation
measures, & mechanisms for timely monitoring & reporting. We have defined procedure to
inform the Board about the risk assessment & minimization procedures. Risk management
committee,
1. Formulates, oversees, & implements risk management policy, business continuity
plan
2. Ensures appropriate methodology, processes & systems are in place to monitor &
evaluate risks
(B) Corporate Social Responsibility (CSR) Committee
Mahindra Lifespaces’ CSR strategy is to contribute to local communities that it operates
in by focusing on following areas of intervention: education, skill development, health,
environment & sustainability. Our CSR Policy lays out vision, objectives, & implementation
mechanism. Under the area on Environment & Sustainability, we have the Mahindra-TERI
Centre of Excellence (MT CoE), a joint research facility to create innovative energy efficient
solutions. Example: Initiative such as MT CoE mainly focused on research & development
of climate responsive design using sustainable building materials, detailed study &
assessment of water (impact due to climate change and other factors) in different metro
cities, visual & thermal comfort-based research for achieving a 100% green portfolio to
mitigate climate related impacts, are reviewed by Board. In FY 22, we completed 5 years
of research at MT CoE and disseminated the key findings of the research work to the wider
stakeholder community and also signed an MOU for phase 2 of open-source research work.
CSR Committee,
1. Formulates & recommends to Board, a CSR Policy, expenditure to be incurred on CSR
activities
2. 'Annual action plan in pursuance of its CSR policy
With sustainability integrated into the existing governance structure of the company to
enable strategic oversight of sustainability issues and facilitate long-term value creation &
working closely with the Board of Directors at the top of the hierarchy, the Chief Executive
Officer (CEO) oversees the implementation of sustainability initiatives by different functions
within the organization. CEO is responsible for setting the vision, and direction for Mahindra
Lifespaces’ Sustainability strategy. For driving the sustainability aspect of the organization
dealing with climate change, the CEO shoulders the following responsibilities,
1. CEO reviews and approves the sustainability strategy, sustainability report, key
sustainability initiatives, and is also responsible for the final outcomes.
2.
Climate & other ESG risks and opportunities are reviewed by Chief Financial
Officer (CFO) and approved by the CEO as part of the Risk Committee (Board-level
committee). This committee reviews ESG & other climate-related business risks and
opportunities and provides direction for the action plan.

3. The climate-related targets (pertaining to materials, waste, emissions, and water) are
reviewed by the CEO, as part of the annual roadmap, and company Business Scorecard
(BSC).
4. The company’s climate disclosure is formally approved by the CEO and reviewed by
CFO. CEO is part of the ‘CSR committee’ and ‘Risk Committee’, wherein various business
strategy decisions pertaining to the ESG related risk and opportunities are reviewed and
brought into action. CEO is also part of Joint Advisory committee for Mahindra TERI Centre
of Excellence involved in R&D of sustainable building materials to tackle climate issues.
In FY 22, new projects design review with CEO involved reviews on energy strategies,
biodiversity assessment, & net zero energy/water/waste, a step ahead to achieving our
ESG commitments.
The Head of Sustainability driving the implementation of sustainability initiatives within the
organization reports to the Chief Marketing Officer (CMO) who,
1. Guides in the strategic sustainability initiatives across the organization
2. Reviews the sustainability disclosures of the Company
3. Reviews the sustainability strategy and roadmap with final approval from the CEO
4. Reviews the customer value proposition
10. Details of Review of NGRBCs by the Company:
NGRBCs are encoded in our code of conduct and core values, and the same needs to be adhered by everyone including
the Directors, employees, KMPs, and workers. The compliance/performance with the code/NGRBCs is provided/recorded
by each stakeholder through the mentioned mechanism and timelines.
Indicate whether review was undertaken Frequency

by Director / Committee of the Board / (Annually / Half Yearly / Quarterly /
Subject for Review Any other Committee Any other – please specify)
P P P P P P P P P P P P P P P P P P
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9
Performance against above MD & CEO
policies and follow-up action • Management team updates | Monthly, Quarterly, and Annually
• Sustainability Performance Highlights | Quarterly & Yearly
Board/Board Committee
Board Notes | Quarterly & Annually
Senior Leadership
Management team updates | Monthly, and Annually
Compliance with statutory MD & CEO
requirements of relevance • Management team updates | Monthly, Quarterly, and Annually
to the principles, and
• Sustainability Performance Highlights | Quarterly & Yearly
rectification of any non-
compliances Board/Board Committee
Board Notes | Quarterly & Annually
Senior Leadership
Management team updates | Monthly, and Annually
470
11. Has the entity carried out independent P P P P P P P P P

assessment/evaluation of the working of its 1 2 3 4 5 6 7 8 9
policies by an external agency? (Yes/No). If
Mahindra Lifespace Developers Limited conducts half-yearly and yearly
yes, provide the name of the agency.
independent assessment and evaluation of non-financial (sustainability)
information along with the working and efficacy of implementation of
the policies and related actions through KPMG. KPMG is the assurance
partner for our sustainability report. Also, the policies for EOHS and
Quality are subject to internal and external audits as a part of Integrated
management systems (IMS) certification by Bureau Veritas annually. In FY
22, a detailed internal ESG review was conducted through independent
assessor – E&Y which involved assessment/evaluation of all our policies
and implementation of the same.
12. If answer to question (1) above is “No” i.e., not all Principles are covered by a policy, reasons to be stated:
Not Applicable
P P P P P P P P P
Questions
1 2 3 4 5 6 7 8 9
The entity does not consider the Principles material to its
- - - - - - - - -
business (Yes/No)
The entity is not at a stage where it is in a position to
formulate and implement the policies on specified - - - - - - - - -
principles (Yes/No)
The entity does not have the financial or/human and
- - - - - - - - -
technical resources available for the task (Yes/No)
It is planned to be done in the next financial year
- - - - - - - - -
(Yes/No)
Any other reason (please specify) - - - - - - - - -

SECTION C: PRINCIPLE-WISE PERFORMANCE DISCLOSURE

Businesses should conduct and govern themselves with integrity, and in a manner that is
PRINCIPLE 1
Ethical, Transparent and Accountable.
ESSENTIAL INDICATORS
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year.
Total number % of persons in

of training and Topics/principles covered under the respective category
Segment
awareness training and its impact covered by the awareness
programmes held programmes
Board of Directors - - -
1. Sustainability strategy, roadmap and

action plan covering all principles
2. Climate Responsive Design
3. Capacity Building Program on GRI
Key Managerial Standards, Disclosure on Sustainability
6 100%
Personnel Strategy, SDG Reporting
4. Sustainable and Energy Efficient Offices
- Integrating Energy Benchmarks and
Efficiency & Guidelines
5. Code of Conduct
Employees other 1. Code of Conduct
~20 (excludes
than Board of 2. POSH training for members/employees, 100%
repetitions)
Directors or KMPs 3. Sustainability and topical trainings for all
~500 (includes ToolBox Talks, training, etc. - Environment,
Workers 100%
repetitions) Occupational Health, and Safety
2. Details of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings (by the

entity or by directors/KMPs) with regulators/law enforcement agencies/judicial institutions, in the financial year, in
the following format (Note: The entity shall make disclosures on the basis of materiality as specified in Regulation
30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s
website):
Monetary
Has an
Name of the regulatory /
NGRBC Brief of the appeal been
enforcement agencies / judicial Amount (`)
Principle Case preferred?
institutions
(Yes/No)
Penalty/Fine - - - - -
Settlement - - - - -
Compounding Fee - - - - -
Non-Monetary
Name of the regulatory /
NGRBC Brief of the Has an appeal been
enforcement agencies / judicial
Principle case preferred? (Yes/No)
institutions
Imprisonment - - - -
Punishment - - - -
472
Mahindra Lifespaces extends support to all the stakeholders in the value chain including the regulators, government
institutions, law enforcement agencies, judicial institutions, and ensures resolution of all queries and complaints if any
from our stakeholders. In FY 22, there have been no instances of payment of fines, penalties, or any non-monetary
punishments based on materiality as specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where monetary
or non-monetary action has been appealed.
Name of the regulatory/ enforcement agencies/ judicial

Case Details
institutions
- -
In FY 22, there have been no instances of payment of fines, penalties, or any non-monetary punishments based on
materiality as specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
Yes, Mahindra Lifespaces has a zero-tolerance policy for bribery and corruption or facilitation payment in any form,
whether in government or non-government dealings. We prefer foregoing business opportunities rather than paying
bribes. Everyone at Mahindra Lifespaces always ensures to follow all the applicable international and local anti-bribery
and anti-corruption laws. We also encourage anti-bribery and anti-corruption practices amongst everyone working on
behalf of the Company. We do not knowingly allow, or ignore signs of someone acting on our behalf, paying or receiving
any bribe, kickback, or facilitation payment. If anybody requests or offers a bribe or kickback, it is to be refused and must
be immediately reported to the Chief Ethics Officer.
Anti-bribery and Anti-corruption policies as part of our Code of Conduct for every stakeholder provides guidance on
recognizing and dealing with issues related to corruption and bribery. Awareness of these policies and required actions
to be undertaken are briefed and communicated through employee induction and onboarding programs. Refresher
trainings are driven through the internal communication portal every year. The code of conduct and subsequent policies
are applicable to all the subsidiary companies and joint ventures as well as dealings with suppliers, customers, and other
business partners.
Weblink for the policy

1. Code of Conduct for Senior Management and Employees
2. Code of Conduct for Directors
3. Supplier & Contractor Code of Code

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery/corruption
FY 2021-22 FY 2020-21
Directors 0 0
KMPs 0 0
Employees 0 0
Workers 0 0
6. Details of complaints with regard to conflict of interest
FY 2021-22 FY 2020-21
Number Remarks Number Remarks
Number of complaints received in relation to
0 - 0 -
issues of conflict of interest of directors
Number of complaints received in relation to
0 - 0 -
issues of conflict of interest of KMPs
7. Provide details of any corrective action taken or under way on issues related to fines/penalties/action taken by
regulators/law enforcement agencies/judicial institutions, on cases of corruption and conflicts of interest.
There have been no cases of corruption and conflict of interest and associated penalties by regulators/law enforcement
agencies/judicial institutions against any of our KMPs and directors. Yearly Code of Conduct trainings of new joinees
and refresher trainings for everyone helps in communicating the strict adherence to code of conduct and related
consequences in case of non-compliance. Also, appropriate, and detailed process on communication of violations
and actions undertaken on the cases related to violations of code of conduct, helps raise the awareness amongst all
the personnel. Streamlined code of conduct, with regular trainings and processes has helped keep the violation case
numbers to 0.
LEADERSHIP INDICATORS
1. Awareness programmes conducted for value chain partners on any of the principles during the financial year.
Total no of awareness programmes Topics/principles covered in % of value chain partners

held training covered (by value of business
done with such partners) under
the awareness programmes
External Design & other Consultants External Design & other • xternal Design & other
E
• limate Responsive Design (CRD) –
C Consultants Consultants (100%)
5-day workshop (Principle 6) • limate Responsive Design
C • uppliers & Contractors
S
Suppliers & Contractors (CRD) (>70%)
• ode of Conduct - Environmental,

C Suppliers & Contractors • Customers (40%)
Labour, Business Ethics - • ode of Conduct -
C
Contractors/Suppliers (4 sessions)- Environmental, Labour,
(Principle 1) Business Ethics - Contractors/
Customers Suppliers
• nergy Management (1 session)-

E Customers
(Principle 6) • Energy Management
• aste Management (1 session)-
W • Waste Management
(Principle 6)
474
2. Does the entity have processes in place to avoid/manage conflict of interests involving members of the Board?
(Yes/No) If yes, provide details of the same.
Yes, the entity has a code of conduct for Directors which states that the Director of the company must avoid conflict of
interest. Director should also be mindful of, and seek to avoid, conduct which could reasonably be construed as creating
an appearance of a conflict of interest. A conflict of interest can arise when improper personal benefits accrue to a
director or a member of his/her immediate family as a result of his/her position as a Director of the Company.
While the code does not attempt, and indeed it would not be possible, to describe all conceivable conflict of interest that
could develop. The following are some examples of situations which may constitute conflicts of interest:
1. Working, in any capacity, for a competitor, customer, supplier or other third party while occupying the position of a
Director of the company.
2. Directing business to a supplier owned or managed by, or which employs, a relative or friend.
3. Receiving loans or guarantees of obligations because of one’s position as a director.
4. Accepting bribes, kickbacks or any other improper payments for services relating to the conduct of the business of
the company.
Conflicts of interest may not always be well-defined. Any question therefore about a director’s actual or potential conflict
of interest with the company should be brought promptly to the attention of the Chairman of the Board, who will review
the question and determine a proper course of action, including whether consideration or action by the full Board is
necessary. Directors involved in any conflict or potential conflict situations shall recuse themselves from any discussion
or decision relating thereto.
Weblink for the Code of Conduct

Code of Conduct for Directors

PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe
1.
Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively.
Details of improvements in Environmental and social

FY 2021-22 FY 2020-21
impacts
Capex - - -
Open-Source data base and knowledge for developing
innovative energy efficient building solutions tailored
R&D 40 lakhs 30 lakhs
to Indian climates and building water resilient urban
environments.
1-3% of cost of construction in every project is invested in specific technologies or measures to improve the environmental
and social impacts of our residential homes which include climate responsive design (CRD) features such as efficient
glass, appropriate insulation, etc., use of renewable sources of energy (generated on-site), provision of sewage treatment
plant for water recycling and reuse, rainwater harvesting on-site for water reuse to reduce dependency on fresh water,
waste segregation and treatment on-site (100% composting of food waste onsite), etc. Provision of these features in
consumer homes involve capital expenditures and helps reduce the environmental & social impact. Apart from capital
expenses, we also invest in R&D as part of our CSR project through Mahindra TERI Centre of Excellence (MTCoE).
Research at MTCoE aims to build a greener urban future by developing innovative energy efficient solutions tailored
to Indian climates, and aids in decarbonisation of the construction and building sector through provision of open-
source research outcomes in the public domain in the form of guidebooks, guidelines, and various reports for use by all
stakeholders.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes, Mahindra Lifespaces’ integrates sustainability into its supply chain and is driven by the Green Supply Chain
Management Policy (GSCM), which ensures minimal/zero environmental and social impacts of its products. In addition,
it also prefers to procure goods and services from vendors who recycle waste or scrap materials and recycle them
to manufacture building materials. MLDL gives priority to the purchase of locally (within 400km of the project from
manufacturing plant) available materials/products of high quality to minimize environmental impact and gives preference
to green certified products (including FSC, GreenPro, & other third-party certified wood-based and other products), and
those which disclose health and environmental attributes with impacts of the same. The policy and requirements are not
only communicated to the supply chain partners, but Mahindra Lifespaces also supports them through capacity building
workshops on sustainability topics to encourage them to improve their processes. The Company gives preference to
the suppliers, contractors, vendors, and manufacturers who take the responsibility of collecting the waste/scrap and
packaging materials from MLDL project sites and upcycle/recycle them to remanufacture newer products (either - same
material / other material / components) to promote circular economy.
Along with the GSCM policy, the company also expects the value chain partners to conduct business responsibly, and
the same is governed by the Code of Conduct for our suppliers & contractors. Adherence to the Code of Conduct by
the value chain partners not only helps maintain a good relationship with the company but also helps improve processes
within the partners business operations as the code provides 3 levels of continuous improvement opportunities for the
partners. The company conducted capacity building workshop sessions for the value chain partners in FY 22 on the code
of conduct requirements and encouraged them to adhere to the environmental, worker conditions, and business ethics
criteria within the code.
Weblink for the Green Supply Chain Management (GSCM) policy
Green Supply Chain Management (GSCM) policy
Weblink for Code of Conduct for Suppliers & Contractors
Supplier & Contractor Code of Code
476
2. b. If yes, what percentage of inputs were sourced sustainably?

Over 70% of material by volume and cost are sourced sustainably through our supply chain partners.
3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end of
life, for (a) Plastics (including packaging), (b) E-waste, (c) Hazardous waste, and (d) other waste.
Mahindra Lifespace Developers Limited is involved in construction and development of residential homes, and operation
and maintenance of Integrated Cities and Industrial Clusters. Since the lifecycle of such developments is long-term
(>50 years), the company is not involved in reusing, recycling of the developed products. The company does handle
the construction & demotion and other waste generated during construction activity through partnership with authorized
recyclers/waste handlers and reuses most of the construction waste material as applicable. This is in conformation with
the IGBC green certification requirements & above that we receive for all our products. Also, we provide for responsible
& sustainable management of organic and dry waste generated during ‘Use’ phase of the products by our customers
through provision of resource recovery centre (RRC) in our products, composters for composting of 100% organic waste
within the product, and partner with authorized waste handlers for management of recyclables and other waste (e-waste
& other hazardous waste). E-waste is handled centrally through our authorized e-waste handlers – Eco eMarket. Thus,
the company does have responsible processes in place to handle waste generated during construction and use phase
of the products (i.e., residential homes that we develop for our customers and integrated cities and industrial clusters that
we operate and maintain).
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether
the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution
Control Boards? If not, provide steps taken to address the same.
No, Extended Producer Responsibility is not applicable to the company’s activities. But being a 100% green certified
product portfolio real estate company, we have processes in place to handle the waste generated during construction and
use phase of the products (i.e., residential homes that we develop for our customers and integrated cities and industrial
clusters that we operate and maintain). Also, our Green Supply chain management policy encourages procurement
of goods and services from vendors who recycle waste or scrap materials and recycle them to manufacture building
materials, and a step in this direction was undertaken in FY 22 by partnering with vendors who take away the packaging
material (such as cardboard/foam and plastic) for appropriate treatment post-delivery of construction materials. So,
the waste generated within our projects is not only handled sustainably right from the product design stage, but also
encourages and supports our value chain partners to manage it responsibly and sustainably too.
1. Has the entity conducted Life Cycle Perspective/Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
Whether
Boundary for which the Results communicated
Name of % of total conducted by
Life Cycle Perspective in public domain (Yes/
NIC Code Product / Turnover independent
/ Assessment was No) If yes, provide the
Service contributed external agency
conducted web-link
(Yes/No)
4100 Residential 0.5 % of the The system boundary of Yes No
Building total product the life cycle model for a
portfolio building, including the life
turnover cycle phases “Construction
phase“, “Use phase“ (incl.
Refurbishment) and “End
of life“

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal
of your products / services, as identified in the Life Cycle Perspective/Assessments (LCA) or through any other
means, briefly describe the same along with action taken to mitigate the same.
Name of Product / Service Description of the risk / concern Action Taken

- - -
The LCA study was conducted in 2014, and the company is in the process of commencing one in FY 23 along with
studying the embodied carbon of building materials. For Mahindra Lifespace Developers Limited (MLDL), the life cycle
of a building consists of the following phases,
1. Design Phase: Includes the feasibility study, and integration of energy efficiency measures within the asset design
itself, inclusion of renewables, climate responsive design study for the buildings.
2. Construction Phase: Includes manufacturing and transportation of building materials, and entire construction activity
of the building.
3. Use Phase: Includes all the use-phase activities of a building over an assumed lifespan of 50 years, which
encompasses the use of energy and fuel within the building including heating, cooling, and lighting
4. End-of-life phase: Includes demolition of the building post its liveable period and involves activities ranging from
demolition or dismantling to transportation of demolition waste to authorized dealers or eventual landfilling.
Except End-of-life phase, all other phases are included in the life cycle assessment (LCA) for MLDL. MLDL involves
relevant stakeholders wherever required to help integrate the sustainability measures across the value chain as part of
the LCA, and thereby support in the goal of achieving carbon neutrality. As far as risk from our products is concerned, all
the ESG risks are integrated into Enterprise-wide risk management (ERM) framework and are mitigated by incorporating
sustainability features and initiatives in the product design and construction and management processes.
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).
Recycled or reused input

Indicate input material material to total material
FY 2021-22 FY 2020-21
RCC (Fly ash) 27% 25%
Steel (secondary steel content) 27-30% 27-30%
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled,
and safely disposed, as per the following format
FY 2021-22 FY 2020-21
Safely Safely
Reused Recycled Reused Recycled
Disposed Disposed
Plastic (Including Packaging) - - - - - -
E-Waste - - - - - -
Hazardous waste - - - - - -
Other waste - - - - - -
478
Mahindra Lifespace Developers Limited is involved in construction and development of residential homes, and operation
and maintenance of Integrated Cities and Industrial Clusters, hence reclamation of product and packaging material is not
applicable to our business. But we do monitor and measure the waste generated and its treatment during the construction
phase of our products and same has been reported under Principle 6 disclosures on waste. All the recyclables (such as
plastic, metal scrap, etc.) are handled by authorized waste handlers and reported annually in our sustainability report.
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Reclaimed products and their packaging materials as % of total

Indicate product category
products sold in respective category
- -
Products for Mahindra Lifespaces include development of residential homes and operation and maintenance of integrated
cities and industrial clusters. So, reclaiming of products and their packaging does not apply to the company. But proper
treatment of recyclable packaging for construction materials is encouraged for material suppliers and has resulted in
take back of packaging materials such as cardboard/foam and plastic by 2 of the material suppliers who recycles them
through authorized vendors, thus ensuring circularity with the construction value chain.

Businesses should respect and promote the well-being of all employees, including those
PRINCIPLE 3
in their value chains
1. a Details of measures for the well-being of employees
% of employees covered by
Health Accident Maternity Paternity Day care
Category Total insurance insurance Benefits Benefits facilities
(A) No. % No. % No. % No. % %
No. (F)
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F/A)
PERMANENT EMPLOYEES
Male 400 400 100% 400 100% 0 0 400 100% 0 0
Female 80 80 100% 80 100% 80 100% 0 0 0 0
Total 480 480 100% 480 100% 80 100% 400 100% 0 0
OTHER THAN PERMANENT EMPLOYEES
Male 64 64 100% 64 100% 0 0 64 100% 0 0
Female 7 7 100% 7 100% 7 100% 0 0 0 0
Total 71 71 100% 71 100% 7 100% 64 100% 0 0
1. b Details of measures for the well-being of workers
% of workers covered by
Health Accident Maternity Paternity Day care
Category Total Insurance insurance Benefits Benefits facilities
(A)
No. % No. % No. % No. % %
No. (F)
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F/A)
PERMANENT WORKERS
Male 0 0 0 0 0 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0 0
Total 0 0 0 0 0 0 0 0 0 0 0
OTHER THAN PERMANENT WORKERS
Male 2636 2636 100% 2636 100% 0 0 0 0 0 0
Female 0 0 0 0 0 0 0 0 0 0 0
Total 2636 2636 100% 2636 100% 0 0 0 0 0 0
2. Details of retirement benefits for the current and previous financial year
FY 2021-22 FY 2020-21
No. of No. of Deducted and No. of No. of
Deducted and
employees workers deposited employees workers
deposited with
Benefits covered as covered as with the covered as covered as
the authority
a % of total a % of total authority a % of total a % of total
(Y/N/N.A.)
employees workers (Y/N/N.A.) employees workers
PF 100% 100% Y 100% 100% Y
Gratuity 100% - Y 100% - Y
ESI NA 100% Y NA 100% Y
Others please Specify - - - - - -
480
3. Accessibility of workplaces
Are the premises/offices accessible to differently abled employees as per the requirements of the Rights of
Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes, Our Head Office in Worli is accessible to differently abled employees as per the requirements of the Rights of
Persons with Disabilities Act, 2016, and IGBC Platinum certified. So, it complies with all the requirements and beyond as
required in IGBC certification. With a 100% green certified portfolio, Mahindra Lifespaces adheres to all the accessibility
requirements for differently abled people in all its products (residential homes & integrated cities and industrial clusters).
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
Yes, Mahindra Lifespaces has an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016.
Mahindra Lifespaces provides equal opportunity and inclusion for all employees through its employment policies and
practices. We recognize that a mix of backgrounds, opinions, and talents enriches the organisation and helps us achieve
success. We celebrate the importance of diversity in our workplaces and hence, we strive to be as diverse as the
customers we serve. We recognize the importance of maintaining and promoting fundamental human rights in all our
operations. We provide fair and equitable wages, benefits, and other conditions of employment. We respect employees’
right to freedom of speech and provide safe and humane working conditions. We strictly prohibit forced labour and child
labour. We respect the individual and create a culture of trust and respect that promotes a positive work environment.
We never discriminate or treat employees or job applicants unfairly and are committed to provide equal opportunity in
employment. No decisions should be made on the basis of gender, race, colour, nationality, ancestry, religion, physical
or mental disability, medical condition, sexual orientation, or marital status.
Weblink for Equal Opportunity policy

Equal Opportunity policy
5. Return to work and retention rates of permanent employees and workers that took parental leave.
Permanent employees Permanent workers

Gender Return to work Return to work
Retention rate Retention rate
rate rate
Male 100% 100% - -
Female 0 0 - -
Total 100% 100% - -
A female employee is on parental leave, and it extends into FY 23, hence not considered the count here.
6. Is there a mechanism available to receive and redress grievances for the Permanent and Non-permanent employees’
categories of employees? If yes, give details of the mechanism in brief.
Yes, Mahindra Lifespaces has a third-party enabled grievance reception & redressal mechanism for permanent and non-
permanent employees.
The Company launched the Ethics Helpline in March 2022. Mahindra Group has partnered with the global company,
Convercent, to offer their globally admired, totally secure and confidential platform to report issues related to Code of
Conduct violations. Any unethical behaviour or violations can be reported at:

Toll-free number: 000 800 1004175

Web-portal: https://ethics.mahindra.com
Features and Coverage of the Ethics Helpline
Stakeholders: Employees, Suppliers, Dealers, Distributors, Vendors, etc.
Languages: Currently in English. Shortly in Hindi, Tamil, and Telugu
Availability: 24 x 7
Procedure to raise a complaint
Make a call: The reporting party can call the helpline number. A Convercent representative takes the call. The complaint
is recorded on the portal and received by the Mahindra designated people through the portal
Use the portal: Lodge a complaint through the portal https://ethics.mahindra.com. The complaint is received by the
Mahindra designated people through the portal.
Provide detailed factual evidence for the complaint to be addressed
Anonymous complaints can be filed on the helpline. These will be investigated only if they contain sufficient verifiable
information and data.
Response from the committee once the complaint is raised
1. The relevant Committee views the complaint and decides on the course of action depending on the evidence
provided
2. Trained investigators investigate the case and provide detailed report to the relevant committee
3. The committee decides the course of action to be taken as per the complaint handling framework
4. The confidentiality and non-retaliation against the complainant is ensured
5. The accused is given a fair hearing
6. Frivolous cases/cases filed with malafide intent that do not provide adequate and substantial evidence are closed
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
FY 2021-22 FY 2020-21
No. of No. of
employees employees
Total Total
/ workers in / workers in
employees employees
Category respective respective
/ workers in % (B / A) / workers in % (D / C)
category, who category, who
respective respective
are part of are part of
category (A) category (C)
association(s) association(s)
or Union (B) or Union (D)
Total Permanent
480 0 0 409 - -
Employees
Male 400 0 0 342 - -
Female 80 0 0 67 - -
Total Permanent Workers 0 - - 0 - -
Male 0 - - 0 - -
Female 0 - - 0 - -
Third-party contractors with their own workforce working at our project locations are employed for construction and
Mahindra Lifespaces does not recognise any employee/worker association. However, its comprehensive workplace
policies encompass all aspects of talent recruitment and retention.
482
1. It provides competitive pay and benefits, encourages continuous upskilling, and engages employees. Engaged
Employees are key differentiator in its journey of becoming a great workplace.
2. It believes in creating an empowering culture and provides listening platforms for sharing feedback, opinions, and
suggestions. One such construct devised to gather employee feedback on five engagement parameters – Career,
Alignment, Recognition, Empowerment, and Strive - M-CARES. M-CARES, an annual employee engagement survey
provides a platform where employees speak their minds to bring about changes in the workplace. It provides a
deep understanding of the company’s strengths and gap areas. M-CARES score has improved in FY 22 compared
to FY 21 with ‘Employee feeling proud to work for the company, able to contribute towards the overall vision of the
company, and being treated irrespective of age, gender, religion, etc.’ as the most important company engagement
features for the employees.
8. Details of training given to employees
FY 2021-22 FY 2020-21
On health and On skill up On health and On skill up
Category Total Total
safety measures gradation safety measures gradation
(A) (D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
EMPLOYEES
Male 464 464 100% 464 100% 422 345 81.75% 422 100%
Female 87 87 100% 87 100% 85 63 74% 85 100%
Total 551 551 100% 551 100% 507 408 80.47% 507 100%
As part of skill upgradation, a number of programs are arranged for all employees throughout the year. We continued
our People manager 101 program, a learning journey spread over 3 months giving the managers a chance to learn
various aspects of managing self, teams and business. 100+ managers were trained on the same. A similar learning
journey called SCALE was launched for GMs and SGMs – 24 of our associates went through the first batch of this
8-month long leadership development program, working to enhance their strategic and leadership capabilities Crafting
learning Harvard ManageMentor® Spark™, a product by Harvard Business Publishing Corporate Learning provides a
highly personalized experience, fuelled by a rich ecosystem and facilitates skill development and empowers learners
to hone their leadership, and critical business skills at their own pace and time. This was launched in FY 22 to facilitate
skill development and empower learners to hone their leadership, management and critical business skills at their own
pace and time. 68% of the team members made use of the same to learn new skills. We even celebrated 10 days of
festivities and 10 days of learning in Oct 2021, rewarding and recognizing a winner each day. Capability building via
offering exposure - Shadow Board competition was organized at the Group level and we leverage the use of such Group
opportunities. Team of 12 associates took part in this learning exposed to working on a business problem using the art of
alternative thinking.
9. Details of performance and career development reviews of employees
Category FY 2021-22 FY 2020-21

Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
EMPLOYEES
Male 464 464 100% 422 422 100%
Female 87 87 100% 85 85 100%
Total 551 551 100% 507 507 100%
Career development reviews and performance appraisals are done for all employees annually through the performance
management system (PMS). Quarterly performance check-ins (PCIs) help employees and appraisers review the
performance alignment with the set goals and Key Result Areas (KRAs). 100% employees are covered in the performance
appraisal. Career development or performance management starts with setting of goals (KRAs) and measure of

performance for each employee at the beginning of the financial year in consultation with the appraiser/manager. Once
goals are set and approved by the appraiser, the employee/appraisee monitors the performance against the set goals
& targets and quarterly checks-in the performance in the system with realignment of work/tasks in consultation with the
manager/appraiser. The final appraisal process involves a detailed review with the appraiser/manager on the performance
and career development of the employee, post which the performance ratings are awarded to the employees with
feedback, and subsequent benefits provided to them. Performance and Career development review and appraisal of
employees are aligned with our Performance Management policy.
10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/
No). If yes, the coverage of such a system?
The company has an occupational health and safety management system, and driven through the Environment,
Occupational Heath, & Safety (EOHS) policy which was revised recently to align with the implementation of new
standard Revised ISO i.e., ISO: 45001: 2018. The management commitment towards EOHS is demonstrated through
adoption of new compliance and notifications during the pandemic period along with its voluntary commitments.
Project specific Legal Register is prepared and monitored across all project locations. Being an ISO 45001 certified
organization, the occupational health and safety management system is built and implemented on the mentioned
standard. The system covers all construction (residential) and operations and maintenance (Integrated Cities and
Industrial Clusters) projects within Mahindra Life spaces. The Company implemented various initiatives under the
new normal guidelines with overall health and hygiene being merged with the SOH&E policy. The achievements
were assessed through management reviews from time to time. At every project location, we have a safety-in-charge
from Mahindra Life spaces in addition to contractor specific safety officers. Project specific safety committee is
established, and improvement areas are discussed monthly. Annual events such as Road Safety Week, National
Safety Day/Month, National Cleanliness Day, and Fire Service Week are organized at each project site. As per new
normal, various topics were deployed to train employees on Safety, Health and Environment. Similarly, meetings
and training programs were deployed for suppliers, with special focus on safety and fire safety. The Induction and
training programs were leveraged by sharing small clips to enhance learning. To strengthen the safety practices,
the Company continues to focus on theme-based safety topics including behaviour Based Safety (BBS) Level 2.
Company carried out statutory Safety audits, Fire Safety Audit, Electrical Safety Audit and Risk Assessment as per
updated safety standards.
Fire incidences in the company has been reduced by reducing fire load. The initiatives in this space include
installation of modern equipment and recyclable stores packaging material in critical areas by substituting the
flammable material as appropriate.
Weblink for EOHS policy

EOHS policy
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
basis by the entity?
Our structured OHS management enables us to identify and mitigate risk at a preliminary stage, while deploying
early warning systems to ensure a safe workplace. We have well-defined ‘Hazard Identification Risk Assessment
(HIRA) and control’ standard operating procedure (SOP) for risk identification and mitigation.
Our adept engineers, supported by the workforce, conduct project evaluations to identify operational risks, unsafe
acts, and concerns at the site level. The identified risks are represented through SMARRT (Safe Method and Risk
Reduction Technique) card, which contains safety related information for the anticipated risk at the site. Every
HIRA is prepared by teams who are well qualified and competent for ongoing activities on ground. The HIRA is
updated based on learnings from Good Practices, Incidents & Accidents across projects. Every worker has the
freedom to stop anyone if unsafe act is observed on the site. No case of reprisals has been witnessed till date. This
484
right to refuse or stop unsafe or unhealthy work in communicated through the Safety Induction Program. We have
sell-defined SOPs for reporting, investigating, and analysing incidents. Occupational health and safety induction
training program is conducted in different languages (Commonly English & Hindi) to reach all the workers on-site
across locations/regions and the information is displayed in a language easily understood by all workers. As part of
SMARRT, interproject trainings are also leveraged to utilize the expertise of safety specialists across the projects.
Additionally, we utilise monitoring tools such as Daily Work Management (DWM), for conducting periodic inspections,
and incident analysis to be shared with the head office. The safety culture of the organisation is supported by
trainings and capacity building of our workforce. The trainings are aimed at enabling the workforce to perceive,
report, and act on any unsafe and hazardous working conditions. We carry out customised training programs on
risk mitigation, technical skill improvement as well as statutory requirements on Environment, Health and Safety. The
reporting period saw an average of 1,658 hours of safety training to workers per month at site level, with a total of
2,68,693 hours in training.
We conduct in-depth analysis of any incidents that may occur at our sites, with learnings being communicated
throughout sites using existing mechanisms for sharing information. This is done as an effort to ensuring that similar
incidents do not repeat. The overall outcome of the efforts are zero reportable accidents, drop in first aid cases,
and suitable awareness among operatives at all levels paving the way for good safety culture in the organisation.
In our pursuit to provide a safe and dignified workplace, we also work to build awareness of human rights among
employees. We provide one-hour training on human rights to our employees as part of their induction process. We
conduct preventive health examinations annually, especially for employees in the vulnerable age group. The KRA’s
of our staff were revised to include the implementation of safety measures relevant to their functional areas. This
change facilitated workplace safety among the various teams and supported them to work effortlessly towards
improving the safety culture. Subsequently the project teams showed better involvement, participation, visibility,
and awareness at all levels. With workforce and contractor staff turnover figures topping the charts in construction
industry, the constant efforts to stay connected with the workforce have paid off with enhanced near miss reporting
and reduced FAC and better understanding and changes intended by the organisation. The initiatives involving
training have resulted in emphasis on an inclusive safety culture. We reported 2 fatalities and reportable work-
related injuries, while accumulating 8.5 million hours of safe man hours till date. The work-related injuries have been
calculated based on 1000000 hours worked. The number of near misses in FY 22 (1444) is comparable to last
financial year which showcases the effectiveness of our initiatives and the development of our workforce.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such
risks.
Yes, Mahindra Lifespaces has standard operating procedures (SOPs) for workers/anyone to report work-related
hazards and remove themselves from these risks. We have well-defined ‘Hazard Identification Risk Assessment
(HIRA) and control’ standard operating procedure (SOP) for risk identification and mitigation. Our adept engineers,
supported by the workforce, conduct project evaluations to identify operational risks, unsafe acts, and concerns at
the site level. The identified risks are represented through SMARRT (Safe Method and Risk Reduction Technique)
card, which contains safety related information for the anticipated risk at the site. We conduct in-depth analysis
of any incidents that may occur at our sites, with learnings being communicated throughout sites using existing
mechanisms for sharing information. This is done as an effort to ensure that similar incidents do not repeat. The
SOP defines the process for reporting of every incident type such as Near Miss Reporting, First-aid cases, and the
likes, and all workers & contractors are briefed as part of induction on the process to report the same. Based on the
incident reported, appropriate mitigation measures are planned and implemented to avoid a repeat of the same. The
overall outcome of the efforts are zero reportable accidents, drop in first aid cases, and suitable awareness among
operatives at all levels paving the way for good safety culture in the organisation.
d. Do the employees/workers of the entity have access to non-occupational medical and healthcare services (Yes/No)?
Yes, Mahindra Lifespaces provides wide range of benefits to its full-time employees which includes life insurance,
healthcare, disability and invalidity coverage, pension, provident fund, stock ownership, and sabbatical for higher
education. With the intent to create a balanced work-life culture, our employees can also avail flexible working

hours, remote working, and parental leaves. We also ensure that our senior employees receive support for a smooth
transition to retired life. As part of the superannuation process, we provide them consultation on health and financial
management through our partnering agencies. In some cases, they are also engaged as advisors based on their
expertise and interest. Every project location has presence of paramedical team on-site to treat minor injuries. Also,
we do organize medical camps annually for our workers and other staff members on-site.
11. Details of safety-related incidents, in the following format
Safety Incident/Number Category FY 2021-22 FY 2020-21
Lost Time Injury Frequency Rate (LTIFR) (per one million- Employees 0 0
person hours worked) Workers 0.18 0
Employees 0 0
Total recordable work-related injuries
Workers 0 0
Employees 0 0
No. of fatalities (safety incident)
Workers 2 0
High consequence work-related injury or ill-health (excluding Employees 0 0
fatalities) Workers 0 0
12. Describe the measures taken by the entity to ensure a safe and healthy workplace
Mahindra Lifespaces has been at the forefront of embracing the positive safety culture, a journey we started six years
back. Starting from a reactive organisation, we matured into a proactive one, perceiving risks and rectifying them
systematically. We initiated the journey of creating an inclusive safety culture, wherein all in the system operate with the
realisation that ‘safety is a way of life and our colleague’s actions in safety can be influenced by ours’. 2018 occupational
health and safety management system applies to all our employees and labour force. It enables us to identify and mitigate
risks at a preliminary stage while deploying early warning systems to ensure a safe workplace. Our adept engineers,
supported by the workforce, conduct project evaluations to identify operational risks, unsafe acts, and concerns at the
site level. The identified risks are represented through the SMARRT (Safe Method and Risk Reduction Technique) card,
which contains safety-related information for the anticipated risk at the site. Every worker/employee is inducted on safety
related aspects to be looked into before entering the project site premises or construction work. The safety culture of the
organisation is supported by trainings and capacity building of our workforce. The trainings are aimed at enabling the
workforce to perceive, report, and act on any unsafe and hazardous working conditions. We carry out customised training
programs on risk mitigation, technical skill improvement as well as statutory requirements on Environment, Health and
Safety through daily toolbox talks and training programs.
Our worker welfare programs include initiatives such as ‘Beat the Heat’ – a campaign during summer season to mitigate
the impact of extreme heat across all our projects and provide the suitable working conditions at workplace. This includes
maximizing the work inside the building premises during peak heat hours, awareness sessions on ways to tackle heat
stress to all workmen. Another initiative during the monsoons is the ‘Monsoon preparedness and action plan’ across all
projects to ensure that all the precautions during monsoon like availability of equipment such as dewatering pumps,
material enclosures to avoid wastage, proper drainage and water channels check, etc. and monsoon action team is
deployed at respective projects. During the Covid pandemic, the fear of the unknown was enough to drive the workforce
away from project sites to the security of their hometowns. During the daunting lockdown, our focused and efforts were
channelized towards safeguarding our greatest asset, our manpower. Corporate OHS team’s proactiveness in alerting
all the stakeholders on the impacts and measures to be undertaken proved effective in reducing the impact across
locations. Guidelines and escalation matrix were prepared and daily monitored, daily meetings, trainings with all the
relevant stakeholders were carried out. Medical treatment and allied facilities were made available to all the stakeholders
– workers, employees, management, and other stakeholders. Vaccination was made available to all the workforce and
internal employees too to ensure safety of all the stakeholders.
486
13. Number of complaints on the following made by employees:
FY 2021-22 FY 2020-21
Filed Pending Filed Pending
during resolution at Remarks during resolution at Remarks
the year the end of year the year the end of year
Working conditions 0 0 - 0 0 -
Health and safety 0 0 - 0 0 -
Mahindra Lifespaces has a culture of open conversations throughout locations and hierarchy. We encourage a culture of
continuous conversation. Consumer complaints and suggestions on working conditions are tracked through the quarterly
pulse surveys, performance check-ins, and changes if any are implemented as required. Provision of these channels,
mechanisms, and communication medium has helped in ensuring 0 complaints from all stakeholders. Proactiveness in
understanding the employee concerns through regular conversations has helped in implementing number of solutions
such as maintaining healthy lifestyle post covid through provision of region-specific healthy food, health regime programs
such as cult, to name a few.
14. Assessments for the year
% of your offices that were assessed

(by entity or statutory authorities or third parties)
100% (Mahindra Group Central Safety team) and
Health and safety practices
50% (KPMG Annual Sustainability Assurance)
Working Conditions 100% (Mahindra Group Central Safety team)
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health and safety practices and working conditions.
Our internal or external assessments by third-party on different parameters helps us streamline our processes wherever
applicable. Our annual assurances on sustainability aspects (including safety) helps us streamline the data monitoring,
recording process, and make the required changes in our SOP and policy.
In FY 22, working conditions at 100% of our project locations was assessed by Mahindra Group Central safety team
to understand the processes in place to help us maintain and improve the working environment for our workforce. The
resulting observations from the assessment led to many corrective actions or implementation of new initiatives. One of the
initiatives was introduction of DWM (Daily Work Management). DWM is a tool to ensure focused inspection covering the
safety and working condition within the project that is monitored, findings captured in the standard observation format,
and status of compliance is reviewed in monthly safety meeting with all projects. DWM also helps us in discovery of new
initiatives and learnings which is added to the standard process and followed across projects. Horizontal deployment
of learnings is shared with all projects. Another corrective action incorporated across projects was mandatory usage of
‘rope grab fall arresters’ to ensure fall protection for critical works in shafts, Rope Suspended platforms (RSPs), external
works etc. Also, safety catch nets are provided for external works (window fixing, plumbing works, etc.), as a measure for
fall protections. These are some of critical corrective measures undertaken post the assessment conducted in FY 22.
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees
(Y/N) (B) Workers (Y/N).?
Yes, Life insurance is extended to 100% of our employees, and compensatory package is extended in the event of death
of employees. We extended assistance over and above the usual in terms of compensation in the event of death of one
of our employees in FY 22 due to Covid pandemic.

2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited
by the value chain partners.
We have third-party consultants to ensure compliance to all the requirements. Compliances like ESI and PF for workers
are deposited by the value chain partners on state government portal online and a document is generated out of the
same. These compliances are assured and validated by the appointed third-party consultants.
3. Provide the number of employees having suffered high consequence work-related injury / ill-health / fatalities (as
reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or
whose family members have been placed in suitable employment:
Total no. of affected No. of employees that are rehabilitated and

employees placed in suitable employment or whose
family members have been placed in suitable
employment
FY 2021-22 FY 2020-21 FY 2021-22 FY 2020-21
Employees 0 0 0 0
Workers 2 0 0 0
One of our employees lost his life due to covid (non-work related) in FY 22, and compensatory package over and above
the applicability was provided to the immediate family members.
4. Does the entity provide transition assistance programmes to facilitate continued employability and the management
of career endings resulting from retirement or termination of employment? (Yes/No)
The entity provides number of skill upgradation trainings throughout the year on diverse areas across different
management/employee levels. Currently, there are no transition assistance programs to facilitate continued employability
from retirement or termination of employment, but the skill upgradation trainings do help in smooth transition to new roles
and organizations.
5. Details on assessment of value chain partners
% of value chain partners (by value of business done with such partners) that
were assessed
Health and safety practices 100% contract workers - through sustainability scorecard and safety scorecard
Working conditions 100% workers (100% projects)
6. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from
assessments of health and safety practices and working conditions of value chain partners.
Assessment of Health, Safety, and working conditions of our value chain partners in FY 22 resulted in number of
improvement and creative opportunities to implement unique initiatives across projects. Some of the corrective actions
along with initiatives are as mentioned below,
1. Combing operations – Initiated across all projects wherein MLDL personnel or representative inspects the
respective project to initiate the findings and corrective action on the same
2. DWM (Daily Work Management) - A tool introduced to ensure focused inspection covering all safety, health and
working condition aspects that is monitored, findings are captured in the standard observation format, and the status
of compliance is reviewed in monthly safety meeting across all projects
3. Work Permit revision - Revised existing work permit systems to improve its effectiveness
4. Project OHS Evaluation parameters were revised to improve the effectiveness of the outcome and impact
5. BOCW forms are introduced in confirmation with legal compliances
6. Monthly OHS Performance report is evaluated, and actions are taken against improvement areas
488
PRINCIPLE 4 Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
We embrace a people-centric and stakeholder inclusive approach to creating value. This means that stakeholder
engagement is integrated into every step of our value creation process. We are committed to understanding each
stakeholder’s concerns and then applying all relevant inputs to our decision-making to ensure value creation. We identify
our stakeholders based on three key dimensions – importance and influence, physical proximity, and dependency factor.
Identified stakeholder groups are then prioritised based on their ability to influence and be influenced by Mahindra
Lifespaces.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder
group.
Frequency of
Whether Channels of communication
engagement Purpose and scope
identified as (Email, SMS, Newspaper,
Key (Annually/Half of engagement including key topics
Vulnerable & Pamphlets, Advertisement,
Stakeholders Yearly/ Quarterly/ and concerns raised during such
Marginalised Community Meetings, Notice
Others – please engagement
Group (Yes/No) Board, Website), Others
specify)
• Product quality and safety
• Adequate information on products
• Green building certifications
• menities related to ventilation,
A
Quarterly (and natural lighting, space for work-
• ewsletter & Brochures,
N
Customers No as per product from-home, use of IoT and other
Meetings
launches) technologies
• Timely delivery
• aintenance of privacy/
M
confidentiality
• Fair and competitive pricing
Nurturing work environment and culture

• sk me Anything – Meeting
A • Career growth prospects
with MD and CEO, • Personal development
• Town halls with leadership • Diversity and equal opportunity
Employees No Monthly
• utbound strategy
O • Health and well-being
meetings • Transition to work-from-home
• Confluence • Job security
o Fair and competitive pricing
• Daily Toolbox Talks (TBT)

• Mass TBTs Health and Well-being
Workers Yes • Rewards and Recognition Daily Safety practices
• ustainability and Safety
S Health Check-ups
Calendar Day celebration

Frequency of
Whether Channels of communication
engagement Purpose and scope
identified as (Email, SMS, Newspaper,
Key (Annually/Half of engagement including key topics
Vulnerable & Pamphlets, Advertisement,
Stakeholders Yearly/ Quarterly/ and concerns raised during such
Marginalised Community Meetings, Notice
Others – please engagement
Group (Yes/No) Board, Website), Others
specify)
Inclusion of local suppliers/ contractors
Suppliers/ • nnual Supplier and
A Annual • Timely payment
No
Contractors contractor meeting Monthly • Regular capacity building
• Health and safety of workforce
• Sustainable growth of business
• imely receipts of financial
T
disclosures
Investors/ • imely receipts of dividends and

T
No • Conference and meetings Quarterly shares
Shareholders
• ound corporate governance
S
mechanisms
• usiness resilience and green
B
recovery
• Assess local communities’ needs
• Strengthen livelihood opportunities
• SR initiatives at all
C
Yes Quarterly • ccess to affordable and quality
A
Community locations
healthcare, especially during
COVID-19 pandemic
• roject design and
P
• apacity building on requirements
C
Consultants No execution at frequent As per need
of green building certifications
Intervals
Partners/ • eetings and conferences
M As per agreed
No • Advocacy and collaboration
Think Tank held at frequent Interval schedule
• Statutory compliance
• onferences organized
C • Transparency in disclosures
by CII, FICCI, and other
bodies. Quarterly • Tax revenues
Governments No
(as required) • ound corporate governance
S
• olicy advocacy initiatives
P
with TERI and WRI mechanisms
• Environmental impacts of business
• ress conference, round
P
tables, road shows, Monthly • ransparent and accurate
T
Media No
• ress releases throughout
p (and as required) disclosures
the year
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
Stakeholder consultation process is indicated in the table above. Feedback, concerns, solutions, initiatives around ESG or
activities implemented to resolve any stakeholder concerns or problems is communicated to the Board through quarterly
Board Notes, and monthly updates are given to senior leadership. The Risk Committee is updated with ESG risks identified
over each quarter across project locations. Feedback, opinions, and suggestions from employees gathered annually
through M-CARES survey and quarterly through pulse surveys is communicated to the Board accordingly. Customers are
490
communicated on the E & S aspects of the product through Resident Assist, a user manual describing the environmental
and social attributes of the product and ways to utilize these features within the product, Capacity building workshops on
sustainability aspects such as energy management, waste management, etc. Customer engagement also involves CSR
workshops such as Green Army Family. And feedback from these workshops and sessions is communicated to the Board
through the quarterly Board notes and risk identified through customer complaints is monitored and mitigated through
proper customer query resolution, and the same is communicated to the Board and senior leadership through monthly
and quarterly updates.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and
social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on
these topics were incorporated into policies and activities of the entity.
Yes, stakeholder consultations help provide support in identification and management of environmental and social
aspects. In FY 22, Mahindra Lifespaces in collaboration with WRI, AEEE, and EcoCollab formulated the business charter
for decarbonization of the building and construction sector value chain. The signatories to the charter committed on priority
actions aligned with Net Zero – Design Net Zero buildings, Adopt science based Net Zero targets, Improve operational
efficiency of Net Zero buildings, mainstream low-carbon materials for net zero buildings, develop and mainstream
climate-aligned building codes and standards, enable monitoring and tracking performance of net-zero building.
These consultations further enhanced our efforts to integrate sustainability in the value chain. Our Green Supply Chain
Management (GSCM) policy, commitment to SBT, Carbon Neutrality and developing Net Zero buildings further aligns with
the commitments as defined in the business charter. Another example of stakeholder consultation resulted in culmination
of ‘Mahindra TERI Centre of Excellence’ a CSR project aimed towards building energy efficient solutions tailored for
Indian climates, and the research findings from the project are available in the public domain for all the stakeholders.
Collaboration with Indo Swiss Building Energy Efficiency Project (BEEP), aimed towards mainstreaming energy-efficient
& thermally comfortable building design for residential and commercial buildings, has helped in strengthening our design
specifications - Climate Responsive Design (CRD) and energy Demand Reduction and ensured Eco-Niwas Samhita
(ENS) compliant projects. Regular consultation with contractors and suppliers helped us understand the need to support
each other in integrating ESG aspects across the value chain. This culminated in creation of Code of Conduct for our
Suppliers and Contractors. So, stakeholder consultation has helped Mahindra Lifespaces in integrating sustainability
(build strong ESG base) across the value chain.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalised stakeholder groups.
Construction activities does produce various environmental and social impacts. Being a 100% green certified company,
Mahindra Lifespaces has processes in place in the form of Standard Operating Procedures (SOPs) to mitigate or
resolve such impacts. The aspect impact register for every project lists the activity specific environmental and social
hazards with corresponding control/mitigation measures that is aligned with the compliance measures as indicated in
the environmental clearance conditions for each project. Sustainable construction practices help keep the stakeholder
concerns to a minimal. There have been instances of concerns from vulnerable/marginalized groups at project locations,
and our continuous engagement and support has helped resolve them without any adverse impact. For Example,
extreme weather events such as flooding due to heavy rainfall or extreme hight temperatures poses health risk to our
workers on-site. Provision of support in the form of worker welfare programs such as health drinks during extreme high
temperatures, working indoors, helped reduce the social impact. Another instance was of stormwater from neighbouring
villages flooding the customer locations in one of our projects in Gurugram. Engagement with villagers and customers
helped devise a solution to channelize the water appropriately without impacting any stakeholder. Construction noise due
to heavy equipment impacted our customers (in handed over buildings) posed a challenge due to work stoppage and
was resolved through value engineering such as use of insulation and padding to avoid customer discomfort and work
stoppages.
All these instances or activities resulting in stakeholder concerns helped us develop the sustainable construction
practices that helps mitigate the environmental and social impact across projects.

PRINCIPLE 5 Businesses should respect and promote human rights
1. Employees and workers who have been provided training on human rights issues and policy(ies)
FY 2021-22 FY 2020-21
No. of No. of
Category employees/ employees/
Total (A) % (B / A) Total (C) % (D / C)
workers workers
covered (B) covered (D)
EMPLOYEES
Permanent 480 480 100% 409 409 100%
Other than Permanent 71 71 100% 98 98 100%
Total Employees 551 551 100% 507 507 100%
WORKERS
Permanent 0 0 0 0 0 0
Other than Permanent 2636 2636 100% 2556 2556 100%
Total Workers 2636 2636 100% 2556 2556 100%
2. Details of minimum wages paid to employees
FY 2021-22 FY 2020-21
Equal to More than Equal to More than
Category Minimum Wage Minimum Wage Minimum Wage Minimum Wage
Total Total
% % % %
(A) No. (B) No. (C) (D) No. (E) No. (F)
(B/A) (C/A) (E/D) (F/D)
EMPLOYEES
Permanent 480 0 0 480 100% 469 0 0 469 100%
Male 400 0 0 400 100% 388 0 0 388 100%
Female 80 0 0 80 100% 81 0 0 81 100%
Workers
Non-Permanent 2636 - - - - 2556 - - - -
Male 2636 - - - - 2556 - - - -
Female 0 - - - - 0 - - - -
All the skilled workers including painter, electrician, masonry, carpentry, etc. across our projects are paid more then
the minimum wages, while unskilled workers are paid minimum wages thus ensuring minimum wage payment to all our
workers.
492
3. Details of remuneration/salary
Male Female
Median remuneration/ Median remuneration/
Number salary/wages of Number salary/wages of respective
respective category in ` category in `
Board of Directors (BoD)
1 9,14,67,675 0 0
(Whole-time directors)
Key Managerial Personnel*
2 92,40,743 0 0
(other than BoD)
Employees other than BoD
549 9,43,437 111 8,38,275
and KMP
*: KMP involves Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Company Secretary (CS), but as CEO is covered under BoD, KMP here
includes only CFO and CS.
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)
Yes, we have an internal complaints committee at all regions of offices and sites of the company to address human
rights related issues such as prevention of sexual harassment (POSH). The Company management may initiate strict
disciplinary action against any employee found guilty of any kind of harassment. The MD & CEO along with the Chief
People Officer is responsible for the formation of the Committee and ensuring that all the complaints are addressed by
the Committee. For any other incidents of human right violations, one can inform the Chief Ethics Officer.
Weblink for Internal Complaints Committee

Internal Complaints Committee
Weblink for Code of Conduct

Code of Conduct for Senior Management and Employees
5. Describe the internal mechanisms in place to redress grievances related to human rights issues
Apart from the internal complaints committee to address sexual harassment cases, and chief ethics officer to resolve code
of conduct violations, Mahindra Lifespaces also has a third-party enabled grievance reception & redressal mechanism
‘Ethic Helpline’ for all employees and workers for all types of issues or violations.
For complete details on Ethics Helpline, please refer ‘Essential Indicators - Q6 under ‘PRINCIPLE 3 - Businesses
should respect and promote the well-being of all employees, including those in their value chains’
6. Number of Complaints on the following made by employees and workers
FY 2021-22 FY 2020-21
Filed Pending Filed Pending
during resolution during resolution
Remarks Remarks
the at the end of the at the end of
year the year year the year
Sexual Harassment 0 0 - 0 0 -
Discrimination at workplace 0 0 - 0 0 -
Child labour 0 0 - 0 0 -
Forced labour / Involuntary labour 0 0 - 0 0 -
Wages 0 0 - 0 0 -
Other human rights related issues 0 0 - 0 0 -

7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases
Company Approach to Sexual Harassment Issues
Mahindra Lifespaces Developers Limited believes in providing a safe, nonhostile and harassment free work environment
at all its workplaces. It follows a zero-tolerance approach towards sexual harassment at workplace. Sexual harassment
includes any direct or implied unwelcome physical, verbal, or non-verbal conduct of sexual nature. We have a gender-
neutral policy on prevention of sexual harassment and applies to everyone irrespective of their sexual orientation or
preferences.
Mahindra Lifespaces treats all incidents of sexual harassment and discrimination seriously. All incidents of sexual
harassment and discrimination are strictly prohibited, and any complaint or report on the same is investigated and if
proved, is treated as serious misconduct and breach of the Company’s Code of Conduct and appropriate action is
initiated against the offending person. Incidents of discrimination and harassment are handled by an ‘Internal Complaints
Committee (ICC)’ at all regions comprising of offices and sites of the company. The MD & CEO along with the Chief
People Officer is responsible for the formation of the Committee and ensuring that all the complaints are addressed by
the Committee.
Any complaints or incidents reported under the POSH policy is treated with all possible care, sensitivity and discretion in
protecting the sensibilities of the affected person and no information is divulged publicly or to any third party which can
enable identification of the identity of the affected person. The company provides protection to the complainant, if the
situation requires and if the victim/complainant feels threatened in any manner. During the pendency of an inquiry, the
complainant may submit a written request to the Committee for interim reliefs which will be considered and decided by
the ICC on a case-to-case basis.
The company has initiated a third-party enabled grievance redressal mechanism - Ethics Helpline
(https://ethics.mahindra.com), totally secure and confidential platform to report issues related to Code of Conduct
violations, or any unethical behaviour or violations.
Weblink for Prevention of Sexual Harassment (POSH) policy

Prevention of Sexual Harassment (POSH) policy
Weblink for Internal Complaints Committee

Internal Complaints Committee
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes, Human rights requirements, part of Code of Conduct forms an integral part of our business agreements and contracts.
Mahindra Lifespaces Developers Limited expects its suppliers/contractors to support and respect the protection of
internationally proclaimed human rights, and to ensure that they are not complicit in human rights abuses. Our suppliers/
contractors are required to create and maintain an environment that treats all employees/workers with dignity and respect
and not use any threats of violence, sexual exploitation or abuse, verbal or psychological harassment or abuse. No harsh
or inhumane treatment or coercion or corporal punishment of any kind is tolerated, not should there to be the threat of any
such treatment.
The Code of Conduct not only lays down the conditions to be adhered to by our value chain partners, but also provides
an opportunity to them to raise their level on aspects of Environment, Business Ethics and Worker conditions. Mahindra
Lifespaces also supports its value chain partners in integrating ESG in their business operations through conducting
capacity building trainings and workshop sessions on ESG aspects, thereby creating a sustainable value chain.
Weblink for Code of Conduct for Suppliers and Contractors

Supplier & Contractor Code of Code
494
9. Assessments for the year
% of offices that were assessed (by entity or statutory authorities or third parties)
Child labour 100%
Forced/involuntary labour 100%
Sexual harassment 100%
Discrimination at workplace 100%
Wages 100%
Others – please specify -
Our Investors assess the ESG aspects of our projects (based on the investments) quarterly and yearly. In FY 22, we
had third-party assessors employed by our investors to assess the ESG aspects, risk, and mitigation measures for the
respective projects. Also, Mahindra Lifespaces was reviewed on ESG parameters as part of an internal audit by third-
party. ESG aspects related to policies and procedures were reviewed as part of the internal audit. ESG parameters
include working conditions, business ethics, environmental risk assessment and mitigation measures, and policies
related to POSH, Sustainability, CSR, and Whistle blower policy. Our investors at MWC Chennai and Luminare conducted
detailed ESG assessment covering the above tabulated parameters and other aspects.
10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
the assessments at Question 9 above.
Low to medium risk observations were raised as part of the ESG internal audit. Most of these observations were related to
inclusion of ESG clauses and code of conduct in contractual agreements which covered partial aspects on ESG. Ethics
helpline was already in discussion stages before the ESG review, but it was raised as an observation too, so launch of
Ethics helpline to address concerns on code of conduct or ethical violations was another corrective action resulting from
the ESG assessment.
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.
Apart from the internal complaints committee to address sexual harassment cases, and chief ethics officer to resolve
code of conduct violations, Mahindra Lifespaces introduced an independent and third-party enabled grievance reception
& redressal mechanism – ‘Ethics helpline’ for all employees and workers to address all types of issues or violations. For
complete details on Ethics Helpline, please refer ‘Essential Indicators - Q6 under ‘PRINCIPLE 3 - Businesses should
respect and promote the well-being of all employees, including those in their value chains’
2. Details of the scope and coverage of any human rights due diligence conducted.
MLDL covers all the human rights aspects which include the right to life and liberty, freedom from slavery, freedom of
opinion and expression, the right to work and education, equal opportunity and prevention of sexual harassment.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of
Persons with Disabilities Act, 2016?
Yes, Our Head Office in Worli is accessible to differently abled employees as per the requirements of the Rights of
Persons with Disabilities Act, 2016, and IGBC Platinum certified. So, it complies with all the requirements and beyond as
required in IGBC certification. With a 100% green certified portfolio, Mahindra Lifespaces adheres to all the accessibility
requirements for differently abled people in all its products (residential homes & integrated cities and industrial clusters).

4. Details on assessment of value chain partners
% of value chain partners (by value of business done with such partners) that
were assessed
Sexual harassment 100% contractors, third party consultants, workers
Discrimination at workplace -
Child labour 100% contractors
Forced labour/Involuntary labour 100% contractors
Wages 100% contractors
Others – please specify -
Mahindra Lifespaces conducts assessment of its value chain partners before partnering with them. All its suppliers
are expected to complete a self-assessment on environmental (includes mechanism to mitigate Emissions, presence
of environmental policy, ISO 14001 certification, treatment of water, and the likes), social (includes non-discrimination
in terms of opportunity, employment, wages, treatment, etc. for its employees) and governance aspects (includes
assessment on prevalence of corruption and bribery, ethical business conduct, etc.). In FY 22, ~50% of all our suppliers
completed the self-assessment on ESG parameters. Next step involves physical audits of the supplier premises to verify
the claimed points in the self-assessment and support them in enhancing their ESG profile thereby building a sustainable
value chain.
5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
the assessments at Question 4 above.
In FY 22, ~50% of all our suppliers completed the self-assessment on ESG parameters. Next step involves physical audits
of the supplier premises to verify the claimed points in the self-assessment and support them in enhancing their ESG
profile thereby building a sustainable value chain. Code of Conduct is now part of the general contractual conditions for
all suppliers and contractors and need to be adhered for a long-term relationship with Mahindra Lifespaces. The code
of conduct also provides an opportunity to our value chain partners to improve on the areas on environment, labour and
business ethics with support and complete assistance from Mahindra Lifespaces aided through capacity building and
training sessions.
496
PRINCIPLE 6 Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity
FY 2021-22 FY 2020-21
Parameter Unit
Residential IC&IC Residential IC&IC
Total electricity consumption (A) GJ 2937.95 10222.84 1938.3 9955.36
Total fuel consumption (B) GJ 841.46 1236.1 1282.55 1280.11
Energy consumption through other sources (C) GJ - - - -
Total energy consumption** (A+B+C) GJ 3779.41 11458.94 3220.85 11235.47
Energy intensity per rupee of turnover*(Total
GJ/Lakh of turnover* 0.04 0.39 0.05 0.97
energy consumption/ turnover in lakh)
Energy intensity per area developed or •
Residential – GJ/sq.
maintained (Total energy consumption/ area ft. and 0.0010 3.62 0.00074 3.55
developed/maintained in sq.ft. /acre) • IC & IC – GJ/acre
Note: Indicate if any independent assessment/
Yes, Independent assessment and assurance of our GHG and other inventory
evaluation/assurance has been carried out by
is done by an external agency - KPMG India as per International Standard on
an external agency? (Y/N) If yes, name of the
Assurance Engagement (ISAE) 3000.
external agency.
*: The company operates in real estate business and is governed by IND AS 115 for recording the revenue as per completion contract method. However,
for calculation of intensity numbers, actual sales done during the respective reporting period and as per business segment have been utilized.
**: Total energy consumption includes energy consumption within the organization from renewable and non-renewable sources
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the
PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
Though PAT is still not applicable to us, we ensure that legislations related to energy efficiency should be applicable
across sectors to leverage on the possibility of energy saving at the national level. We undertake activities and implement
initiatives to increase the energy efficiency, as aligned with our sustainability commitments on Carbon Neutrality and
Science Based Targets.
3. Provide details of the following disclosures related to water
Parameter* Unit FY 2021-22 FY 2020-21

Water withdrawal by source (Kl) Residential IC & IC Residential IC&IC
(i) Surface water Kilolitres 0 0 0 0
(ii) Groundwater Kilolitres 89048.85 910520.00 49734.60 907304.00
(iii) Third party water Kilolitres 115965.10 503197.38 80835.39 499183.74
(iv) Seawater / desalinated water Kilolitres - - - -
(v) Others Kilolitres 0.00 818592.00 0.00 818112.00
Total volume of water withdrawal
Kilolitres 205013.95 2232309.38 130569.99 2224599.74
(in kilolitres) (i + ii + iii + iv + v)
Total volume of water
consumption Kilolitres 205013.95 659003.38 130569.99 735721.74
(in kilolitres)
Water intensity per rupee of
kilolitres /lakh of
turnover* (Water consumed / 1.99 22.15 1.88 63.42
turnover*
turnover)

Parameter* Unit FY 2021-22 FY 2020-21

Water withdrawal by source (Kl) Residential IC & IC Residential IC&IC
Water intensity per area • esidential –
R
developed or maintained kilolitres/sq. ft. and
(Total water consumption/ area • IC & IC – kilolitres/ 0.05 208.06 0.03 232.29
developed /maintained in sq.ft. / acre
acre)
Note: Indicate if any independent
assessment/ evaluation/assurance Yes, Independent assessment and assurance of our GHG and other inventory
has been carried out by an is done by an external agency - KPMG India as per International Standard on
external agency? (Y/N) If yes, Assurance Engagement (ISAE) 3000.
name of the external agency.
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
Mahindra Lifespaces has committed to Net Zero developments by 2030, which includes Net Zero Water and ensure
water secure developments by 2030. Aligned with its Net Zero Water strategy, demand for freshwater is reduced through
provision of low flow fixtures, an onsite Sewage treatment plant treats sewage water to be reused in flushing and gardening,
and a rainwater harvesting system to store and reuse or recharging the groundwater levels through recharge pits (as per
feasibility), thereby making our projects Zero Liquid Discharge (ZLD) sites. We also provide smart water meters in certain
projects as a behavioural intervention to further reduce the dependency on freshwater. In our IC&IC business, wastewater
from industrial customers and self-use is treated at onsite STP, as mandated by the Central Pollution Control Board and
reused for flushing and gardening within the site.
5. Please provide details of air emissions (other than GHG emissions) by the entity.
Please specify
Parameter FY 2021-22 FY 2020-21
Unit
NOx and Hydrocarbons Tonnes 2.36 3.66
Sox - - -
Particulate Matter (PM) Tonnes 0.13 0.21
Persistent Organic pollutants (POP) - - -
Volatile organic compounds (VOC) - - -
Hazardous air pollutants (HAP) - - -
Others – please
Tonnes 1.98 2.97
Specify(Carbon mono oxide)
Note: Indicate if any independent assessment/ Yes, independent assessment of air emissions
evaluation/assurance has been carried out by is done by third-party certified agency as per
an external agency? (Y/N) If yes, name of the the state and central pollution control board
external agency. norms and regulatory requirements.
498
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity
FY 2021-22 FY 2020-21
Parameter* Unit
Metric tonnes of CO2

Total Scope 1 emissions 62.72 239.88 95.6 245.03
equivalent
Total Scope 2 emissions 644.72 2074.66 441.5 2255.63
equivalent
Total Scope 1 and Scope
2 emission intensity*
tCO2e/lakh of turnover* 0.0069 0.0778 0.0077 0.2156
(emissions per lakh of
turnover)
Total Scope 1 and Scope 2
emission intensity (per are
developed or maintained – • Residential - tCO2e/
tCo2e/sq. ft. for residential sq. ft. 0.00019 0.73 0.00012 0.79
and tCO2e/acre for IC & IC) • IC & IC - tCO2e/acre
– the relevant metric may be
selected by the entity
Note: Indicate if any
independent assessment/ Yes, Independent assessment and assurance of our GHG
evaluation/assurance has and other inventory is by an external agency - KPMG India
been carried out by an as per International Standard on Assurance Engagement
external agency? (Y/N) If yes, (ISAE) 3000.
name of the external agency.
7. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
At Mahindra Lifespaces, we have acknowledged and integrated the climate-related risks into our Enterprise Risk
Management Framework (ERM), and continuously monitor, and mitigate the related impacts through various initiatives,
implement the actions outlined in our carbon action plan, develop frameworks for ESG integration into value chain, and
develop and utilize the sustainability roadmap to monitor the efforts in reducing the environmental impact and achieving
the carbon neutrality and other sustainability commitments. We have committed to Carbon Neutrality by 2040 and have
approved Science based targets (SBT) as an enabler to achieve carbon neutrality along with carbon offsets. We have
a detailed carbon neutrality or emission reduction action plan approved by our MD&CEO, and a 5-year sustainability
roadmap 2025 for both residential and IC&IC business to track and monitor the progress against the set targets aligned
with the SBT and carbon neutrality commitments.
In FY 22, we have committed to build Net Zero developments by 2030 with a 3-pronged approach of demand reduction
through climate responsive design, use of efficiency measures, and integration of renewable energy which helps reduce
our Scope 3 GHG emissions. Demand Reduction through Climate Responsive Design includes provision of passive
design strategies such as appropriate use of walling, roofing materials, effective wall-window ratio, effective shading to
reduce solar heat gain, and use of low embodied carbon materials to reduce the GHG emissions. The demand is further
reduced through use of energy efficient equipments such as star rated ACs, lighting, efficient water pumps, etc. and
lastly use Renewable Energy such as onsite solar or wind energy or offsite renewable energy powered from Grid. Our
Net Zero and Nature Positive development journey has been initiated with development of India’s first Net Zero Energy
Residential project – Mahindra Eden, Bengaluru. The project once developed would use 100% renewable energy through
solar and wind energy generated onsite, and through offsite energy from grid powered using renewable sources. These
are the projects or measures to reduce our major components of Scope 3 emissions for residential projects. Energy
sensitization through behavioural interventions, use of efficient lighting, fans, ACs, and use of RE generated onsite or off-
site from grid are few of the projects for reduction of scope 1 and 2 emissions.

Similar strategies are deployed for scope 1 & 2 emission reduction in IC & IC business along with installation of huge
amounts of solar within the sites. Our Integrated City - MWC Chennai consumed renewable energy constituting 33% of
the total energy requirement from electricity powered by renewable energy from grid in FY 22. MWC Chennai is India’s
largest integrated city to be Zero Waste to Landfill (ZWL) certified. 100% of the food waste is treated in a Bio-CNG plant,
and the resultant biogas is used to operate 2 shuttle buses and tractors. Garden waste is composted through windrow
composting within the site, and all recyclables are treated by authorized vendors thereby diverting the waste away from
landfill. At MWC Jaipur, we have onsite rooftop solar of 210 kWp installed on our leased asset – eVolve building and
additional installation is currently in progress and to be completed in FY 23. Additionally, MWC Jaipur is a participant of
C40 Climate Positive Development Program (C40 CPDP) and World’s largest project to be Stage -2 C40 CPDP certified. As
part of the C40 CPDP, MWC Jaipur aims to achieve Climate Positive outcome by reducing emissions on-site and offset the
emissions in the neighbouring communities too. The strategy for GHG emission reduction as part of C40 CPDP includes
reducing operations emissions from energy, waste, and transportation. Under energy, the emission reduction is achieved
through process improvements, use of smart LED streetlight, sensor-based lighting, timer controlled streetlighting, use
of star rated ACs, and use of Solar PV. Under waste, 100% of the organic waste comprising of food and garden waste
is composted on-site thereby diverting 73% of the total waste away from landfill at MWC Jaipur, and we are working on
partnering with authorized vendors for treatment of recyclables which would help divert 100% of the waste away from
landfill. Under transportation, our strategy for emission reduction involves shifting from private modes of transportation to
efficient modes. These are the measures deployed for reducing onsite GHG emissions. Our off-site emission reduction or
credit mechanism includes installation of 61.9 MWp of solar by our partner MEPC thereby abating 181546 tCO2e, LED
distribution in neighbouring community thereby offsetting 163.2 tCO2e, and tree plantation measures.
These are few of our projects on GHG emissions reduction implemented and aligned with our carbon neutrality action
plan, and C40 CPDP roadmap.
8. Provide details related to waste management by the entity, in the following format:
FY 2021-22 FY 2020-21
Parameter
Residential IC & IC Residential IC & IC
Total Waste generated (in metric tonnes)
Plastic waste (A) 0.3255 109.7939 0.365 406.8232
E-waste (B) 0.5765 0 0.078 0
Bio-medical waste (C) - - - -
Construction and demolition waste (D) 142288.76 - 19856.37 -
Battery waste (E) - - - -
Radioactive waste (F) - - - -
Other Hazardous waste. Please specify, if any. (G) 0 5.8727 537.29 -
Other Non-hazardous waste generated (H). Please
specify, if any. (Break-up by composition i.e. by materials 120.73 1886.65 25.15 1507.13
relevant to the sector)
Metal 30.18 0 9.05 3.06
Bio-degradable 55.14 1818.9 13.86 1471.71
Cardboard 12.73 0 2.15 0
Glass 0 0.856 0 2.21
Paper 22.69 51.22 0.09 19.13
Coconut Shells 0 10.79 0 9.38
Textiles 0 4.62 0 1.61
Thermocol 0 0.27 0 0.04
Total (A+B + C + D + E + F + G + H) 142410.4 2002.32 20419.26 1913.95
500
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
(i) Recycled 43.85 1939.32 32.93 1532.94
(ii) Re-used 140911.01 0 19319.02 0
(iii) Other recovery operations
Total 140954.86 1939.32 19351.95 1532.94
For each category of waste generated, total waste disposed by nature of disposal method (in
metric tonnes)
Category of waste
(i) Incineration 0 0 0 0
(ii) Landfilling 1455.53 62.99 1067.30 381.01
(iii) Other disposal operations
Total 1455.53 62.99 1067.30 381.01
Note: Indicate if any independent assessment/ evaluation/ Yes, Independent assessment and assurance of our
assurance has been carried out by an external agency? GHG and other inventory is done by an external agency -
(Y/N) If yes, name of the external agency. KPMG India as per International Standard on Assurance
Engagement (ISAE) 3000.
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted
by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the
practices adopted to manage such wastes.
Construction industry contains many elements which yield high carbon footprint such as cement and aggregates
production and transportation. Cement production contributes to 7% of the world’s total CO2 emission. India is the
second largest producer of cement with nearly 2,350 million MMT4. Thus, sustainability in the industry is inevitable to
reduce carbon footprint and conserve natural resources.
We are conscious of the need to use alternative materials for construction that curtail the use of virgin materials in order
to reduce environmental footprint in terms of energy consumption, pollution and waste disposal. To minimize the impact
of these materials, we have incorporated principles of circularity in our operations and aligned our material procurement
strategy with Green Supply Chain Management (https://mldlprodstorage.blob.core.windows.net/live/2022/02/Green-
Supply-Chain-Management-Policy.pdf).
We, at Mahindra Lifespaces, employ innovative techniques to manage waste generated during three stages of a project
namely - design, construction, and occupancy. We minimize waste production by reusing, recycling, and safe disposal
at designated sites. Being a 100% green certified portfolio with IGBC rating of Gold & Above, we prepare a detailed plan
right from the design stage to accommodate for waste management during construction and use phase of our residential
products. Detailed plans are executed on ground by the projects. Our products are provisioned with 100% composting
of organic waste on-site and treatment of recyclables and other waste through partnership with authorized vendors. Each
of the projects is designed to include a resource recovery centre (RRC) for secondary waste segregation to derive value
out of waste. During the construction stages, most of the construction and demolition waste such as waste blocks, tiles,
etc. are reused within the project for roof tiling, kitchen block work, etc. which increases diversion away from landfill and
saves cost too. Scrap material such as steel, iron, aluminium, etc. is sold to authorized handlers to generate recyclable
materials. Our primary objective has been to avoid wastage and reuse materials through innovative interventions.
In our Integrated Cities and Industrial Clusters, we have onsite composting and other organic waste treatment mechanisms
such as use of food waste in biogas plant at Mahindra World City Chennai, Multi-layered plastic being used for co-
processing in cement kilns, etc. which has helped MWC Chennai to be India’s First Integrated City to be ‘Zero Waste to
Landfill (ZWL) certified’. Similar mechanisms are being deployed at MWC Jaipur, which has been able to divert 73% of
the waste away from landfill. Between April 2021 - March 2022, 0.14 million tonnes of the waste were recycled and reused
across businesses.

10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
environmental approvals/clearances are required, please specify details in the following format:
Whether the conditions of

environmental approval / clearance
S. Location of Type of
are being complied with? (Y/N)
No. operations/offices operations
If no, the reasons thereof and
corrective action taken, if any.
NA NA NA
Mahindra Lifespaces has residential projects across 7 Indian cities and Integrated Cities and Industrial Clusters in 4
locations, and none of the projects are in ecologically sensitive areas. Our land selection process ensures screening
out of areas near to ecologically sensitive zones. We do undertake environmental clearances for our projects aligned with
the regulatory requirements. Though none of our projects are in sensitive zones, we do undertake biodiversity studies
through external partners for projects rich in biodiversity and conserve the natural ecosystem (during construction too
through our sustainable construction practices and regular biodiversity assessment for such areas). In FY 22, we did
biodiversity study for one of our projects in Bengaluru rich in flora and fauna, and conservation of the same is part of
our customer value proposition which will be maintained through our sustainable construction practices and design
interventions.
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the
current financial year:
Results
Whether conducted by
Name and brief EIA communicated
independent external Relevant Web
details of Notification Date in public
agency link
project No domain
(Yes / No)
(Yes / No)
NA NA NA NA NA NA
Environmental and Social impact assessment (ESIA) is conducted for our Integrated Cities and Industrial Clusters (IC
& IC). We do conduct hydrology and hydrogeological studies, soil testing, and other environmental tests for selective
projects based on preliminary due-diligence, and make necessary interventions aligned with our sustainability
commitments (on Net Zero Water, Net Zero Energy, etc.). As 4 of our IC & IC locations are either developed or currently
under development, EIA or ESIA assessments were conducted before the commencement of development. In FY 22,
investor backed Environmental and Social assessment was conducted for MWC Chennai, and another E & S assessment
is currently in progress by another investor.
12. Is the entity compliant with the applicable environmental law/regulations/guidelines in India, such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, and Environment Protection
Act and Rules thereunder (Y/N). If not, provide details of all such non-compliances.
Specify the law / Any fines / penalties / action

Corrective
regulation / guidelines Provide details of taken by regulatory agencies
S. No. action
which was the noncompliance such as pollution control
taken, if any
not complied with boards or by courts
NA NA NA NA NA
Mahindra Lifespaces complies with all the environmental & other regulatory requirements for every project. Construction
or development does not commence without the Environmental Clearance followed with Consent to Establish and Operate
(towards the operational phase). All the compliance conditions within the clearances are monitored and measured
throughout the project tenure. Non-compliances are tracked through the ESG risk assessment done quarterly and actions
taken accordingly. There have been no non-compliances so far with respect to environmental regulations. Also, third
party annual sustainability assurance helps us verify the non-compliances if any and undertake necessary actions.
502
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable
sources, in the following format:
Parameters FY 2021-22 FY 2020-21

From Renewable Sources (MWh)
Total electricity consumption (A) 213.52 14.61
Total fuel consumption (B) 0 0
Energy consumption through other sources (C) 0 0
Total energy consumed from renewable sources (A+B+C) 213.52 14.61
From Non-Renewable sources (MWh)
Total electricity consumption (D) 3442.25 3289.18
Total fuel consumption (E) 577.10 711.85
Energy consumption through other sources (F)-Purchase or acquired
- -
electricity
Total energy consumed from non-renewable sources (D+E+F) 4019.35 4001.03
Note: Indicate if any independent assessment/evaluation/assurance Yes, Independent assessment and assurance
has been carried out by an external agency? (Y/N) If yes, name of the of our GHG and other inventory is done
external agency. by an external agency - KPMG India as
per International Standard on Assurance
2. Provide the following details related to water discharged:
Parameter FY 2021-22 FY 2020-21

Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment - -
- With treatment – please specify level of treatment - -
(ii) To Groundwater
- No treatment - -
(iii) To Seawater
- No treatment - -
(iv) Sent to third-parties
- No treatment (Freshwater sent to customers) 1364216 1308225
- With treatment – please specify level of treatment –
209090 180653
Secondary Treatment
(v) Others
- No treatment - -
Total water discharged (in kilolitres) 1573306 1488878
Note: Indicate if any independent assessment/evaluation/assurance Yes, Independent assessment and assurance
has been carried out by an external agency? (Y/N) If yes, name of the of our GHG and other inventory is done
external agency. by an external agency - KPMG India as
per International Standard on Assurance

3. Water withdrawal, consumption, and discharge in areas of water stress (in kilolitres):
For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area: Mahindra World City Chennai and Mahindra World City Jaipur
(ii) Nature of operations: Integrated Cities business (Freshwater and STP treated water supplied/discharged to third
party (i.e., industrial customers))
(iii) Water withdrawal, consumption, and discharge in the following format:
FY 2021-22 FY 2020-21
Parameter
Water withdrawal by source (in kilolitres)
(i) Surface water 0.00 0.00 0.00 0.00
(ii) Groundwater 5828.52 910520.00 8041.60 907304.00
(iii) Third party water 6654.52 502827.02 6824.55 498354.74
(iv) Seawater / desalinated water 0.00 0.00 0.00 0.00
(v) Others 0.00 818592 0.00 818112
Total volume of water withdrawal
12483.04 2231939.02 14866.15 2223770.74
(in kilolitres) (i + ii + iii + iv + v)
Total volume of water consumption
12483.04 659003.38 14866.15 735721.741
(in kilolitres)
Water intensity per lakh rupee of turnover* (Water
0.12 22.15 0.21 63.42
consumed / lakh turnover)
Water intensity per area developed or maintained (Water
consumed / turnover) (Residential – kl/sq. ft. or IC & IC - 0.00332 208.065 0.00342 232.287
kl/acre)
Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water
- No treatment - -
- With treatment – please specify level of
- -
treatment
(ii) Into Groundwater
- No treatment - -
- -
treatment
(iii) Into Seawater
- No treatment - -
- With treatment – specify level of treatment - -
(iv) Sent to third-parties
- No treatment (Freshwater sent to customers) 1364216 1308225
- With treatment (STP treated water) - Secondary
209090 180653
Treatment
(v) Others
- No treatment - -
- -
treatment
Total water discharged (in kilolitres) 1573306 1488878
Note: Indicate if any independent assessment/ Yes, Independent assessment and assurance of our
evaluation/assurance has been carried out by an external GHG and other inventory is done by an external agency -
agency? (Y/N) If yes, name of the external agency KPMG India as per International Standard on Assurance
504
4. Please provide details of total Scope 3 emissions & its intensity, in the following format:
FY 2021-22 FY 2020-21
Parameter Unit

Total Scope 3 emissions 406360.52 15684.84 2,92,263.72 3,667.76
equivalent
Total Scope 3 emissions (per
equivalent/Lakh INR 3.95 0.53 4.21 0.32
lakh of turnover)* tCO2e
turnover*
Total Scope 3 emissions (per
area developed or maintained
equivalent/sq.ft or Metric 0.11 4.95 0.07 1.16
– tCO2e/sq.ft. for Residential
tonnes of CO2/acre
and tCO2e for IC & IC) tCO2e
Note: Indicate if any independent assessment/evaluation/ Yes, Independent assessment and assurance of our
assurance has been carried out by an external agency? GHG and other inventory is by an external agency -
(Y/N) If yes, name of the external agency KPMG India as per International Standard on Assurance
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along with prevention and
remediation activities.
As stated earlier, Mahindra Lifespaces has residential projects across 7 Indian cities and Integrated Cities and Industrial
Clusters in 4 locations, and none of the projects are in ecologically sensitive areas. Though none of our projects are
in sensitive zones, we do undertake biodiversity studies through external partners for projects rich in biodiversity and
conserve the natural ecosystem (during construction too through our sustainable construction practices and regular
biodiversity assessment for such areas). In FY 22, we did biodiversity study for one of our projects in Bengaluru rich in
flora and fauna, and conservation of the same is part of our customer value proposition which will be maintained through
our sustainable construction practices and design interventions. The project has a rich fauna comprising of of 25+
species of birds and butterflies, 5+ species of reptiles, and 2 species of mammals. In terms of flora, there are 108 species
of plants belonging to 47 families, and 342 existing trees with detailed plan to plan 800+ more, and transplant 108 trees.
Conservation of such rich biodiversity involves detailed sustainable construction practices and regular assessments
throughout the project cycle.

6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the
same as well as outcome of such initiatives, as per the following format:
Sr. Initiative undertaken Details of the initiative (Web-link, if any, may be provided along Outcome of the initiative
No. with summary)
1. • io-CNG plant for
B Mahindra World City Chennai, a 1500-acre Integrated City with 68 Zero Waste to Landfill
100% food waste industrial customers generates a huge amount of municipal solid
• 135 tonnes of waste
~
treatment at MWC waste, and treatment of the same required deployment if unique
diverted away from
Chennai, initiatives. Thus, a Bio-CNG plant was installed for treatment of
landfill per month
food waste. Bio-CNG plant converts 100% of the eight tons of
• Windrow compost for
food and kitchen waste generated daily in the city into 1000m3 • ~115 tCO2e avoided per
treatment of garden
of raw biogas. This raw biogas can be enriched to yield 400kg/ month
waste, and
day of purified CNG grade fuel which is equivalent to a 200kW
• 0 tonnes of compost
4
• Partnership with power plant. As a by-product, four tons of organic fertilizer is
generated per month
authorized recyclers produced each day. The green energy (Bio-CNG) is effectively
for treatment of used to replace CNG as an automotive fuel (for CNG buses and • 7 tonnes of MLP
1
recyclables tractors) and LPG for cooking purposes, as well as to power street diverted away from
lights at Mahindra World City, Chennai. The organic fertilizer is landfill
used by farmers to enhance soil fertility. Furthermore, the power
generated is used for buses for free shuttle service and tractors
for cultivation. The garden waste is composted onsite through
windrow composting, and the recyclables are treated through
authorized waste handlers thereby making MWC Chennai a ZWL
certified project
https://www.mahindraworldcity.com/chen_sustainability/waste-
management/
2. Mahindra TERI Centre of With real estate sector responsible for 36% of the gross electricity • 50+ building materials
1
Excellence (MTCoE) consumption, and lack of climate responsive design in buildings, tested so far
the energy consumption by the residential and commercial sector
• uarded Hot box
G • uidebooks on visual
G
is projected to further increase in the coming years, owing to the
assembly to test and thermal comfort
increased consumption of electrical utilities. On the other hand,
building assemblies studies
the real estate sector provides a huge potential for electricity
• ky scanner to
S savings and mitigating GHG emissions using energy efficient • ater assessment
W
study the radiation appliances and energy efficient features incorporated into the studies conducted for 3
contribution of the building design and systems. Mahindra Lifespaces, being a cities – Pune, Chennai
diffuse sky which responsible organisation and understanding the future needs and Gurugram
is an important of customers, realised the significance of this trend. As a result,
• ENS Design aider tool
parameter for the Mahindra-TERI Centre of Excellence (CoE), a joint initiative
building automation, between Mahindra Lifespaces and The Energy and Resources • Water Calculator
building design, Institute (TERI) was launched in June 2018 with the vision to ‘build
daylight software a greener urban futureby developing innovative energy efficient
modeling and light solutions tailored to Indian climate’. Its focus was on researching
pollution research. and delivering on market-ready, scalable and viable technologies
for the built environment. 4 research areas under MTCoE include
• ENS Design Aider
building material standardization, thermal and visual comfort
studies, sustainable water use in habitats, and building envelope
studies. The open-source research outcome benefits all the
stakeholders in the real estate value chain thereby helping in
decarbonization of the sector.
https://mahindratericoe.com/
506
Sr. Initiative undertaken Details of the initiative (Web-link, if any, may be provided along Outcome of the initiative
No. with summary)
3. Climate Responsive Climate Responsive Design is ‘designing for least possible air • avings on electricity
S
Design (CRD) conditioning, and artificial lighting requirement’. Energy Demand cost
reduction through climate responsive design is one of the 3-steps
• Reduction in discomfort
in developing Net Zero buildings. We utilized the technique of CRD
for all our projects with support from Indo-Swiss Building Energy • etter Visual and thermal
B
Efficiency Project (BEEP). CRD involved provision of passive comfort
design interventions such as right building orientation, efficient
walling and roofing assembly, appropriate insulation material,
window to wall ratio, low SHGC glass, etc. that helped reduce the
energy requirement of residential products.
7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web-link
Environmental Clearance is mandated for every construction project above 150000 sq. m. As part of the Environmental
clearance, we provide a detailed environmental management plan containing the list of construction activities, their
impact and associated mitigation measures across construction and operation phase. Also, every project site requires
to create a Disaster Management Plan as per EC requirements. The Disaster Management Plan includes Emergency
Preparedness Plan, Emergency Response Team, Emergency Communication, Emergency Responsibilities, Emergency
Facilities, and Emergency Actions. Emergency Response plan is implemented and maintained in projects to identify the
potential emergency situations, establish & maintain, the procedures to handle such emergency situations in a prompt
manner to reduce the downtime and expedite the First aid and Medical treatment facilities to the concerned and to
effectively evacuate the Staff / Workmen from the workplace. Emergency Response plan is prepared and communicated
to all personnel in the projects and Emergency mock drills are conducted to review its effectiveness. We tie up with local
hospitals to handle emergency situations. Emergency Response team comprises of project manager and site safety
officer and site engineers. Emergency response plan is reviewed once in six months and updated.
The Covid pandemic was one kind of a disaster and to mitigate the impacts of the same, the Company implemented
several innovative initiatives leveraging its IT infrastructure to ensure business continuity and efficient operations in a
challenging environment:
1. Ensured seamless collaboration within the Company as well as with external partners and vendors through
appropriate work-from-home technologies for tele-conferencing, sharing information and training interventions.
It upgraded HappiEdge — the mobile app for channel partners — with tools required to operate remotely that
increased its adoption manifold.
2. Developed Zero-touch Product Launch and Sales platform and upgraded the Integrated Sales and Service platform
with enhanced communication capabilities. Also implemented business development and land acquisition process
in the integrated platform to evaluate land deals and opportunities.
3. On the projects side, implemented the first two phases of the Project Lifecycle Management (PLCM) solution for
real-time online monitoring of the entire construction value chain. This also helped in linking quality and safety
parameters to work completion and contractor payments.
4. The Company fully implemented a cloud-based Document Management System that enables seamless collaboration
and drives data based sequential decision making, SOP adherence and accountability. Adoption increased
substantially in terms of both processes and functions as well as users. As a result, several functions and workflows
have become completely paperless. Having realized benefits of DMS implementation in residential business,
management has onboarded IC & IC business on to DMS
5. The Company upgraded its Dashboarding and Analytics platforms for business reviews and insights for decision-
making.

8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard?
Building and Construction sector alone contributes to ~40% of global GHG emissions and 25% at the national level.
So, decarbonization of the sector needs a priority across the value chain right from reduction of embodied carbon
from construction materials, efficient use of resources (energy, water, materials, etc.) during construction, and efficient
interventions by the customers too. To bind the sustainable vision of value chain partners, requires efforts from
government bodies to formulate the required policies and create a sustainable and thriving regulatory environment
based on innovation and continuous improvement. In FY 22, there have been no adverse impacts to the environment
from any our projects across India. This has been possible due to structured process of development by complying to
all the applicable regulatory requirements, designing climate responsive homes, using energy efficient equipments,
following sustainable construction practices, and use of renewables. Any probable environmental risk and impact is
captured regularly at project locations and in our ESG risk register with financial quantification and mitigation measures
are undertaken accordingly. These risks are also reviewed by the management and Board quarterly and appropriate
actions are undertaken to mitigate the risk. One of the innovative solutions developed by Mahindra Lifespaces to mitigate
the environmental aspects due to the real estate sector was the launch of the ‘Mahindra TERI Centre of Excellence
(MT CoE)’, aimed towards building energy efficient homes tailored to Indian climates. Five-year research work was
concluded at MT CoE in 2021 with commencement of phase 2 of research activities. The research findings in the form of
reports, guidelines, & guidebooks is available in the public domain for use by all value chain partners thereby helping in
decarbonization of the sector.
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
Mahindra Lifespaces conducts assessment of its value chain partners before partnering with them. All its suppliers
are expected to complete a self-assessment on environmental (includes mechanism to mitigate Emissions, presence
of environmental policy, ISO 14001 certification, treatment of water, and the likes), social (includes non-discrimination
in terms of opportunity, employment, wages, treatment, etc. for its employees) and governance aspects (includes
assessment on prevalence of corruption and bribery, ethical business conduct, etc.). In FY 22, ~50% of all our suppliers
completed the self-assessment on ESG parameters. Next step involves physical audits of the supplier premises to verify
the claimed points in the self-assessment and support them in enhancing their ESG profile thereby building a sustainable
value chain. 100% of our contractors are assessed on the environmental parameters such as energy, water consumption,
and waste generation along with regulatory compliances and our Code of Conduct as part of our internal quarterly
sustainability maturity assessment.
508
Businesses, when engaging in influencing public and regulatory policy, should do so in a

PRINCIPLE 7
manner that is responsible and transparent
1. a. Number of affiliations with trade and industry chambers/associations.
10
b. List the top 10 trade and industry chambers/associations (determined based on the total members of such a
body) the entity is a member of/affiliated to.
S. Reach of trade and industry chambers/

Name of the trade and industry chambers/ associations
No. associations (State/National)
1. The Associated Chambers of Commerce and Industry of National
India (ASSOCHAM)
2. Bombay Chamber of Commerce and Industry (BCCI) National
3. Confederation of Indian Industry (CII) National
4. Employers’ Federation of India (EFI) National
5. FICCI National
6. Indian Merchants Chambers, National
7. National Human Resource Development Network (NHRDN) National
8. The Energy and Resource Institute (TERI) National
9. National Safety Council (NSC) National
10. Indian Green Building Council (IGBC) National
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the
entity, based on adverse orders from regulatory authorities.
Name of authority Brief of the case Corrective action taken

NA NA NA
There were zero incidents of anti-competitive behaviour or corruption within Mahindra Lifespaces during the reporting
period (2021-22)
1. Details of public policy positions advocated by the entity
Whether Web Link, if available

Frequency
Sr. Public Policy Method resorted for information
of review
No. Advocated such advocacy available in public
by Board
domain (Yes/No)
Carbon emission https://wri-india.org/events/
reduction across business-charter-launch-
Business Charter for
1 construction and Yes Quarterly value-chain-approach-
sectoral Decarbonization
building sector decarbonize-building-and-
value chain construction-sector
Building efficiency
Mahindra TERI Centre of https://mahindratericoe.
2 and Water Yes Quarterly
Excellence com/sustainable-water.php
Sustainability
Eco-Niwas Samhita
Alignment (ENS*) compliant
between national residential homes in
3 Yes Quarterly
energy codes and consultation with Indo
rating systems Swiss Building Energy
Efficiency Project (BEEP)

PRINCIPLE 8 Businesses should promote inclusive growth and equitable development

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year.
Whether conducted Results

Name and brief SIA Relevant
Date of by independent communicated
details of Notification Web
notification external in public domain
project No. link
agency (Yes / No) (Yes / No)
NA NA NA NA NA NA
Environmental and Social impact assessment (ESIA) is conducted for our Integrated Cities and Industrial Clusters (IC &
IC). As 4 of our IC & IC locations are either developed or currently under development, EIA or ESIA assessments were
conducted before the commencement of development. In FY 22, investor backed Environmental and Social assessment
was conducted for MWC Chennai, and another E & S assessment is currently in progress by another investor. We did
not conduct social impact assessment for our development projects in FY 22. Social impacts are assessed for our
CSR projects and activities. A detailed social impact assessment was conducted for MWC Chennai by Tata Institute
of Social Sciences (TISS) in 2014 with an objective of understanding the socio-economic impact of integrated cities on
the neighbouring community, and gaps if any to be mitigated through appropriate actions. A detailed report outlining
the research inputs, activities, output, and outcomes was shared by TISS with recommendations for improvement as
applicable across various areas.
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken
by your entity.
Name of Project No. of Project % of PAFs Amounts paid to

Sr.
for which R&R is State District Affected Families covered by PAFs
No.
ongoing (PAFs) R&R in the FY (In INR)
NA NA NA NA NA NA NA
Rehabilitation and Resettlement (R&R) is applicable to Integrated Cities and Industrial Clusters (IC & IC) business of
Mahindra Lifespaces, as we aggregate land through government and the community is included in the development
process. For Example, MWC Chennai is an inclusive development. As 4 of our IC & IC locations are either developed
or currently under development, Rehabilitation and Resettlement (R&R) was undertaken before commencement of
development and not applicable for FY 22 as no new developments were undertaken.
3. Describe the mechanisms to receive and redress grievances of the community.

Apart from the internal complaints committee to address sexual harassment cases, and chief ethics officer to resolve code
of conduct violations, Mahindra Lifespaces also has a third-party enabled grievance reception & redressal mechanism –
‘Ethics Helpline’ for all employees and workers for all types of issues or violations.
For complete details on Ethics Helpline, please refer ‘Essential Indicators - Q6 under ‘PRINCIPLE 3 - Businesses
should respect and promote the well-being of all employees, including those in their value chains’
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers.
FY 2021-22 FY 2020-21
Directly sourced from MSMEs/ small producers - -
Sourced directly from within the district and neighbouring districts 79% 77%
Mahindra Lifespaces’ integrates sustainability into its supply chain and is driven by the Green Supply Chain Management
510
Policy (GSCM), which ensures minimal/zero environmental and social impacts of its products. In addition, it also prefers
to procure goods and services from vendors who recycle waste or scrap materials and recycle them to manufacture
building materials. MLDL gives priority to the purchase of locally (within 400km of the project from manufacturing plant)
available materials/products of high quality to minimize environmental impact and gives preference to green certified
products (including FSC, GreenPro, & other third-party certified wood-based and other products), and those which
disclose health and environmental attributes with impacts of the same. The policy and requirements are not only
communicated to the supply chain partners, but Mahindra Lifespaces also supports them through capacity building
workshops on sustainability topics to encourage them to improve their processes. The Company gives preference to
the suppliers, contractors, vendors, and manufacturers who take the responsibility of collecting the waste/scrap and
packaging materials from MLDL project sites and upcycle/recycle them to remanufacture newer products (same material
/ other material / components) to promote circular economy. 100% of our major materials are procured from local vendors
as aligned with our GSCM policy.
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference: Question 1 of Essential Indicators above):
Details of negative social impact identified Corrective action taken
NA NA
As stated earlier, Environmental and Social impact assessment (ESIA) is conducted for our Integrated Cities and Industrial
Clusters (IC & IC). As 4 of our IC & IC locations are either developed or currently under development, EIA or ESIA
assessments were conducted before the commencement of development. In FY 22, investor backed Environmental and
Social assessment was conducted for MWC Chennai, and another E & S assessment is currently in progress by another
investor. We did not conduct social impact assessment for our development projects in FY 22. A detailed social impact
assessment conduced for MWC Chennai in 2014 by Tata Institute of Social Sciences (TISS) revealed key findings or
problems related to local employment, local procurement, community engagement, sanitation and waste management,
water conservation, infrastructure for transportation, and many others. Actions such as employment to local community
as contractual workers, providing spaces for flourishing of small businesses to cater to the industrial and residential
customer, STP for treatment of sewage water and reuse for gardening and flushing by all customers, Zero Waste to
Land fill, and many more such interventions has helped in true integration of sustainability within MWC Chennai and an
engaged community.
2. rovide the following information on CSR projects undertaken by your entity in designated aspirational districts
P
as identified by government bodies:
S.
State Aspirational District Amount spent (In INR)
No.
NA NA NA NA
For Mahindra Lifespaces, responsible business practices include being responsible for our business processes,
products; and engaging in responsible relations with employees, customers, and the community. Hence for the Company,
Corporate Social Responsibility goes beyond just adhering to statutory and legal compliances but create social and
environmental value while supporting the company’s business objectives and reducing operating costs; and at the same
time enhancing relationships with key stakeholders and customers. This is clearly articulated in the redefined Core
Purpose which reads as “we will challenge conventional thinking and innovatively use of all our resources to drive
positive change in the lives of our stakeholders and communities across the world, to enable them to Rise”. As our CSR
projects and activities are conducted within the vicinity of the projects that we operate, we do not undertaken activities
in designated aspirational districts as identified by government bodies unless it coincides with vicinity of our operations.
Since MWC Chennai & Jaipur are PPP models with respective governments, few of our CSR projects are conducted in
alignment with government recommendations too.

3. (a)
Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalised / vulnerable groups? (Yes/No)
Mahindra Lifespaces’ integrates sustainability into its supply chain and its procurement strategy is governed by the
Green Supply Chain Management Policy (GSCM), which ensures minimal/zero environmental and social impacts
of its products. In addition, it also prefers to procure goods and services from vendors who recycle waste or scrap
materials and recycle them to manufacture building materials. MLDL gives priority to the purchase of locally (within
400km of the project from manufacturing plant) available materials/products of high quality to minimize environmental
impact and gives preference to green certified products (including FSC, GreenPro, & other third-party certified
wood-based and other products), and those which disclose health and environmental attributes with impacts of
the same. We do not have any restrictions yet on the type of material suppliers but ensure to influence reduction in
environmental and health impact due to the purchased materials.
(b) From which marginalised / vulnerable groups do you procure?
As stated, Mahindra Lifespaces procurement strategy is governed by the Green Supply Chain Management Policy
(GSCM) which gives preference to environmental and health impacts of the procured materials and yet to include
screening criteria based on the type of suppliers.
(c) What percentage of total procurement (by value) does it constitute?

0%
Mahindra Lifespaces procurement strategy is governed by the Green Supply Chain Management Policy (GSCM)
which gives preference to environmental and health impacts of the procured materials and yet to include screening
criteria based on the type of suppliers.
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the
current financial year), based on traditional knowledge.
Intellectual Property based on Owned/Acquired Benefit shared Basis of calculating

S. No.
traditional knowledge (Yes/No) (Yes / No) benefit share
- - - - -
Mahindra Lifespaces drives innovation in the field of ‘Research and Development’ through the Mahindra TERI Centre
of Excellence (MT CoE). MT CoE was launched in 2018 with a vision ‘to build a greener urban future by developing
innovative energy efficient solutions tailored to Indian climates.’ It focuses on development and dissemination of market-
ready, scalable, and viable building materials and technologies. The Research and Development (R&D) work at MT CoE
focuses on the 4 mentioned areas. 1. Building materials 2. Building envelope studies, 3. Visual comfort studies, and 4.
Sustainable water use. Research outcomes in the form of reports, guidelines, and guidebooks being open source, it aids
in decarbonization of the sector. Being a CSR project, the research helps in reducing the environmental impact due to
real estate developments. More than 150 building materials have been tested for their thermal properties which would
help reduce the energy requirement in buildings and a database has been created for the same. Eco-Niwas Samhita
(ENS) design aider tool helps in designing building in compliance with the ENS requirements. Water (Water Availability
and Treatment for Efficient Reuse) calculator developed as part of the research work would help projects design the water
requirement for any project. Thermal and Visual comfort guidebooks developed at MT CoE through extensive research
would help reduce the environmental and health impacts due to construction of buildings. These are few of the many
benefits derived from conducting research on traditional ways to develop residential buildings with opensource research
outcome available for use to the entire value chain.
Weblink for MT CoE research activities and findings - https://mahindratericoe.com/
512
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved.
Name of authority Brief of the Case Corrective action taken
NA NA NA
There has been no adverse order in the research related work at Mahindra TERI Centre of Excellence (MTCoE), a CSR
initiative by Mahindra Lifespaces with ‘The Energy and Resources Institute (TERI)’ and currently undergoing phase 2
(extension of phase 1) of research work. 5-year of phase 1 research work was concluded in FY 22 with dissemination of
the outcomes across the value chain.
6. Details of beneficiaries of CSR Projects
% of beneficiaries from
S. No. of persons benefited
CSR Project vulnerable
No. from CSR projects
and marginalised groups
Environment
1 Project Hariyali
Naandi Foundation has been undertaking
Northern Haryali – Solan, UP & Punjab since 8475 trees
1.1 -
01st Nov, 2021 - Tree plantation activity by 16681 saplings raised
Mahindra Group
2 Vanaththukul Tirupur Project - Tree Plantation
1. Plantation of Trees and growing saplings of
2.1 9000 saplings -
rare trees around Tirupur
3 Swachh Bharat (Solid Waste Management)
Mission: Create a Zero Waste to Landfill Village
Activity:
1. Door to Door Baseline survey to understand
existing waste disposal practices in
neighbouring community (Chengalpet village)
3.1 940 families -
2. Awareness &Training Sessions for
the community to understand the need,
importance, and ways to manage waste
sustainably
3. Distribution of Waste bins
4 Green Guardian
Distribution of cloth bags to promote recycle,
re-use, switch over to eco-friendly products
4.1 and avoid usage of single use plastic by 1200 families -
neighbouring community and raise awareness
on impacts due to use of plastic
Distribution of LEDs in neighbouring
4.2 community to reduce the environmental impact 2130 -
due to conventional lighting
Education
1 Nanhi Kali
Provide all rounded support in education to 1548 Nanhi Kalis
1.1 100%
underprivileged girl children in India Renewed sponsorship of 587

% of beneficiaries from
S. No. of persons benefited
CSR Project vulnerable
No. from CSR projects
and marginalised groups
2 The Green Army
Creation of education module & conducting
programs for kids and their families on
sustainable living and accelerating the Digital 77 School Children
2.1 -
Platform (including social media and digital 40 families
avenues) to drive awareness on benefits of
embracing sustainable lifestyle
3 Hunnar
Skill Development & Women Empowerment
3.1 452 100%
Program
Health
1 Sehat
Contribution to ENT Research Society for
1.1 100 children 100%
Cochlear Implants for under-privileged children
Distribution of Dry Ration Kits to needy people
1.2 728 100%
to promote preventive health care
Infrastructure development - Toilet repair and
1.3 350 100%
maintenance work in government schools
Contributions towards provision of care to
1.4 needy cancer patients for all types of cancer - 100%
including breast cancer
2 Disaster Management
Covid related health/relief Activities -
2.1 distribution of face mask, sanitizers, and food 350 100%
Supply for rural communities & migrant workers
514
Businesses should engage with and provide value to their consumers in a responsible
PRINCIPLE 9
manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
We have strong grievance mechanism to address customer complaints and concerns. Customer feedback is essential to
determine what the customer feels about our product and services being offered, improvements needed in our product/
services and analysing their satisfaction. We hear our customers through various mediums such as M-Life/SFDC, emails,
websites, social media, telephone, helpdesk, calls, and the likes. Apart from these media, Customer interaction happens
either on fortnightly or monthly basis wherein the customers share their experiences and grievances, and discussions
are held on the resolution and improvisation measures. Consumer queries could either be service requests wherein
consumer requests for a service or a complaint where a desired work is unfulfilled within the stipulated timeframe. Service
Requests are raised and resolved using the platforms such as M-Life/SFDC or calls, and emails, while complaints are
resolved through structured complaints matrix involving the complaints manager and others. Customer complaints or
queries involving inputs required from cross-functional teams are communicated accordingly to the customer along
with relevant resolution time. Such structured process and tools for resolving consumer complaints helps satisfy our
customers and provides opportunity for us to further improve in terms of process and use of new technology.
2. Turnover of products and/services as a percentage of turnover from all products/service that carry information
about:
As a percentage to total turnover

Environmental and social parameters
100%
relevant to the product
Safe and responsible usage recycling Our products include residential homes and Integrated Cities and Industrial
and/ or safe disposal Clusters, hence recycling and disposal is not applicable to our business,
but safety provision within the product, and during development is handled
in a structured manner.
3. Number of consumer complaints in respect of the following.
FY 2021-22 FY 2020-21
Received Pending Received Pending
during the resolution at Remark during the resolution at Remarks
year end of year year end of year
Data privacy 0 0 - 0 0 -
Advertising 0 0 - 0 0 -
Cyber-security 0 0 - 0 0 -
Restrictive Trade Practices 0 0 - 0 0 -
Unfair Trade Practices 0 0 - 0 0 -
Others 0 0 - 0 0 -
4. Details of instances of product recalls on account of safety issues:
Number Reasons for recall

Voluntary recalls - -
Forced recalls - -

Mahindra Lifespaces is a real estate company involved in construction of residential homes and operation & maintenance
of Integrated Cities and Industrial Clusters which are our products. Safety is an integral part of the products that we build
and the amenities that we provide in our products such as Rainwater harvesting mechanisms, Sewage treatment plants,
Solar PV, Resource Recovery Centre, etc. Customers are communicated about the working and method of handling these
features through the resident assist. So, instances of product recalls are not a part of our business.
5. Does the entity have a framework/policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a web-link of the policy.
Yes, Mahindra Lifespaces cyber security policy and risks related to data privacy, are aligned with the Mahindra Group
cyber security policy. The same is publicly available on the website.
Weblink for the policy

http://group.mahindra.com/sites/infosec/Policy/ISMS%20Policies/ISMS-Policies/ISMS%20%20Malware%20Security%20
Policy.pdf
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty / action taken by regulatory authorities on safety of products / services.
In a bid to service our customers satisfactorily, we have deployed best-in-class IT solutions like a zero-touch product
launch with an end-to-end online booking process. Our mobile app for customers, ‘M-Life’ was upgraded to enhance the
services offered and improved its effectiveness. ‘Customer Assist’, our single contact number for customer and ‘Back
Office’, a dedicated team to carry out important administrative tasks such as invoicing and payments and document
management continued to provide support to the customers during the pandemic, enhancing customer satisfaction
and building trust. We also continued to facilitate online registrations of flats for the homeowners through the integrated
sales and service technology platform. With access to greater data, ensuring responsible data management is implied
to protect the privacy of our customers and their data. We have in place a Privacy Policy to guide us on data security
and customer privacy. Individual identifiable information is not disclosed to any third party without permission. We
engage with customers periodically to gauge through customer satisfaction surveys and understand their experience
and satisfaction. At Mahindra Lifespaces, our business functions collaborate to enhance the customer experience using
the latest available technologies. Our senior management is involved in reviewing our strategy, initiatives, and decisions
periodically. We encourage cross-functional engagement exercises to improve service quality and identify areas of
improvement.
1. Channels/platforms where information on products and services of the entity can be accessed (provide a web link,
if available).
All the information about products and services of the entity is available in the public domain on the website. Also, for our
business partners on the sales side, we have a dedicated Mobile application “HappiEdge” which keeps them up-to-date
with all our project information, latest schemes, communication, incentive plans and many others.
Link to access the website

https://www.mahindralifespaces.com/
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
Customer is educated about the sustainability features and usage of the same through the ‘resident assist’, a consumer
guide on the common area amenities and their way of working and usage. Safe and Responsible use of the services
is also communicated through signages in the facility. We also conduct customer workshops on various sustainability
aspects such as waste management, energy management, etc. to bring about behavioural changes to enjoy greater
savings in cost and resources.
516
Process of handover of infrastructure assets to society / association involves the handover of all relevant documents (test
reports, commissioning certificates, warranty certificates, work completion report, Operation & Maintenance manuals,
Consent to Operate, as built drawings, etc.) pertaining to each of the assets and satisfactory demonstration of the
infrastructure / asset in good condition.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

From the time the customers/residents occupy the property, Mahindra Lifespaces manages the complete maintenance
of the project including all day-to-day grievances of the occupants. During the initial two years of DLP (Defect liability
period), the company handholds the occupants till the time the resident welfare committee is constituted, which may
then choose to handover the maintenance management to a third party or choose to be with the company as an external
maintenance management party on completion of 2 years.
4. Does the entity display product information on the product over and above what is mandated as per local laws?
(Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer
satisfaction relating to the major products/services of the entity, significant locations of operation of the entity or
the entity as a whole? (Yes/No)
Yes, the entity displays the information about the product and its various sustainability & other features within the product
(residential homes and IC & IC). The company is bound by RERA however the product brochures also inform the customer
about the sustainability features, IGBC rating and the related customer benefits. Provision of signages within the product
also guides the customers to identify the features and its usage.
Customer satisfaction is ensured by having continuous engagement right from the day of possession till society handover,
timely response to their grievances and prompt service support. We do take feedback from our customers through
customer surveys in which we request the customer to share feedback about their experience of the product, their journey
throughout the possession of their flat, etc. These feedbacks provide an opportunity to us to understand the customer
pain points and liking of the sustainability and other features and thereby improve on the offerings and processes.
5. Provide the following information relating to data breaches:

a. Number of instances of data breaches along-with impact
b. Percentage of data breaches involving personally identifiable information of customers
There have been zero incidents of any kind of data breaches in FY 22 and has been possible due to cyber security policy
and processes in place to deal with such scenarios.

Annexure
Impact boundary of material issues
The material issues presented in the materiality matrix have been mapped along with the reporting boundary for
Mahindra Lifespaces
Material Topics Relevant Boundary GRI Standards Capital Alignment Why is it Material
Stakeholder of Impact
Economic • Investors/ Within MLDL GRI 201: Economic Financial Capital A strong economic
performance Shareholders Performance performance is the
• Employees basis for growth of any
organisation.
Supply chain • Suppliers/ Within and • GRI 102-9: Supply • Financial Capital Supply Chain
management Contractors outside Chain • Social and Management is linked
MLDL • GRI 204: relationship capital with our operational
Procurement cost, efficiency,
• Natural Capital
Practices environmental
performance, and
• GRI 308: Supplier
quality control.
Environmental
Assessment
• GRI 412: Human
Rights Assessment
• GRI 414: Supplier
Social Assessment
Statutory • Employees Within MLDL • GRI 419: • Social & Robust Governance
compliance • Government Socioeconomic Relationship Capital enables a successful
Compliance • Human Capital business and
Socio-
• GRI 206: Anti- inculcates efficiency,
economic and
Competitive resilience, Socio-
compliance
Behaviour economic and
Anti- effectiveness.
competitive
behaviour
Energy • Consultants Within and GRI 302: Energy • Financial Capital Dependence on fossil
• Suppliers/ outside • Intellectual Capital fuels and inefficient use
Contractors MLDL of energy can increase
• Natural Capital
the operational cost.
• Employees • Manufactured
Water • Community GRI 303: Water Capital Unavailability of water
• Government would result in delay
in work leading to
untimely delivery and
cost implications.
518
Annexure
Emissions GRI 305: Emissions Reduction of GHG

emissions is vital for
mitigation of climate
risks.
Effluents GRI 306: Effluents Improper disposal of
and waste and Waste effluents and waste
management carries regulatory risk
Sustainable GRI 301: Materials Sustainable
construction construction site is
essential for ensuring
environmental well-
being
Customer • Customers Outside • GRI 416: Customer • Social & Failure to ensure health
health and • Communities MLDL Health and Safety Relationship Capital and safety of our
safety • GRI 417: Marketing • Manufactured customers could lead
and Labelling Capital to reputational and
financial losses
• GRI 418: Customer
Customer Within and Privacy Customer satisfaction
satisfaction outside is a measure of
MLDL customer loyalty, and it
helps in attracting new
customers
Land Outside Non-compliance to
remediation MLDL regulatory may pose as
a business risk
Employment • Employees Within MLDL GRI 401: • Financial Capital It is essential to invest
Employment • Human Capital in attracting, hiring,
and retaining best
talents for the benefit of
• Social & an organisation.

Occupational Within and GRI 403: OHS are crucial,

health and outside Occupational Health as they allow us to
safety MLDL & Safety maintain uninterrupted
operations, while
ensuring health and
safety of our workforce
Training and Within MLDL GRI 404: Training Investment in training
education and Education and education will
result in grooming &
personal growth of
the employees and
develop skills for the
future
Non- • GRI 405: Diversity A mix of backgrounds,
discrimination and Equal opinions, and
Opportunity talents enriches the
• GRI 406: Non- organisation and helps
discrimination us achieve success.
Human rights Within and GRI 412: Human Benefits include

outside Rights Assessment greater access to
MLDL business opportunities,
positive recognition,
enhanced reputation,
and improved
relationship with the
stakeholders.
Local • Community Outside GRI 413: Local • Social & Our social license to
communities • Employees MLDL Communities Relationship operate can be put at
Capital risk if social impacts
• Partners/
and/or community
Thinktanks
relations are not well
managed
520
GRI Index
GRI Index
GRI Standard Disclosure Reference/Explanation Alignment to climate
related disclosures
(TCFD)
GRI 102:
General
Disclosures,
2016
GRI 102: 102-1 Name of the Organisation Reported on Cover Page
Organisational
Profile
102-2 Activities, brands, About the Report
products and services - Who we are (Page 7)
102-3 Location of headquarters Mahindra Towers, 5th Floor, Worli, Mumbai
102-4 Location of operations About the Report
- Scope & Boundary (Page 3)
102-5 Ownership and legal form About the Report
- Ownership Structure (Page 11)
102-6 Markets served Scope & Boundary (Page 3);
Who we are (Page 7)
102-7 Scale of the organisation About Mahindra Life space (Page 6)
102-8 Information on employees Human Capital- Advancing Diversity &
and other workers Inclusion (Page 75-76)
102-9 Supply Chain Social and Relationship Capital - Supply
Chain Management (Page 110)
102-10 Significant changes to No reportable significant changes to the
the organisation and its supply organisation and its supply chain are
chain observed.
102-11 Precautionary principle Governance and Compliance
or approach (Page 22-25)
102-12 External initiatives Governance and Compliance
(Page 22-25); Social and Relationship
Capital- Community Well-Being
(Page 114-117); Intellectual Capital -
(page 136)
102-13 Memberships of Intellectual Capital- Partnerships for
associations Sustainability(Page 136)
GRI 102: 102-14 Statement from senior Message from the Chairman (Page 18-19) Strategy (a)
Strategy decision-maker
102-15 Key impacts, risks, and Managing Risks (Page 54-56) Strategy (a)
opportunities Strategy (b)
Risk management (a)
Risk management (b)
Risk management (c)


related disclosures
(TCFD)
GRI 102: Ethics 102-16 Values, principles, About the Report
and integrity standards, and norms of - Our Values (Page 11); Business Ethics and
behaviour Compliance ( Page 29-30)
102-17 Mechanisms for advice Governance and Compliance - Corporate
and concerns about ethics Codes and Policies( Page 28)(Link to the
policies provided)
GRI 102: 102-18 Governance Structure Governance and Compliance Governance (a)
Governance - Our Governance Framework (Page 26)
102-19 Delegating authority Governance and Compliance- Key Governance (a)
Sustainability Topics Discussed by the Board
and Committee (Page 31)
102-20 Executive level Governance and Compliance- Key
responsibility for economic, Sustainability Topics Discussed by the Board Governance (a)
environmental, and social topics and Committee (Page 31) Governance (b)
102-21Consulting stakeholders Engaging with our Stakeholders
on economic, environmental, (Page 48)
and social topics
102-22 Composition of the Governance and Compliance
highest governance body and its - Our Governance Framework (Page 26);
committees Sustainability governance structure (Page 31)
102-23 Chair of the highest Governance and Compliance
governance body - Our Governance Framework (Page 26);
Sustainability governance structure (Page 31)
Disclosure 102-25 Conflicts of There are no instances conflict of interest
interest reported. Business Ethics adherence to high
ethical standards like anti-bribery, conflict of
interest, gifts and hospitality and
information security. (Page 111)
102-26 Role of highest Governance and Compliance Governance (a)
governance body in setting - Our Governance Framework (Page 26);
purpose, values, and strategy Sustainability governance structure (Page 31)
102-27 Collective knowledge of Governance and Compliance Governance (a)
highest governance body - Our Board Expertise (Page 27)
102-28 Evaluating the highest Governance and Compliance
governance body's performance - Our Board Expertise (Page 27); Corporate
Codes and Policies (Page 28)
102-29 Identifying and managing Managing Risks- Understanding the
economic, environmental, and implications of climate scenarios on the
social impacts business value (page 57-59)
102-30 Effectiveness of risk
management processes Managing Risks (page 52-59)
102-31 Review of economic, Governance and Compliance- Key Governance (a)
environmental, and social topics Sustainability Topics Discussed by the Board Governance (b)
and Committee (Page 27) Risk management (a)
522
GRI Index

related disclosures
(TCFD)
102-32 Highest governance Governance and Compliance- Key Governance (a)
body's role in sustainability Sustainability Topics Discussed by the Board Governance (b)
reporting and Committee (Page 31)
102-33 Communicating critical Engaging with our Stakeholders
concerns (Page 49-50)
GRI 102: 102-40 List of stakeholder Engaging with our Stakeholders

Stakeholder groups (Page 49)
Engagement
102-41 Collective Bargaining No Unions
agreements
102-42 Identifying and selecting Engaging with our Stakeholders
stakeholders (Page 48)
102-43 Approach to stakeholder Engaging with our Stakeholders
engagement (Page 49-50)
102-44 Key topics & concerns Engaging with our Stakeholders
raised (Page 49-50)
GRI 102: 102-45 Entities included in Reported on the Cover

Reporting the consolidated financial Page
Practice statements
102-46 Defining report content Reported on the Cover
and topic Boundaries Page
102-47 List of material topics Materiality Matters (Page 46)
102-48 Restatements of No restatement of information this year
information
102-49 Changes in reporting Reported on the Cover
Page
102-50 Reporting period Reported on the Cover
Page
102-51 Date of most recent Mahindra Lifespaces Sustainability report for
report FY 2020-21 was published in 2021
102-52 Reporting cycle Reported on the Cover
Page
102-53 Contact point for Reported on the Cover
questions regarding the report Page
102-54 Claims of reporting Reported on the Cover
in accordance with the GRI Page
Standards
102-55 GRI content index Yes
102-56 External assurance Page 533


related disclosures
(TCFD)
Topic Specific
Standard:
Economic
GRI 103, 103-1 Explanation of the material Financial Capital(Page 61)
Management topic and its boundary
Approach, 2016
103-2 The management Financial Capital(Page 61)
approach and its components
103-3 Evaluation of management Financial Capital (Page 61)
approach
GRI 201: 201-1 Direct economic value Financial Capital- Financial Performance
Economic generated and distributed (Page 66)
Performance,
2016
201-2 Financial implications and Managing Risks- Climate and ESG Risk Governance (b)
other risks and opportunities due (Page 54-56) Strategy (a)
to climate change Strategy (b)
Risk management (a)
Risk management (b)
Risk management
(c) Metrics and
targets (a)
Metrics and
targets (b)
Metrics and
targets (c)
GRI 103, 103-1 Explanation of the material Our Value Creation Process- Our Approach to
Management topic and its boundary Value Creation
Approach, 2016 (Page 35)
103-2 The management Our Value Creation Process- Our Approach to
approach and its components Value Creation
(Page 35)
103-3 Evaluation of management Our Value Creation Process- Our Approach to
approach Value Creation
(Page 35)
GRI 203 Indirect 203-1 Infrastructure investments Our Value Creation Process
Economic and services supported (Page 34-35)
Impacts, 2016
203-2 Significant indirect Our Value Creation Process
economic impacts (Page 34-35)
GRI 103, 103-1 Explanation of the material Our Value Creation Process
Management topic and its boundary (Page 34)
Approach, 2016
103-2 The management Our Value Creation Process
approach and its components (Page 34)
103-3 Evaluation of management Our Value Creation Process
approach (Page 34)
524
GRI Index

related disclosures
(TCFD)
GRI 204: 204-1 Proportion of spending on Manufactured Capital
Procurement local suppliers (Page 36)
Practices 2016
GRI 103, 103-1 Explanation of the material Governance and Compliance- Business
Management topic and its boundary Ethics and Compliance
103-2 The management Governance and Compliance- Business
approach and its components Ethics and Compliance
(Page 29)
103-3 Evaluation of management Governance and Compliance- Business
approach Ethics and Compliance
(Page 29)
GRI 205 Anti 205-2 Communication and Governance and Compliance- Business
Corruption, training about anticorruption Ethics and Compliance
2016 policies and procedures (Page 29-30)
205-3 Confirmed incidents of No cases reported
corruption and actions taken
GRI 103, 103-1 Explanation of the material Governance and Compliance- Business
Management topic and its boundary Ethics and Compliance
Approach, 2016 (Page 29-30)
103-2 The management Governance and Compliance- Business
approach and its components Ethics and Compliance
(Page 29-30)
103-3 Evaluation of management Governance and Compliance- Business
approach Ethics and Compliance
(Page 29-30)
GRI 206 206-1 Legal actions for anti- Governance and Compliance- Business
Anticompetitive competitive behavior, anti-trust, Ethics and Compliance
Behaviour, 2016 and monopoly practices (Page 29-30)
Category:
Environment
GRI 103, 103-1 Explanation of the material Natural Capital- Energy
Approach, 2016
103-2 The management Natural Capital- Energy
103-3 Evaluation of management Natural Capital- Energy
approach (Page 160)


related disclosures
(TCFD)
GRI 302: 302-1 Energy consumption Natural Capital- Energy Metrics and targets
Energy, 2016 within the organisation (Page 161) (a)
302-2 Energy consumption Natural Capital- Energy
outside of the organisation (Page 161)
302-3 Energy intensity Natural Capital- Energy
(Page 161)
302-4 Reduction of energy Natural Capital- Energy
consumption (Page 124)
GRI 103, 103-1 Explanation of the material Natural Capital- Water

Approach, 2016
103-2 The management Natural Capital- Water
103-3 Evaluation of management Natural Capital- Water
approach (Page 163)
GRI 303: Water 303-1 Interactions with water as Natural capital- Water Conservation
and Effluents, a shared resource Interventions to achieve Net Zero Water
2018 developments across project lifecycle
(Page 164)
303-3 Water withdrawal Natural Capital- Water Metrics and targets
(Page 165) (a)
303-4 Water discharge Natural Capital- Water

(Page 165)
303-5 Water consumption Natural Capital- Water
(Page 165)
GRI 103, 103-1 Explanation of the material Natural Capital - Our Journey towards Carbon
Management topic and its boundary Neutrality(Page 150-152)
Approach, 2016
103-2 The management Natural Capital - Our Journey towards Carbon
approach and its components Neutrality(Page 150-152)
103-3 Evaluation of management Natural Capital - Our Journey towards Carbon
approach Neutrality(Page 150-152)
526
GRI Index

related disclosures
(TCFD)
GRI 305: 305-1 Direct (Scope 1) GHG Natural Capital - Our Greenhouse Gas Governance (b)
Emissions, emissions Inventory Risk Management (a)
2016 (Page 153) Risk Management(b)
305-2 Indirect (Scope 2) GHG Natural Capital - Our Greenhouse Gas Risk Management (c)
emissions Inventory Metrics and targets
(Page 153) (a)
305-3 Other indirect (Scope 3) Natural Capital - Our Greenhouse Gas Metrics and targets
GHG emissions Inventory (b)
(Page 153) Metrics and targets
305-4 GHG emissions intensity Natural Capital - Our Greenhouse Gas (c)
Inventory
(Page 153)
305-5 Reduction of GHG Natural Capital d- Our Greenhouse Gas
emissions Inventory
(Page 153)
305-7 Nitrogen oxides (NOX), Natural Capital - Maintaining Clean
sulfur oxides (SOX), and other Environment and Good Health
significant air emissions (Page 175-177)
GRI 103, 103-1 Explanation of the material Natural Capital-Integrating Circularity in

Management topic and its boundary construction (Page 169-174)
Approach, 2016
103-2 The management Natural Capital-Integrating Circularity in
approach and its components construction (Page 169-174)
103-3 Evaluation of management Natural Capital-Integrating Circularity in
approach construction (Page 169-174)
GRI 306: 306-2 Waste by type and Natural Capital - Integrating Circularity in Metrics and targets
Effluents and disposal method construction (Page 173) (a)
Waste, 2020
306-3 Waste generated Natural Capital - Integrating Circularity in
construction (Page 173)
306-4 Waste diverted from Natural Capital - Integrating Circularity in
disposal construction (Page 173)
306-5 Waste directed to disposal Natural Capital - Integrating Circularity in
construction (Page 173)
GRI 103, 103-1 Explanation of the material Managing Risks (Page 52-53)
Approach, 2016
103-2 The management Managing Risks (Page 52-53)
103-3 Evaluation of management Managing Risks (Page 52-53)
approach


related disclosures
(TCFD)
GRI 307: 307-1 Non-compliance with Managing Risks - Climate and ESG Risk
Environmental environmental laws and (Page 54)
Compliance, regulations
201
GRI 103, 103-1 Explanation of the material Social and Relationship Capital - Supply
Management topic and its boundary Chain Management (Page 110)
Approach, 2016
103-2 The management Social and Relationship Capital - Supply
approach and its components Chain Management (Page 110)
103-3 Evaluation of management Social and Relationship Capital - Supply
approach Chain Management (Page 110)
GRI 308: 308-1 New suppliers that were Social and Relationship Capital -
Supplier screened using environmental Sustainability for Supply Chain partners
Environmental criteria (Page 110-111)
Assessment,
2016
Category:
Social
GRI 103, 103-1 Explanation of the materialHuman Capital - Advancing Diversity &
Management topic and its boundary Inclusion
103-2 The management Human Capital - Advancing Diversity &
approach and its components Inclusion
(Page 75)
103-3 Evaluation of management Human Capital - Advancing Diversity &
approach Inclusion
(Page 75)
GRI 401: 401-1 New employee hires and Human Capital - Talent Acquisition &
Employment, employee turnover Retention (Page 80)
2016
401-2 Benefits provided to full- Human Capital - Promoting a Productive and
time employees that are not Dynamic Workplace
provided to temporary or part- (Page 76)
time employees
401-3 Parental leave Human Capital (Page 69)
GRI 103, 103-1 Explanation of the material Human Capital (Page 69)
Approach, 2016
103-2 The management Human Capital (Page 69)
103-3 Evaluation of management Human Capital (Page 69)
approach
528
GRI Index

related disclosures
(TCFD)
GRI 402: 402-1 Minimum notice periods The Business is different, hence not
Labour/ regarding operational changes applicable. The members are aligned by way
Management of performance management system & the
Changes, 2016 Business Process as directed. No Collective
Bargaining Power in place. Communication is
through the Town Hall meetings, Workshops
GRI 103, 103-1 Explanation of the material Human Capital - Occupational Health &
Management topic and its boundary Safety Management (Page 90-92)
Approach, 2016
103-2 The management Human Capital - Occupational Health &
approach and its components Safety Management (Page 90-92)
103-3 Evaluation of management Human Capital - Occupational Health &
approach Safety Management (Page 90-92)
GRI 403: 403-1 Occupational health and Human Capital - Occupational Health &
Occupational safety management system Safety Management (Page 90)
Health & Safety,
2018
403-2 Hazard identification, Human Capital - Occupational Health &
risk assessment, and incident Safety Management (Page 90)
investigation
403-4 Worker participation, Human Capital - Safety Management as a
consultation, and communication part of Institutional DNA
on occupational health and (Page 91)
safety
403-5 Worker training on Human Capital - Safety Management as a
occupational health and safety part of Institutional DNA
(Page 91)
403-6 Promotion of worker health Human Capital - Health and Safety -
capitalisation
(Page 92)
403-8 Workers covered by an Human Capital - Occupational Health &
occupational health and safety Safety Management (Page 90)
management system
403-9 Work-related injuries Human Capital - Emergency Response Team
(Page 92)
403-10 Work-related ill health Human Capital - Emergency Response Team
(Page 92)
Approach, 2016
approach


related disclosures
(TCFD)
GRI 404: 404-1 Average hours of training Human Capital - Acquiring and Developing
Training and per year per employee Skills: Training and Education
Education, 2016 (Page 81)
404-2 Programs for upgrading Human Capital - Acquiring and Developing
employee skills and transition Skills: Training and Education
assistance programs (Page 81)
Approach, 2016
approach
GRI 405: 405-1 Diversity of governance Human Capital - Advancing Diversity &
Diversity bodies and employees Inclusion
and Equal (Page 75)
Opportunity,
2016
Approach, 2016
approach
GRI 406: Non- 406-1 Incidents of discrimination

discrimination, and corrective actions taken Human Capital - No complaints on
2016 discriminatory employment. (Page 75)
Approach, 2016
approach
GRI 412: 412-2 Employee training Human Capital- Acquiring and Developing
Human Rights on human rights policies or Skills: Training and Education
Assessment, procedures (Page 81)
2016
530
GRI Index

related disclosures
(TCFD)
GRI 103, 103-1 Explanation of the materialThe Operating Context
Management topic and its boundary - Our Value Creation Process
103-2 The management The Operating Context
approach and its components - Our Value Creation Process
(Page 34-35)
103-3 Evaluation of management The Operating Context
approach - Our Value Creation Process
(Page 34-35); Social & relationship Capital
GRI 413: Local 413-1 Operations with local The Operating Context
Communities, community engagement, impact - Communities (Page 35); Community well-
2016 assessments, and development being (Page 35)
programs
GRI 103, 103-1 Explanation of the material Social and Relationship Capital - Supply
Management topic and its boundary Chain Management (Page 110)
Approach, 2016
103-2 The management Social and Relationship Capital - Supply
approach and its components Chain Management (Page 110)
103-3 Evaluation of management Social and Relationship Capital- Supply
approach Chain Management (Page 110)
GRI 414 414-1 New suppliers that were Social and Relationship Capital- Sustainability
Supplier Social screened using social criteria for Supply Chain partners (Page 110-111)
Assessment,
2016
GRI 103, 103-1 Explanation of the materialManufactured Capital

Management topic and its boundary - Green & future-readyproduct portfolio
103-2 The management Manufactured Capital
approach and its components - Green & future-ready product portfolio
(Page 121-123)
103-3 Evaluation of management Manufactured Capital
approach - Green & future-ready product portfolio
(Page 121-123)
GRI 416 416-1 Assessment of the health Manufactured Capital

Customer and safety impacts of product - Designing for the future (Page 122-123)
Health and and service categories
Safety, 2016
416-2 Incidents of Manufactured Capital
noncompliance concerning the - Designing for the future (Page 122-123)
health and safety impacts of
products and services


related disclosures
(TCFD)
GRI 103, 103-1 Explanation of the materialSocial and Relationship Capital- Sustainability
Management topic and its boundary for customers
Approach, 2016 (page 106)
103-2 The management Social and Relationship Capital- Sustainability
approach and its components for customers
(page 106)
103-3 Evaluation of management Social and Relationship Capital- Sustainability
approach for customers
(page 106)
GRI 417: 417-1 Requirements for product Social and Relationship Capital- Sustainability
Marketing and and service information and for customers
Labeling, 2016 labeling (page 106)
417-2 Incidents of No confirmed incidents of non-compliance
noncompliance concerning on product and service information and
product and service information labelling.
and labelling
417-3 Incidents of non- No confirmed incidents of non-compliance
compliance concerning on Marketing communications during the
marketing communications reporting period. (page 106)
GRI 103, 103-1 Explanation of the materialSocial and Relationship Capital - Digital
Management topic and its boundary Solutions for Customers
103-2 The management Social and Relationship Capital- Digital
approach and its components Solutions for Customers
(Page 109-110)
103-3 Evaluation of management Social and Relationship Capital - Digital
approach Solutions for Customers
(Page 109-110)
GRI 418: 418-1 Substantiated complaints Social and Relationship Capital- Digital
Customer concerning breaches of Solutions for Customers (Page 110)
Privacy, 2016 customer privacy and losses of
customer data
GRI 103, 103-1 Explanation of the material Managing Risks (Page 52-53)
Approach, 2016
103-2 The management Managing Risks (Page 52-53)
103-3 Evaluation of management Managing Risks (Page 52-53)
approach
GRI 419: 419-1 Non-compliance with laws Managing Risks - Climate and ESG Risk
Socioeconomic and regulations in the social and (Page 54)
Compliance, economic area
2016
532
Assurance Statement
Independent Limited Assurance Statement to Mahindra Lifespace Developers

Limited on select Non-Financial Disclosures in the Integrated Report for Financial
Year 2021-22
To the Management of Mahindra Lifespace Developers Limited,5th Floor, Mahindra Towers, Dr. G M
Bhosale Marg, Worli Mumbai– 400018, Maharashtra, India.
Introduction
We (‘KPMG Assurance and Consulting Services LLP’, or ‘KPMG’) have been engaged by Mahindra
Lifespace Developers Limited (‘MLDL’ or ‘the Company’) for the purpose of providing an independent
limited assurance on the selected non–financial disclosures presented in the Integrated Report of the
Company (‘the Report’) for the reporting period from 1st April 2021 to 31st March 2022. Our
responsibility was to provide limited assurance on selected non–financial disclosures in the Report as
described in the scope, boundary and limitations.
Reporting Criteria
MLDL applies its own sustainability reporting criteria based on Global Reporting Initiative (GRI)
Standards, in accordance-Core option, and the principles of International Integrated Reporting
Framework (<IR>) published by the International Integrated Reporting Council (IIRC)
Assurance Standard
We conducted our assurance in accordance with

• Limited Assurance requirements of International Federation of Accountants’ (IFAC)
International Standard on Assurance Engagement (ISAE) 3000 (Revised), Assurance
Engagements Other than Audits or Reviews of Historical Financial Information.
o Under this standard, we have reviewed the information presented in this Report
against the characteristics of relevance, completeness, reliability, neutrality and
understandability.
o Limited assurance consists primarily of enquiries and analytical procedures. The
procedures performed in a limited assurance engagement vary in nature and timing
and are less in extent than for a reasonable assurance engagement.
• Type-2, Moderate level assurance as per AccountAbility 1000 Assurance Standard v3
(AA1000AS v3). Under this standard, we have reviewed the nature and extent of adherence
to the AA1000Ap 2018 principles mentioned below:
a. The Principle of Inclusivity: participation of stakeholders in developing and achieving
an accountable and strategic response to sustainability.
b. The Principle of Materiality: Relevance and significance of an issue to an organization
and its stakeholders.
c. The Principle of Responsiveness: Response to stakeholder issues that affect the
organizational sustainability performance.
d. The Principle of Impact: Organizations should monitor, measure and be accountable for
how their actions affect their broader ecosystems.
Scope, Boundary and Limitations
• The scope of assurance covers environmental and social disclosures of MLDL as mentioned
in the table below, for the period 01 April 2021 to 31 March 2022.
• The reporting boundary includes MLDL operations in India only, as mentioned in the Report.

The Disclosures 1 subject to assurance based on GRI Standards are as follows:
Universal Standards
• General Disclosures
o Stakeholder engagement (102-40, 102-42, 102-43, 102-44)
o Reporting practice (102-46 to 102-52, 102-54, 102-55)
Topic Specific Standards
• Environment
o Energy (2016): 302-1, 302-2, 302-3
o Water and Effluents (2018): 303-3
o Emissions (2016): 305-1, 305-2, 305-3 2, 305-4
o Waste (2020): 306-3
• Social
o Employment (2016): 401-1, 401-2, 401-3
o Occupational Health and Safety (2018): 403-9, 403-10
o Training and Education (2016): 404-1, 404-2
o Human Rights Assessment (2016): 412-2
o Local Communities (2016): 413-1
Limitations
Assurance scope excludes the following:

• Disclosures other than those mentioned under the scope above
• Data and information outside the defined reporting period
• Data related to Company’s financial performance
• The Company’s statements that describe expression of opinion, belief, aspiration,
expectation, aim to future intention provided by the Company and assertions related to
Intellectual Property Rights and other competitive issues
• Data review outside the operational sites as mentioned in the boundary above
• Strategy and other related linkages expressed in the Report
Assurance Procedure
Our assurance processes involve performing procedures to obtain evidence about the reliability of
specified disclosures. The nature, timing and extent of procedures selected depend on our judgement,
including the assessment of the risks of material misstatement of the selected non-financial
disclosures whether due to fraud or error. In making those risk assessments, we have considered
internal controls relevant to the preparation of the Report in order to design assurance procedures
that are appropriate in the circumstances.
Our assurance procedure also included:

• Assessment of MLDL’s reporting procedures regarding their consistency with the application of
GRI Standards
• Evaluating the appropriateness of the quantification methods used to arrive at the sustainability
disclosures presented in the report.
• Review of systems and procedures used for quantification, collation and analysis of select non-
financial disclosures included in the report
• Review of materiality and stakeholder engagement framework deployed by MLDL
• Understanding the appropriateness of various assumptions, estimations and materiality
thresholds used by the Company for data analysis.
• Testing on sample basis, the evidence supporting the data and information
• Discussion with the personnel responsible for the evaluation of competence required to ensure
the reliability of data and information presented in the report.
• Assessment of data reliability and accuracy.
1
For details regarding the disclosures, please refer the GRI Content Index
2
The data disclosed under 305-3 includes upstream and downstream categories: Purchase of goods and services, Upstream
Transportation and Distribution, Waste generated in operations, Business travel, Employee commute*, Upstream Leased assets*,
Use of sold products*, Downstream leased assets. Estimation of GHG emission is based on certain assumptions for the categories
marked in (*)
534
Assurance Statement
The data was reviewed through in-person meetings and virtual interactions using screen sharing tools
at the corporate office and following sample locations:
Site Visit:
• Mumbai Head Office
• Happinest Tathawade, Pune
• Roots, Mumbai
• Vicino, Mumbai
Virtual:
• Mahindra World City (Jaipur)
• Mahindra World City (Chennai)
• Happinest Kalyan, Mumbai
Conclusion
We have reviewed the selected non-financial disclosures in the Report of MLDL. Based on our review
and procedures performed, nothing has come to our attention that causes us not to believe that the
non-financial disclosures as per the scope of assurance presented in this Report are appropriately
stated in all material respects, and in accordance with GRI Standards.
We have provided our observations to the Company in a separate management letter. These, do not,
however, affect our conclusion regarding the Report.
As per AA1000AP 2018 principles

• Principle of Inclusivity: We are not aware of any matter that would lead us to conclude that the
Company has not applied the principle of inclusivity while engaging with key stakeholder groups
mentioned in the Report. The Company has involved its key stakeholders in the identification of
material sustainability topics and development of the sustainability roadmap in line with the
material topics. The Company may consider increasing the sample of stakeholders in the next
reporting phase.
• Principle of Materiality: The Company has identified its key material issues through interaction
with key internal and external stakeholders. Nothing has come to our attention that causes us to
believe that the material topics so identified have been excluded from the report by the Company.
The Company may consider reporting on boundaries for each material topic based on its impact.
• Principle of Responsiveness: The Company has identified its key stakeholders through a
structured prioritization mechanism. The report communicates the concerns and expectations of
each stakeholder groups. We are not aware of any matter that causes us to believe that the
Company has not applied the principle of responsiveness while engaging with stakeholders
mentioned in the Report. The Company may consider communicating on the actions taken against
the feedback received from the stakeholders on an ongoing basis.
• Principle of Impact: The Company has showcased its key policies, data and information
pertaining to its key material topics. The Company has integrated the impacts of the material topics
in their sustainability roadmap which are further linked to the individual KRAs. The Company may
measure and monitor long term and indirect impacts of its business on the ecosystem.
Reliability:
Nothing has come to our attention that causes us not to believe that the information has been
presented fairly, in material aspect, in keeping with the reporting principles and criteria as mentioned
above. Data represented and calculation related errors were detected but the same were resolved
during the assurance process.
Independence
The assurance was conducted by a multidisciplinary team including professionals with suitable skills
and experience in auditing environmental, social and economic information in line with
the requirements of ISAE 3000 (Revised) standard and AA1000AS v3 standard.
Our work was performed in compliance with the requirements of the IFAC Code of Ethics for
Professional Accountants, which requires, among other requirements, that the members of the
assurance team (practitioners) be independent of the assurance client, in relation to the scope of this

assurance engagement, including not being involved in writing the Report. The Code also includes
detailed requirements for practitioners regarding integrity, objectivity, professional competence and
due care, confidentiality and professional behavior. KPMG has systems and processes in place to
monitor compliance with the Code and to prevent conflicts regarding independence. The firm applies
International Standard of Quality Control (ISQC1) and the practitioner complies with the applicable
independence and other ethical requirements of the IESBA code.
Responsibilities
MLDL is responsible for developing the Report contents. MLDL is also responsible for identification of
material sustainability topics, establishing and maintaining appropriate performance management and
internal control systems and derivation of performance data reported. This statement is made solely
to the Management of MLDL in accordance with the terms of our engagement and as per scope of
assurance. Our work has been undertaken so that we might state to MLDL those matters for which
we have been engaged to state in this statement and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than MLDL for our work,
for this report, or for the conclusions expressed in this independent assurance statement. The
assurance engagement is based on the assumption that the data and information provided to us is
complete and true. We expressly disclaim any liability or co-responsibility for any decision a person
or entity would make based on this assurance statement. Our report is released to MLDL on the basis
that it shall not be copied, referred to or disclosed, in whole or in part, without our prior written consent.
By reading this assurance statement, stakeholders acknowledge and agree to the limitations and
disclaimers mentioned above.
Prathmesh Raichura
Partner
KPMG Assurance and Consulting Services LLP
June 30, 2022
536
Launched first Developed First Real Estate Initiated
Pre-Certified Sustainability company with Supplier &
Green Homes Roadmap Sustainability Report Contractor Meets
SUSTAINABILITY 1.0
Reward mechanisms
Recognising employee’s
contribution
‘Joyful Strategic Co-founded

Disclosures
Homecomings’ partnership with TERI Sustainable Housing
to
became the for Leadership
CDP and
customer value Mahindra TERI Centre Consortium
GRESB
proposition of Excellence (SHLC)
Science Based Climate change Carbon MSP/Trainings/

Target Risks & Neutral Awareness
(SBT) Opportunities Business
SUSTAINABILITY 2.0
Signed GRI
Charter on
Sustainability
Imperatives
MTCoE
Launched Code of Conduct – Mahindra TERI Zero Waste to

Business Charter Suppliers/ Centre of Excellence Landfill
– Sectoral Contractors (MTCoE) – Launch of (ZWL)
Decarbonization Phase 2
Our Presence
Delhi NCR | Jaipur | Ahmedabad | Mumbai & MMR
Pune | Nagpur | Bengaluru | Chennai
Registered Office
CIN L45200MH1999PLC118949
5th Floor, Mahindra Towers, Worli, Mumbai 400018, India
Tel: 022 6747 8600-01 | Fax: 022 2497 5084
Email: investor.mldl@mahindra.com
Website: www.mahindralifespaces.com
MAHINDRA LIFESPACE DEVELOPERS LIMITED
CIN : L45200MH1999PLC118949
Registered Office: : 5th Floor, Mahindra Towers, Worli, Mumbai – 400 018.
Website : www.mahindralifespaces.com, Phone – 022 67478600 / 8601
ATTENDANCE SLIP
I / We record my / our presence at the 23rd Annual General Meeting of the Company on Wednesday, 27th July, 2022 at 4:00 p.m. at
Y. B. Chavan Centre, General Jagannath Bhosle Marg, Next to Sachivalaya Gymkhana, Mumbai - 400 021
NAME AND ADDRESS OF THE MEMBER(S) / PROXY :

(in Block Letters)
Folio No./DP ID - Client ID
SIGNATURE OF THE MEMBER(S) / PROXY :
NOTE:
You are requested to sign and handover this slip at the entrance of the meeting venue. Joint Members may obtain additional slip on
request at the venue of the meeting.
ELECTRONIC VOTING PARTICULARS
EVEN (E-voting Event Number) User Id Password / PIN

Annual Integrated Report FY2021 22 Page No 94

Uploaded by

Copyright:

Available Formats

Annual Integrated Report FY2021 22 Page No 94

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Annual Integrated Report FY2021 22 Page No 94

Uploaded by

Copyright:

Available Formats

Crafting Life

We have taken the pledge, that we’ll

We envision an urban future where

Managing Risks 52 Financial Statements 298

Financial Capital 60 Business Responsibility and

To view this report online &

Mr. Arun Nanda Chairman

Mr. Ameet Hariani

Ms. Amrita Chowdhury

Dr. Anish Shah

Ms. Asha Kharga

Mr. Arvind Subramanian Managing Director & Chief Executive Officer

Mr. Arvind Subramanian Managing Director & Chief Executive Officer

Mr. Vimal Agarwal Chief Financial Officer

Mr. Viral Oza Chief Marketing Officer

Mr. Rajaram Pai Chief Business Officer - Industrial

Mr. Vimalendra Singh Chief Sales & Service Officer

Ms. Parveen Mahtani Chief Legal Officer

Mr. K R Sudharshan Chief Project Officer

Ms. Krity Sharma Chief People Officer

Mr. Jitesh Donga Chief of Design

Mr. Ashvin Iyengar Chief Business Development & Liaising Officer

Assistant Company Secretary & Compliance Officer

Mr. Ankit Shah

M/s. Deloitte Haskins & Sells LLP, Chartered Accountants

Kotak Mahindra Bank Limited

HDFC Bank Limited

Axis Bank Limited

Yes Bank Limited

Registrar and Share Transfer Agent

Corporate Office: Investor Relation Centre:

KFin Technologies Limited, KFin Technologies Limited,

5th Floor, Mahindra Towers, Worli, Mumbai 400 018.

About Financial and Non-Financial

Materiality This Report covers Mahindra Defining Report content

Mahindra Roots, Kandivali

We understand how well-designed spaces

At Mahindra Lifespaces, our new brand promise

Our projects are all about looking at end-to-

We are redefining real

25+ 2 Business 6 Cities

Msft = Million Square Feet

Learn more about

Mahindra Lifespaces-Residential integrated developments/industrial (Global Reporting Initiative) framework

What Defines our Developments

Our Genesis Three pillars of the Mahindra Group

Mahindra Happinest Kalyan

Our Values Our Key Differentiators

Strong brand and parentage

Good Corporate Citizenship Quality Focus

Good corporate governance

We have a qualified, experienced, We exist and prosper only

Dignity of the Individual

Key Operational Highlights

Number of Residential Units Saleable Area Sales

1,408 1.28 102,765

2020-21 2021-22 2020-21 2021-22 2020-21 2021-22

Collection Construction completed Units handed over

115,300 1.30 925

2020-21 2021-22 2020-21 2021-22 2020-21 2021-22