New Delhi: Mahindra and Mahindra on Monday said there is no slowdown in its real estate projects, even though there is slump in demand.
“We are not slowing down on any of our projects. Jaipur is rocking, Chennai is doing well, city-based projects such as Faridabad are also doing well”, Mahindra and Mahindra Ltd Executive Director Arun Nanda said on the sidelines of the India Economic Summit.
Fundamentals of real estate have not changed. Nanda said, adding there were no funding issues for its projects and the company’s affordable housing projects are not going to disappear.
“We have actually got cash in the bank”, he said, adding there is a huge demand in Rs30 to 40 lakh apartments segment. He, however, said the housing loan segment is facing problems and investors are not coming forward.
“Demand has been put on back-burner and interest rates are hurting people,” he said.
Nanda also said that the group is awaiting Sebi approval for the initial public offering of Mahindra Holidays and Resorts Ltd.