Mahindra and Mahindra announced on Monday that there is no slowdown in its real estate projects, despite a decline 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 Mr Arun Nanda stated.
Fundamentals Remain Intact
Mr Nanda emphasized that the fundamentals of real estate have not changed. He confirmed that there were no funding issues for its projects and that the company's affordable housing projects will continue.
"We have actually got cash in the bank," he said, noting a significant demand in the Rs 30 to 40 lakh apartments segment. However, he acknowledged challenges in the housing loan segment and the hesitancy of investors to step forward.
"Demand has been put on the back-burner and interest rates are hurting people," he added.