News Point: Anita Arjundas has resigned as the Managing Director of Mahindra Lifespaces. She is moving on to pursue her passion in the development and social sector.
Anita will remain with the Company until September 30, 2018. She joined Mahindra Lifespaces in the year 2002. Of the 16 years she has spent with the Company, the last nine years were as Managing Director of Mahindra Lifespace Developers Ltd.
She was one of the founding members of the team that built Mahindra World City, Chennai and together with Mahindra World City, Jaipur, the Company continues to be a leader in the Integrated Cities business.
A press release by the company says under her leadership, the company embarked on the journey to become a dominant player in the Affordable Housing sector with three highly successful projects under the ‘Happinest’ brand in Avadi (Chennai), Boisar (Mumbai) and Palghar (Mumbai).
She also laid the foundations for Mahindra Lifespaces to expand its presence in the mid-premium residential segment across geographies.
Commenting on her contributions, Anand Mahindra, Chairman, Mahindra Group, said, “Anita has been a strong pillar in the growth of our real estate business. She was the first woman, and youngest Leader to be inducted in the Group Executive Board (GEB). The strong foundation that she laid at Mahindra Lifespaces will help us continue to consolidate our position in the real estate industry.”
Arun Nanda, Chairman, Mahindra Lifespace Developers Ltd, said, “Anita has firmly established Mahindra Lifespaces as a strong and trusted brand in the real estate industry. She has made a remarkable contribution in putting in place systems, processes and best practices which are comparable to the best in the industry. I want to thank her for her exemplary leadership in growing the Residential segment and being a part of the founding team that built the Integrated Cities and Affordable Housing businesses. I wish her all the best in her new journey.”
“I have been very fortunate to be a part of the Mahindra Group. It has been a great journey, one that I will cherish forever. I am thankful to Mr. Anand Mahindra, Mr. Arun Nanda and the Board for their trust and the opportunity to contribute to the growth of Mahindra Lifespaces. As I move on to another exciting journey, I wish the Mahindra Group, Mahindra Lifespaces and all my colleagues and partners continued success”, saidAnita Arjundas.
Anita has been responsible for setting the strategic direction that has enabled the Mahindra Group’s real estate business to drive sustainable urbanization in India. Under her leadership, the company has a span of over 23 million sq. ft. of completed, ongoing and forthcoming residential projects.
The Company has over 10,000 customers and 17 projects. One of her significant contributions has been in forging strategic partnerships with marquee companies including Standard Chartered, HDFC, Sumitomo Corporation and IFC, which have helped in expansion and provided access to capital, which has fueled the growth of the company.
The successful QIP of 600 crores in 2006 and the Rights Issue of 300 crores in 2017, ensured that the Company maintain a healthy balance sheet. Anita is a well-recognized business leader in the industry and has been named among the 50 Most Powerful Women in Business by Fortune India for the past five years.
The company has a robust succession plan in place, under which Ms. Sangeeta Prasad was designated as CEO of Mahindra Lifespaces in April 2018. Mr. Nanda and the Board of Director will ensure a seamless transition.