Mahindra Lifespace Developers Limited (MLDL), a wholly owned subsidiary of Mahindra & Mahindra Ltd came into existence with the demerger of the property development division of Great Eastern Shipping. MLDL was incorporated in 16th March of the year 1999 as a private limited company and in 18th August of the same year 1999, the company was converted into public limited company under the name of Gesco Corporation Limited. The Company is directly engaged in the business of development of real estate, residential facilities, commercial complexes and through its subsidiary companies is involved in various infrastructure projects including development of Special Economic Zones. It is running in the platforms of design, development, construction and marketing of residential and commercial projects.
The Company had entered into a Joint Venture with Regus PLC, U.K. during the year 2000-01 and also incorporated one JV Company in India to provide operation of business centres initially in major cities such as Delhi, Mumbai and Bangalore. To have a nationwide presence in the property services sector the company had set up a subsidiary company, i.e. 'GESCO Corporation (South) Ltd., Bangalore, to explore opportunities in the South during the year 2000-01. Dalmia sold their 10.5% stake to Sheth-Mahindra and in lieu of that GESCO became a subsidiary of Mahindra & Mahindra during the year 2001. At Pune, the company launched `The Nest' a residential project (about 80000Sq.ft) near Pimpri Chinchwad in the year 2001-02. The Tirupur Water Supply & Sewerage Project, which was started in October of the year 2002. The Company name was changed from Gesco Corporation Limited to Mahindra Gesco Developers Limited with effective from 24th December of the year 2002. During the year 2003-04, MISL reduced its exposure to commercial property and had increased its activities in the residential segment. The Company received an ISO 9001:2000 certification from Bureau Veritas Quality International (Holding) S.A. London in 19th August of the year 2003.
During the year 2004-05, the company commenced its operations in Chennai with the launch of a commercial complex on a built-to-suit basis for a leading private sector bank Commercial Bank. Also in the same year, MLDL had launched a new residential project covered 5,00,000 Sq.ft at Wakad near Pune. Mahindra World City (Maharashtra) Limited and Mahindra World City (Jaipur) Limited became subsidiaries of the company in the year 2005-06. During the same year Mahindra Industrial Park Limited, which developed the country's first Special Economic Zone (SEZ) in the private sector as a joint venture with the Government of Tamil Nadu was rechristened as Mahindra World City Developers Limited. MLDL had established track record in the development of Integrated Business Cities including Special Economic Zones (SEZs) with Mahindra World City in 2006-07 at Chennai and also in the same year 2006-07, the company launched another prestigious residential project `Mahindra Royale' at Pimpri near Pune for which the construction has commenced. The fresh incorporation certificate was received in 25th October of the year 2007; the company name was changed to Mahindra Lifespace Developers Limited. The Golden Peacock National Quality Award-2007 came to company's hand and also the company received CNBC Awaaz CRISIL Real Estate Awards 2007 for most transparent system. In 2007-08, the Company made its foray into international; MLDL had signed a MoU with Board of Investments of Sri Lanka.
MLDL had entered into a joint venture agreement between its subsidiary company, Mahindra Residential Developers (MRDL) and ARCH Capital Asian Partners, an affiliate of Ayala Land and Ayala Corporation during April of the year 2008, for the development of a gated residential community together with support, retail and recreational facilities within Mahindra Lifespaces`s SEZ at Mahindra World City, New Chennai. The Company, along with BE Billimoria & Co (BEBL) had jointly won a bid in May of the year 2008 to develop a residential project over a scheduled land comprising of around 25 acres. As at June 2008, Mahindra World City (MWC) (Subsidiary of the company), Jaipur had signed memorandum of understanding (MoU) with Vamani Overseas to set up 4 acre camps in MWC, Jaipur handicraft zone.
The Company plans to invest in two new subsidiaries, viz. Mahindra World City (Jaipur) and Mahindra World City (Maharashtra), which will develop two new SEZs of 3,000 acres each in partnership with the governments of Rajasthan and Maharashtra for multi product SEZs near Jaipur and Lonavala.