Mahindra Lifespaces' MD Anita Arjundas resigns

Mahindra group's realty firm Mahindra Lifespaces' managing director Anita Arjundas today resigned from the company, effective September 30.

Anita, who joined Mahindra Lifespaces in 2002, had been serving as MD for the last nine years.

In a filing to the BSE, the company informed that "Anita Arjundas, vide a letter dated July 1, 2018, submitted her resignation as managing director and director of the company, effective September 30, 2018 as she wishes to pursue her interest in the development/social sector".

It further said the company has a robust succession plan in place, under which Sangeeta Prasad was designated as CEO of Mahindra Lifespaces in April 2018. The board of directors will ensure a seamless transition, the company said.

On her contributions, Mahindra Group chairman Anand Mahindra said, Anita has ben 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.

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, the statement said.

Under her leadership, the company embarked on a 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).

"I have been very fortunate to have been a part of the Mahindra Group. It has been a great journey, one that I will cherish forever. I am thankful to Anand Mahindra, Arun Nanda and the board for their trust and the opportunity to contribute to the growth of Mahindra Lifespaces," she said.

Established in 1994, Mahindra Lifespace Developers Ltd is the real estate and infrastructure development business of the USD 20.7 billion Mahindra Group.