Mahindra Lifespaces' Gujarat Expansion: What's New

Mahindra Lifespaces' entry into Gujarat goes back to a formal commitment with the state government. Mahindra Lifespace Developers signed a memorandum of understanding with the Government of Gujarat, through a 100% subsidiary, to establish a 350-acre, multi-product industrial park near Ahmedabad, marking the company's foray into the state and planned to cater to non-polluting industries. The park was expected to create direct and indirect employment for about 12,000 persons when fully operational, and was planned under the aegis of Gujarat Industrial Policy 2015.

That vision has since taken shape as Origins by Mahindra, Ahmedabad. Spanning 340 acres, Origins by Mahindra, Ahmedabad is developed in strategic partnership with the International Finance Corporation and offers a dependable platform for long-term growth in western India. The park sits well outside the city core. The industrial cluster near Ahmedabad has been developed over an area of approximately 350 acres in village Jansali of Limbdi taluk, Surendranagar district, Gujarat. The site is accessed at its northern end by NH47 and lies amid fields and waterbodies that are integrated into the infrastructure plan.

The project was rolled out in phases to manage scale. The Ahmedabad cluster started with a Phase 1 development of 268 acres, developed along with the International Finance Corporation as a strategic partner. Together with its Chennai counterpart, the clusters were expected to create direct employment for around 20,000 persons and target companies across engineering, medical equipment, food processing and logistics sectors. The park is designed for plug-and-play industrial use. It has provisions for around 100 industrial plots ranging from 5,000 sq yards to 25,000 sq yards, accounting for 65% of the masterplan area, bookended by mixed-use, amenity and residential zones woven with green cover.

Institutional capital backs the project's execution. IFC has committed to invest an INR equivalent of approximately US$50 million into special purpose vehicles set up by Mahindra Lifespace Developers for industrial clusters in Rajasthan, Gujarat and Maharashtra, with the total project cost estimated at US$210 million and an equal matching investment from Mahindra Lifespaces. This positions Ahmedabad's cluster alongside Mahindra's established parks in Jaipur and Chennai as part of one integrated industrial platform.

Gujarat's location advantage is a key reason for the push. Gujarat is strategically positioned along key national industrial corridors, including the Delhi-Mumbai Industrial Corridor. On the leasing and outreach side, the company runs a dedicated industrial business across all its parks. In the industrial space, the company operates four parks: Mahindra World City projects in Jaipur and Chennai, and Origins parks in Chennai and Ahmedabad. Company officials have repeatedly flagged active outreach to manufacturers. The company's sales and marketing teams have been making extensive outreach to attract both Indian and overseas companies, especially in sectors like auto, auto ancillaries, electrical and electronics.

Gujarat isn't just an industrial story for Mahindra Lifespaces — the brand's residential arm has a footprint there too. Residential communities have been delivered across Mumbai, Pune, Nagpur, Ahmedabad, Delhi NCR, Jaipur, Hyderabad, Chennai and Bengaluru. This dual presence — industrial land plus residential delivery — gives the company a broader stake in Ahmedabad's growth story than a single project would suggest.

The momentum in Gujarat mirrors a strong company-wide run. Mahindra Lifespaces added GDV of ₹18,060 crore during FY26, including a Thane unlocking of ₹7,500 crore, while maintaining a net debt-to-equity ratio of -0.27, indicating a cash surplus position. Residential pre-sales grew 21.4% to ₹3,405 crore while IC&IC (industrial cluster) revenues rose 44.04% to ₹713 crore. With IFC-backed infrastructure, corridor connectivity and a growing tenant base across its parks, Gujarat is emerging as a meaningful pillar in Mahindra Lifespaces' pan-India industrial and residential strategy — one that homebuyers and investors tracking Ahmedabad's growth corridor would do well to watch.