March 2015

Investor Presentation

2

One of the leading Indian real estate players with presence in 9 city clusters across India

Balanced business model with focus on residential and large format integrated business cities

Completed 8.92* mn sq ft of residential and commercial real estate development

– Currently 5.98# mn sq ft of residential real estate under execution with 4.51# mn sq ft in pipeline

Developed over 4,437** acres in large format integrated business cities at two locations

– Land holding of over 900 acres at two locations with further acquisition underway

Stable financial growth:

– Consolidated Total income CAGR (FY11-15): 16%

– Consolidated PAT CAGR (FY11-15): 25%

Company overview

Group structure as of 31 March 2015 covering companies with operational projects only

Mahindra Lifespaces: Leading real estate player

* Does not include select projects that were completed by GESCO1 MLDL develops residential projects directly and through MITL, MBDL, MRDL and MHPL # Data represents estimated saleable/leasable area

** Procured till date

Shareholding Pattern (31 Mar 2015)

Promoters (51%) FII (29%)

Domestic FIs (1%) Others (19%)

MLDL

MITL1

Mahindra & Mahindra Ltd.

MRDL1

MBDL1

BE Billimoria

30%

70%

26%

100%

MWCDL

51%

TIDCO

89%

11%

74%

26%

RIICO

MWCJL

74%

MHPL1

50%

SCM

50%

3

Residential Development

Large format integrated business cities

Mumbai

Nagpur

PuneHyderabad

Chennai

Jaipur

Gurgaon Faridabad

Bangalore

Nasik

Geographic presence of Mahindra LifespacesTotal (m sq. ft.)

Completed* 8.92

Ongoing 5.98

Forthcoming 4.51

Land inventory 12.44

Total 31.84

Countrywide presence with projects concentrated in Tier I cities**

** Tier I cities include Mumbai, Pune, Hyderabad, Chennai, NCR and Bangalore

Completed* 2.81

Ongoing 0.40

Forthcoming 0.96

Land inventory 1.04

Total 5.21

Completed* –

Ongoing –

Forthcoming 0.98

Land inventory –

Total 0.98

Completed* 2.16

Ongoing 1.48

Forthcoming 0.59

Land inventory 10.50

Total 14.72

Completed* –

Ongoing 1.08

Forthcoming -

Land inventory –

Total 1.08

Completed* –

Ongoing 0.85

Forthcoming 0.68

Land inventory –

Total 1.53

Completed* 2.39

Ongoing 1.02

Forthcoming 0.73

Land inventory –

Total 4.14

Completed* 1.56

Ongoing 1.15

Forthcoming 0.56

Land inventory 0.30

Total 3.57

Completed* –

Ongoing –

Forthcoming –

Land inventory 0.60

Total 0.60

Delhi

# Data represents estimated saleable/leasable area* Does not include select projects that were completed by GESCO

Please refer “Glossary” for definitions on Completed,

Ongoing, Forthcoming and Land inventory

Classification of area

a. NCR includes Delhi, Gurgaon and Faridabad

b. Mumbai includes Mumbai, Boisar, Thane and Alibaug

PUNE MUMBAI

HYDERABADGURGAON

CHENNAI

JAIPUR

NAGPUR

CHENNAI

4

Mission and Corporate Philosophy

Transforming urban landscapes by creating

sustainable communities

Inclusiveness The Art of Living Responsible Citizenship

Housing for all, Industrial hubs and new

urban nodes

Thoughtfulness ; Shaping communitiesEnabling peace of mind ;

Safeguarding Tomorrow

− Detail oriented design & planning that

improves usability, consistency, and

desirability of our offering

− Setting and meeting the highest

standards of quality for product and

service

− Enabling co-existence and

collaboration in all our developments

− Entry level affordable homes in urban

centers through Happinest

− Premium and mid-segment residences in

metros and large cities through Mahindra

Lifespaces

− Wholesome urban ecosystems focusing

on Life, Living & Livelihood through

Mahindra World City

− Garnering trust through fair practices and

transparent dealings with all our

stakeholders

− Maintaining the highest standards of

corporate governance and disclosure

− Uncompromising focus on sustainable

development for excellence in planet,

profit and people benchmarks

5

Evolution of business over the last two decades

2000 2006-07 2008 2012 20131994 2001 2002 2014

Mahindra Group

forays into the real

estate business as

Mahindra Realty &

Infrastructure

Developers Limited

(MRIDL)

Real Estate arm

of GE Shipping

demerges and

lists as GESCO

MRIDL and GESCO

merge to form

Mahindra Gesco

Developers Ltd.

Launches its first large

format integrated

business city - Mahindra

World City, Chennai

Company name changes

from Mahindra Gesco

Developers Limited to

Mahindra Lifespace

Developers Ltd.

Launches second World

City at Jaipur

First developer in

India to launch

green homes

First real estate

company in India to

publish a standalone

GRI report

Expands customer base

to 100+ clients at the

World Cities

JV with SCM Real

Estate (Singapore)

Pvt. Ltd for residential

project development

Launch of new

business

vertical –

Happinest

focused on low

cost housing

Key investment themes

6

7

Key investment themes

Lineage of a well

respected Group

Industry

Leaders in

Corporate

Citizenship

Portfolio

Approach to

Business

ModelTrack Record

of Execution

Experienced management

team

Supportive

industry

fundamentals

1

2

3

4

5

6

7

Consistent

Financial

Performance

8

Key investment themes

Lineage of a well

respected Group

Industry

Leaders in

Corporate

Citizenship

Portfolio

Approach to

Business

ModelTrack Record

of Execution

Experienced management

team

Supportive

industry

fundamentals

1

2

3

4

5

6

7

Consistent

Financial

Performance

9

Parentage of Mahindra GroupGroup Overview

* Combined market cap of Group’s listed entities as of 31 March 2015 (Source: BSE India)

Note: 1US$ = 60 INR

1

Rethinks the vacation paradigm by

making premium holiday experiences

accessible to more people

HOLIDAYS

Develops healthier, greener, more

productive work and living spaces for

people on the Rise.

Enables global businesses to become

more effective through sustainable

information, communication and

technology services

Helps change the face of rural India by

helping Indians finance their dreams

DEFENSEEquips security forces with a range of

armoured vehicles and defense systems

PARTNERS

Incubates new ventures and provides

growth capital to bring our stakeholders

diversified products and services

AFTERMARKET

Empowers used-car and service buyers by

offering total transparency and world-class

service levels at affordable pricing

2-WHEELERS

Provides customers with stylish and

powerful scooters and motorcycles

Provides full service solutions to original

equipment manufacturers in automotive

and non-automotive space

AUTOMOTIVE & FARMChallenges conventions to build award

winning vehicles and farm equipment that

deliver unmatched quality and value for

money

Part of c.US$ 26.61bn

(by market cap.)*

Mahindra Group

Group’s operations

span 18 industries

Presence in over 100

countries employing

more than 200,000

people

Mr. Anand Mahindra,

Chairman & Managing

Director of Mahindra &

Mahindra has been

associated with the

Group since 1981

10

Leaders in Most of our Businesses

1

Market Leader in India, with ~43% market

share in the SUV/ Pick-up segments

World’s largest tractor company by volume

Market leader in India for 30 years with ~40%

share

Largest rural NBFC in India

India’s no.1 vacation ownership company

Among Top 5 IT service providers from India

India’s largest multi-brand, pre-owned car

company

Leader in developing Integrated Clusters

including India’s largest IT SEZ

M&M rated among

the Best Boards in

the Country (Top 4)

by The Economic

Times Survey of

India’s Best Boards,

2014

Mahindra Group

ranked no. 10 in the

Aon Hewitt Top

Companies for

Leaders Globally in

2014

Received the

Financial Times

“Boldness in

Business” Award in

the Emerging

Markets Category in

2013

Mr. Anand Mahindra

received the

Entrepreneur of the

Year Award at the

Forbes India

Leadership Awards,

2013

One of Forbes

Global 2000 most

Powerful Companies

of the World in 2014

Mr. Anand Mahindra

received the TERI

Sustainable

Development

Leadership Award,

2013

11

Key investment themes

Lineage of a well

respected Group

Industry

Leaders in

Corporate

Citizenship

Portfolio

Approach to

Business

ModelTrack Record

of Execution

Experienced management

team

Supportive

industry

fundamentals

1

2

3

4

5

6

7

Consistent

Financial

Performance

12

Company to continue to establish benchmarks in corporate governance

In line with best practices, the Board has set up 10 sub-committees to ensure operational independence, timely

direction and supervision for day-to-day functioning

Upholding high corporate governance

standards of the Group

1

First real estate company in India to undertake standalone GRI compliance reporting

Our Global Reporting Initiative (“GRI”) compliant report was awarded A+, the highest level of disclosure for FY

2012, FY 2013 and FY 2014

Voluntary participation in the Climate Disclosure Leadership Index (CDLI) which requires companies to disclose

their impact on environment and actions taken to reduce them.

More than 50% of the Board consists of independent directors who are well known and reputed in their respective

fields

Strong focus on independence at key subsidiaries level – Chairperson of the Boards from outside of the Mahindra

Group

13Mahindra Lifespaces aims to reduce the environment footprint caused by its products, processes and people

Sustainability: A core business valueSustainability Agenda

3

Economic Social Environmental

Scale – We strive

for sustainable

business growth

Green Supply

Chain

Management – We

enable sustainable

supply chain

Product

Stewardship and

Customer

Centricity – We

ensure customer

delight

Business Ethics

– We are

transparent

Capacity

Building, Safety,

Hygiene &

Health – We care

for our people

Community

Development

and Social

Infrastructure –

We build

communities

Resource Efficiency –

We conserve energy,

water, material

+ve environment

impact – We

reduce pollution

caused by

construction activity

Carbon Footprint –

We aspire to be

carbon positive

Received “Order of

Merit” at the Skoch

Renaissance Awards,

2014 for Sustainability

Leadership

Received the

Commendation

Certificate for

Significant

Achievement at the CII-

ITC Sustainability

Awards 2014

Received Golden

Peacock Management

Award 2014 under

Special Commendation

category

Received “Order of

Merit” at Skoch

Renaissance Awards

2014 for women

empowerment

initiatives in the

neighboring community

of MWC, Jaipur

MWC Chennai

presented with Stage I

Certification for IGBC

Green Townships

Project with the rating

of IGBC Gold in 2014

MWCJ amongst one

one of 18 projects for

Clinton Climate

Initiative’s Climate+

development program

(CCI)

14

Recognized as the 3rd largest contributor to the country’s

sustainable footprint by CII and IGBC (with a total of

16 mn sft of registered green building footprint)

Sustainability: A core business valueBuilding Green Developments

3

Community Development

Water Efficiency

• Rain water harvesting

• Low flow water faucets and fixtures

• In-house sewage treatment plant and use of

recycled water

Energy Efficiency

• Flyash bricks as building envelope to reduce

the energy consumption of air conditioners

• Provision of LED street lights

• Solar panels powered DG sets and solar

heaters

Material Management

• Integrated solid waste management facilities

• Reuse of construction waste within site

• Use of material with recycled content

Mahindra Hariyali

• Develop 205 hectares of forest land for tree

plantation, soil & water conservation

• 180,000 plantations till date

Skill Upgradation cum Entrepreneurship

Development Program at MWCJ and MWCC

• 400+ have undergone placements out of 675

who completed training at MWCJ; 700 have

been placed out of 900 who completed training

at MWCC

• Further 500 trained under Teen Channel

program for high school dropouts at MWCC

Gyandeep

• School for the children of construction workers

in Nagpur, Pune, Delhi and Jaipur

Community Development through practices beyond CSR

activities

15

Mahindra Lifespaces: Well recognized and

awarded brand

Recognized as one of

‘India’s Top 10

Builders’ by

Construction World and

Construction World

Interiors for the fifth

consecutive year in

2014

Runner-up in the

Green Project of

the year category at

the Construction

Week Awards, 2014

Runner-up in the

Company of the

Year category at

the Construction

Week Awards, 2014

Mr. Arun Nanda,

received the lifetime

achievement award

at the CNBC Awaaz

Real Estate

Awards, 2014

Merit Award in

“Emerging Markets

– Most Improved in

Adoption of Best

Practices” category

at APREA Best

Practices Awards,

2013

Key awards ISO certifications

Recognized as the

“Regional Sector

Leader” in the 2014

Global Real Estate

Sustainability

Benchmarking

(GRESB) Survey for

Asia/Diversified/Small

Cap companies

1

16

Key investment themes

Lineage of a well

respected Group

Industry

Leaders in

Corporate

Citizenship

Portfolio

Approach to

Business

ModelTrack Record

of Execution

Experienced management

team

Supportive

industry

fundamentals

1

2

3

4

5

6

7

Consistent

Financial

Performance

17

Three distinct business areas with presence in focused but diverse geographies within each business

Balanced business model

2

Large Format Integrated

Business CitiesAffordable Housing BusinessMid and Premium

Residential Business

18

Wide portfolio of products within the residential business

Offerings across segments and geographies in

residential business

2

Projects in the mid to premium residential segment, offering

reliable and value driven products to our customers

Developments include standalone residential complexes and

gated communities comprising villas and apartments

Selective expansion into adjacencies through projects in the

luxury segment and weekend homes category, with the

possibility of scaling up

Focus on 6 cities based on market size and profitability

MMR, NCR, Pune, Bangalore, Chennai and Hyderabad

Focus on active corridors to ensure low volatility in

demand

19

Company to continue building the Mahindra brand in real estate with focus on customer centricity through transparency,

quality and on-time delivery

Customer centric practices in residential business

2

Design validation − Consumer feedback, expert

speak, competition profiling

as key inputs to design

development

− Customer validation of design

at concept planning stage

Fair practice− No “pre-sales” – no

residential units sold pending

relevant approvals

− Reciprocal penalty clauses for

delays

Focus on delivery− Phased release of inventory

− Approved projects enable start

of construction at the time of

launch

− Growing use of technology and

modular components

− Third party inspection for quality

check prior to handover

Customer engagement and

transparency− Portal: complaint redressal

system

− Monthly newsletters giving

project updates

Customer Centric

Practices

Differentiated customer centric practices at Mahindra Lifespaces

20

Currently operating two large format integrated business cities at Chennai and Jaipur

Successfully developing two large format

integrated business cities

2

* Procured till date

Developing two large format integrated business cities at

Chennai and Jaipur under public private partnership (PPP)

model

Partnered with TIDCO (11% stake) for Chennai to facilitate the

development

Partnered with RIICO for Jaipur who have provided land on

long-term lease and also invested alongside MLDL for a 26%

stake

These sites covering 4,437* acres provide integrated

infrastructure for manufacturing and services set-ups under SEZ

and Domestic Tariff Areas (DTA) along with residential, retail and

social infrastructure to create a balance between Life, Living and

Livelihood

21

Chennai Jaipur

Large format integrated business cities have well diversified and marquee customer base

DTAAuto Ancillary

SEZ IT SEZ

Marquee customers (60+ customers as of Mar -15) Marquee customers (60+ customers as of Mar -15)

DTA Engg. SEZ IT SEZHandicrafts

SEZ

Destination of choice for world class customers

2

ApparelSEZ

22

Mahindra Lifespaces can draw upon its experiences from the two pilot projects to build scale in this business

New venture in the affordable housing space

2

“Happinest” is a new initiative by Mahindra Lifespaces with the

intent of providing quality housing at affordable prices to the

emerging middle class in the country

Product offerings in the sub Rs. 20 lakhs category, thereby

catering to a large underserved market

The segment offers very high volume potential given the

demographics of Urban India

Currently developing two pilot projects under this initiative –

Happinest Avadi and Happinest Boisar, with a combined

estimated saleable area of 1.23# mn sft

Business model based on faster turnaround and scalability

across key markets

# Data represents estimated saleable/leaseable area

23

Holistic approach focusing on development of the ecosystem in alignment with the national priority of ‘Housing for all’

Unique approach towards Happinest

2

Partnering with relevant trade bodies

and government agencies to share

feedback on learnings and gaps

Collaborating with academic and

research institutes for alternate

materials, products and processes

that reduce cost of production

Innovating to improve operational

efficiency – Faster construction, cost

effective, superior quality

Ensuring that both present needs

(optimizing usable area) and future

needs (such as low cost of

maintenance) of customers are met

Facilitating housing finance for target

customers through tie-ups with

leading banks and housing finance

companies

Simplified processes for hassle free

documentation

Collaboration with credible NGO

partners who assist target customers

with financial literacy and loan

sanction

Industrial outreach in catchment areas

to reach out to genuine end users

Financial Inclusion Partners

Access to Housing Finance Design and Technology

Channel Strategy Garnering Support

24

Key investment themes

Lineage of a well

respected Group

Industry

Leaders in

Corporate

Citizenship

Portfolio

Approach to

Business

ModelTrack Record

of Execution

Experienced management

team

Supportive

industry

fundamentals

1

2

3

4

5

6

7

Consistent

Financial

Performance

25

Track record of execution

24

38

59

69

81

FY11 FY12 FY13 FY14 FY15

Construction spend (US$m)

Strong track record of execution

Mahindra Lifespaces has completed 8.92 mn sq ft* of residential and commercial development with an additional

5.98# mn sq ft under execution

97

17

45

37

3033

9 9

FY11 FY12 FY13 FY14 FY15

Sales value (US$m) Area sold (acres)

Residential developments

Large format integrated business cities – Jaipur

Large format integrated business cities – Chennai

3

5

1214

13

1749

72 74

52

59

FY11 FY12 FY13 FY14 FY15

Sales value (US$m) Area sold (acres)

Strong focus on land to launch and launch to delivery

Construction spend in residential segment has almost tripled in

the last 4 years

Superior execution and delivery at both large format integrated

business cities have resulted in improving realizations

IMS certification for ISO 9001, ISO 14001 and OHSAS 18001

for residential and world cities

* Does not include select projects that were completed by GESCO

Exchange rate conversion for convenience: 1US$ = 60 INR

# Data represents estimated saleable/leaseable area

26

City wise execution experienceOngoing projects

3

Location Project Name CompanyMLDL

Holding

Development Potential MLDL’s

share of

units

% sold

(units)1

%

completion2

Sales Value

till date

(US$ mn)

Revenue

Recognised

till date

(US$ mn)3mn sqm mn sq ft units

MMR

The Serenes, Ph I MLDL 100% 0.01 0.07 20 20 45% 42% 4 24

Happinest Boisar Ph I MLDL 100% 0.02 0.19 359 359 84% 46% 8 -

Happinest Boisar Ph II

CMLDL 100% 0.01 0.10 159 159 21% 36% 1 -

Happinest Boisar Ph II

DMLDL 100% 0.00 0.04 79 79 34% 34% 1 -

Pune

Antheia Ph I MLDL 100% 0.05 0.52 512 512 98% 73% 48 35

Antheia Ph II A5 MLDL 100% 0.01 0.16 132 132 65% 42% 10 44

Antheia Ph II B5 MLDL 100% 0.01 0.12 88 88 10% 31% 1 -

Antheia Ph II C5 6 MLDL 100% 0.01 0.14 88 88 - 32% - -

Antheia Ph II D5 MLDL 100% 0.01 0.13 178 178 6% 31% 1 -

L'Artista # MLDL 100% 0.01 0.09 21 16 6% 68% 1 -

Nagpur

Bloomdale IA MBDL 70% 0.02 0.24 210 210 97% 91% 12 10

Bloomdale IB MBDL 70% 0.01 0.12 98 98 98% 84% 6 5

Bloomdale IC MBDL 70% 0.00 0.05 22 22 95% 88% 3 3

Bloomdale IIA MBDL 70% 0.01 0.11 84 84 94% 61% 6 4

Bloomdale IIB MBDL 70% 0.01 0.15 140 140 58% 45% 6 3

Bloomdale IIB – 2 MBDL 70% 0.01 0.09 70 70 27% 46% 1 14

Bloomdale IIC MBDL 70% 0.01 0.07 28 28 82% 46% 3 24

Bloomdale IIIC-1 MBDL 70% 0.00 0.03 12 12 50% 31% 1 -

Note:

1 - Based on MLDL’s share of units

2 - Completion shown is on total project cost which is equal to land + construction related costs

3 - Revenue Recognition happens when 25% of construction related costs, 25% of sales by area and 10% of collections from customer is achieved

4 – The Serenes Ph 1, Antheia IIA, Bloomdale IIB-2 and Bloomdale IIC achieved revenue recognition in Q4 FY15

5 - Antheia Ph II subdivided into 4 phases

6 – Antheia Ph IIC has not been commercially launched.

# Joint Development1US$ = 60 INR

27

City wise execution experienceOngoing projects

1US$ = 60 INR

3

Location Project Name CompanyMLDL

Holding

Development Potential MLDL’s

share of

units

% sold

(units)1

%

completion2

Sales Value

till date

(US$ mn)

Revenue

Recognised

till date

(US$ mn)3mn sqm mn sq ft units

NCR

Aura IV MLDL 100% 0.03 0.29 142 142 99% 83% 25 20

Aura V MLDL 100% 0.03 0.36 150 150 77% 61% 25 15

Luminare I # MHPL 50% 0.03 0.37 120 954 38% 24% 26 -

Hyderabad

Ashvita I # MLDL 100% 0.02 0.24 144 116 82% 74% 10 8

Ashvita II # MLDL 100% 0.02 0.22 136 109 81% 64% 10 6

Ashvita III # MLDL 100% 0.02 0.21 128 103 73% 54% 9 5

Ashvita IV # MLDL 100% 0.02 0.21 128 103 61% 52% 7 4

Ashvita V # MLDL 100% 0.02 0.21 128 103 41% 40% 6 2

Chennai Aqualily Apts C1 MRDL 96% 0.03 0.30 164 164 39% 62% 7 4

Aqualily Apts C2 MRDL 96% 0.01 0.16 84 84 4% 43% 0 -

Iris Court IIIB MITL 96% 0.01 0.13 96 96 48% 61% 4 2

Nova I MITL 96% 0.02 0.27 357 357 95% 74% 13 9

Nova II MITL 96% 0.03 0.27 363 363 2% 9% 0 -

Happinest Avadi I MLDL 100% 0.03 0.34 604 604 47% 65% 8 5

OVERALL 0.56 5.98 5044 4884 59% - 264 149

Note:

1 - Based on MLDL’s share of units

2 - Completion shown is on total project cost which is equal to land + construction related costs

3 - Revenue Recognition happens when 25% of construction related costs, 25% of sales by area and 10% of collections from customer is achieved

4 – Change in MLDL’s share of units as JD partner’s inventory re-apportioned

# Joint Development

* Construction of Iris Court II and Iris Court IIIA completed during Q4 FY15. Please see annexures for more details.

28

Forthcoming Projects and Land Bank

Category Location Name of the Project MLDL

Holding

Est. Saleable

Area *

mn sq m mn sq ft

Forthcoming Projects

New Phases of Existing Projects Pune Antheia - subsequent phases 100% 0.05 0.56

MMRThe Serenes, Alibaug – subsequent phases 100% 0.01 0.11

Happinest Boisar – subsequent phases 100% 0.02 0.17

ChennaiAqualily - subsequent phases 96% 0.02 0.20

Happinest Avadi – subsequent phases 100% 0.04 0.39

NCR Luminare – subsequent phases# ** 50% 0.07 0.73

Nagpur Bloomdale - subsequent phases 70% 0.06 0.68

TOTAL - New Phases of Existing Projects 0.26 2.84

New Projects

Mid & Premium Residential Mumbai Andheri 100% 0.03 0.37

Sakinaka# 100% 0.03 0.32

Bengaluru Bannerghatta 50% 0.09 0.98

TOTAL - New Projects 0.16 1.67

TOTAL Forthcoming 0.42 4.51

Land BankNasik Satpur Project 100% 0.06 0.60

Pune Pimpri Commercial Project 100% 0.03 0.30

Chennai MWC Chennai Residential 95% 0.98 10.50

Mumbai Thane Project 100% 0.05 0.59

Kandivli Project 100% 0.01 0.10

GE Gardens, Kanjurmarg# 100% 0.03 0.35

TOTAL Land Bank 1.16 12.44

#Joint Development

*Represents total saleable area, including JDA partner’s share

** 3 units (0.01 mn sft) have already been sold in subsequent phase of Luminare

29

City Chennai NCR Nagpur Pune Hyderabad

Project Iris Court Aura Bloomdale Antheia Ashvita

Sale price

(INR per

sq ft)

Realizations grow as projects progressGrowth of realization across select residential projects

Focusing on customer satisfaction through on-time delivery; price appreciation benefits both customers and the Company

14

31

25

32

FY12 FY13 FY14 FY15

Large format integrated

business cities

Chennai

Jaipur

3

1012

15

18

FY12 FY13 FY14 FY15

2,5002,275

2,700

4,500

3,4503,350

6,800

3,950

5,740

4,150

Dec-10 Dec-14 Feb-10 Nov-14 Nov-11 Dec-14 Oct-12 Nov-14 Nov-12 Mar-14

6

1011

FY11 FY12 FY13

Avg. price realization (INRm / acres)

30

Key investment themes

Lineage of a well

respected Group

Industry

Leaders in

Corporate

Citizenship

Portfolio

Approach to

Business

ModelTrack Record

of Execution

Experienced management

team

Supportive

industry

fundamentals

1

2

3

4

5

6

7

Consistent

Financial

Performance

31

Consistent financial performance…

117 123 118 181

FY12 FY13 FY14 FY15

Consistent performance

driven by

– Focus on execution

– Adding high quality land

inventory

– Stronger sales

momentum driven by

new launches

– Improving price

realization at MWC

Improved operating margin

in FY13 with completion of

high margin residential

projects and contribution

from MWC

Change in city and product

mix resulted in reduced

margins in FY14 vis-à-vis

FY13

FY15 performance

includes impact of the

Byculla transaction

Operating Income (US$m)

EBITDA

36 46 37 81

31.16%

37.38%31.36%

44.68%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

0

10

20

30

40

50

60

70

80

90

FY12 FY13 FY14 FY15

EBITDA (US$m) % EBITDA margin

Witnessed consistent performance during last few years

Note: All numbers are based on consolidated accounts

Note: 1US$ = 60 INR

4

** PAT numbers are after minority interest

32

…has balanced leverage and low cost of debt

60 118 202 184

0.31

0.55

0.96

0.75

FY12 FY13 FY14 FY15

Net Debt (US$m) Net Debt/Equity Net Debt / Equity is

currently less than 1.0

Early repayment of

construction finance of

INR195cr (US$ 32.5m) in

Q1 FY15

Cost effective funding

– Raised INR5bn

(US$83m) in Apr-13

through listed NCDs at

cost of 10.78% p.a.

Financial de-risking

through 50:50 joint venture

with Standard Chartered

PE to invest up to

INR10bn (US$167m) in

residential projects

Net Debt* (US$m)

Focusing on reducing interest cost through cost effective funding

Note: All numbers are based on consolidated accounts

Note: 1US$ = 60 INR

4

Interest cost**

* Net Debt is calculated as Gross Debt less cash balance and current investments

13.15% 12.27% 11.68% 11.45%

FY12 FY13 FY14 FY15

** Based on external borrowings; excludes CCDs (Compulsory Convertible Debentures)

33

Key investment themes

Lineage of a well

respected Group

Industry

Leaders in

Corporate

Citizenship

Portfolio

Approach to

Business

ModelTrack Record

of Execution

Experienced management

team

Supportive

industry

fundamentals

1

2

3

4

5

6

7

Consistent

Financial

Performance

34

Director since Brief profile – Key leadership roles Education

Arun K. NandaChairman

Apr, 2001

Chairman of Mahindra Holidays & Resorts Chairman Emeritus of the Indo-French Chamber of Commerce and Industry Former Chairman of CII Western Region Has been associated with the Group for last 40 years

Holds degree in Law from the University of Calcutta, FCA, FCS

Anita ArjundasManaging Director & CEO

Jun, 2009

Member of the Group Executive Board, Mahindra Group Advisor, FICCI- Real Estate Committee Consistently ranked amongst Fortune India’s 50 most powerful women in business (2011 – 2014) Has been associated with the Group for last 12 years

Holds MBA from BIM, India and Wharton AMP alumnus

Uday PhadkeDirector

Apr, 2001

Principal Advisor (Finance) at M&M Member of the SEBI Committee on Disclosures and Accounting Standards Former Chairman of the Direct Taxes Committee of the Bombay Chamber of Commerce and Industry Has been associated with the Group for last 40 years

Holds Bachelor's degree in Commerce and Law from Mumbai University, FCA, FCS

Anil Harish IndependentDirector

Oct, 2004

Partner of the Law firm M/s D M Harish & Co Former Executive Vice President of Society of Indian Law Firms (SILF) On the Advisory Board of Accommodation Times Institute of Real Estate Management and on the

Advisory Board of the magazine “Property Scape”

Holds Bachelor's degree in Law from Mumbai University and LLM from USA

Sanjeev KapoorIndependentDirector

Oct, 2003 Partner of the Chartered Accountant firm, S.K.Kapoor & Co On the Board of Mahindra World City Developers, Mahindra Residential Developers Limited, HLL Life

Care & HLL Infratech Services Limited

Commerce graduate and FCA

Shailesh HaribhaktiIndependentDirector

Jul, 2004 Member of governing committees in Indian Merchants Chamber, CII and ASSOCHAM Former President of Indian Merchants Chamber, Institute of Internal Auditors (Bombay Chapter),

Bombay Management Association, ICAI FCA

Dr. Prakash HebalkarIndependentDirector

Mar, 2009 Served as international adviser on public policy to United Nations and WIPO Former President of Indo-American Chamber of Commerce (Western region) Served as member of Ministry of Finance Empowered Committee

Holds doctorate in Computer Science and Economics from MIT, USA

Experienced Board of Directors

Individuals with diverse background across industries part of the Board of Directors

6

35

Matrix structure for management team

Matrix organization structure ensures strong specialist support while enabling better market understanding and localised

decision making

Managing Director & CEO

Large format integrated

business citiesCorporate

Jayantt Manmadkar

CFO

Lancelot Cutinha

Head – HR

Siddharth Bafna

Head – Strategy & Investor Relations

Suhas Kulkarni

SVP - Legal & Company Secretary

Residential businesses

Sriram S. Mahadevan Rajendra Joshi

Deepak Porayath

COO – MWCDL

S. Chandru

COO – MWCJL

Sanjay Srivastava

Anita Arjundas

* IC : Integrated Cities and Industrial Clusters

** Cities of Chennai and Hyderabad

CEO - IC *

Business Head – South(Residential)**

Sangeeta Prasad

6

Gaurav Jain

Vice President – Sales

Smeeta Neogi

Vice President – Marketing

and Customer Relations

Eric Urs Hauptstein

Head – Projects

Ramesh Ranganathan

West - Business HeadHappinest (Affordable

Housing) - Business Head

Bengaluru - VP Operations

North - Business Head and

Head- Business

Development

36

Key investment themes

Lineage of a well

respected Group

Industry

Leaders in

Corporate

Citizenship

Portfolio

Approach to

Business

ModelTrack Record

of Execution

Experienced management

team

Supportive

industry

fundamentals

1

2

3

4

5

6

7

Consistent

Financial

Performance

37

7

India Real Estate Sector: Upswing in the OffingDemand drivers for residential sector

Economic growth leading to increase in

disposable income

Large scale urbanization

Real estate considered as

investment asset

Robust industrial growth

Tax savings on mortgages

Easy and flexible financing options

Increasing presence of organised players

Demand drivers for Industrial/ commercial sector

Forecast to grow at 13%

over the next five years

16% of the total office

space absorption in

India

Currently 16% of GDP;

expected to generate

100 mn additional jobs

by 2022

Has absorbed ~52% of

new office space which

came up since 2010.

Long term story intact

Real estate’s contribution to GDP expected to double from

c.6.3% in 2013 to c.13% in 2025. Completed space expected

to increase from 3.6 bnsq ft in 2013 to about 8.2 bnsq ft in

2025.

Size of real estate market expected to grow 7 times from

$121 bn in 2013 to $853 bn in 2028.

Subdued sentiment for sector prior to General Elections, 2014

due to -

Stagnant regulatory reforms

Alternate asset classes like equities turn attractive

Rising material, labour costs

Rising inflation, liquidity crunch and higher credit costs.

Post election, push to real estate sector via –

Imminent Regulatory reforms – RE Regulation Bill, Land

Acquisition Bill reforms and REITS

Government push for Smart Cities, infrastructure and

affordable housing. Developers now targeting emerging

categories like affordable homes, second home market

and vacation homes, etc.

Latent demand to add impetus to RE growth.

Robust

fundamental

demand drivers

* BFSI: Banking, Financial Services and Insurance

Demand led by strong

growth in key consumer

industries

Sources: CREDAI, Knight Frank, KPMG, NHB Housing Index

38

Growth Strategy

38

39

Growth strategy for residential business

Maintain focus on

core segment;

selective entry in

adjacent segments

Continue catering to the mid and premium segment with products in ticket sizes of Rs. 40 lakhs

to Rs. 1.5 crore (Except Mumbai, which is at ~2.5x)

Expand product portfolio through offerings in select niche areas such as luxury housing,

weekend homes etc

Specific growth

plan for identified

markets

Deepen presence in high potential markets of Mumbai, Pune and Bangalore

Selective expansion in NCR and Hyderabad

Accelerating development of residential footprint in MWC Chennai and initiating residential

development in MWC Jaipur

Focus on live corridors v/s speculative corridors to ensure low volatility in demand

Strengthening and

leveraging the

Mahindra brand

Ensuring a differentiated customer experience with emphasis on quality, transparency and

timeliness for deriving a premium in the market

Focused effort on increasing sales throughput by expanding sales outreach and strengthening

our brand profile and awareness

Gain capital efficiency with a mix of funding structures through being a preferred partner for land

owners as well as investors

40

Growth strategy for large format integrated

business cities

Expand footprint to

new destinations

and formats

Expand into upcoming industrial destinations by targeting pre-aggregated land in states with

clear and friendly industrial policies

Diversify the portfolio through smaller industrial parks with value added support facilities to

enable faster turnaround

Developing a large integrated MWC in the west of India

Growth Levers for

the business

Leverage our brand and expertise by partnering with strategic and financial investors as

relevant

Capitalize on new initiatives and priorities of the Government such as “Make in India”,

development of industrial corridors, Smart Cities etc.

Accelerating and

enhancing value

creation from

existing projects

Enable sale of remaining industrial land at MWCC by securing pending approvals

Aligning product mix (land use) at MWCJ with current demand, increasing the DTA area and

having a multi-product SEZ

41

Glossary

a. Completed: projects where construction has been completed

and completion certificates have been granted by the relevant

authorities

CII Confederation of Indian Industry

DTA Domestic Tariff Area

IGBC Indian Green Building Council

M&M Mahindra & Mahindra Limited

MBDL Mahindra Bebanco Developers Limited

MITL Mahindra Integrated Township Limited

MLDL Mahindra Lifespace Developers Limited

MRDL Mahindra Residential Developers Limited

MWC Mahindra World City

MWCC Mahindra World City, Chennai

MWCJ Mahindra World City, Jaipur

NCR National Capital Region

RIICORajasthan State Industrial Development &

Investment Corporation Ltd

SEZ Special Economic Zone

TIDCO Tamil Nadu Industrial Development Corporation Ltd

b. Ongoing: projects where (i) all title or development rights, or

other interest in the land is held either directly or indirectly by

the Company/subsidiaries of the Company/joint ventures of the

Company/consolidated partnership firms of the Company; (ii) if

required, all land for the project has been converted for the

intended use; (iii) the requisite approvals for commencement of

construction have been obtained; and (iv) the construction of

structures in the project is ongoing

Classification of projects is as under:

c. Forthcoming: projects in respect of which (i) all title or

development rights or other interest in the land is held either

directly or indirectly by the Company/subsidiaries of the

Company/joint ventures of the Company/consolidated

partnership firms of the Company; (ii) if required, applications

have been made for conversion of use for the land for the

intended use; (iii) preliminary management development plans

are in place; and (iv) architects have been identified and have

commenced work

d. Land inventory: land in which any of the

Company/subsidiaries of the Company/joint ventures of the

Company/consolidated partnership firms of the Company hold

interest, but on which there is no planned development as of

the date hereof

42

Appendices

42

43

Recent developments

Real Estate

Regulation and

Development

Bill, 2013

Re

sid

en

tia

l

Provision Analysis Impact on Mahindra Lifespaces

Registration with Real Estate Regulatory

Authority prior to sale

Better oversight and coverage of all

developers by the regulator

Improved recourse measures for customer

grievances

No material impact – Company will abide by the

registration process as laid out by the regulators

Separate bank accounts for every project in

which 50% of the proceeds need to be

maintained

New projects cannot be financed from

existing projects’ cash flows

Project cash flows cannot be used to

service debt

Will impact surplus cash availability

Project level equity investments can help reduce

the impact

Project Launch and Sales possible only post

receipt of all necessary permits

Investors looking to buy the project in initial

stages may be impacted

Developers seeking to raise funds

immediately post land purchase will not be

able to do so

No impact – Company does not launch a project

until all relevant permits are obtained

Recent developments such as impetus to affordable housing, manufacturing through “Make in India”, smart cities etc. align

well with the business model of Mahindra Lifespaces

Aff

ord

ab

le

Ho

us

ing

Budget 2014-

15 Emphasis on Affordable Housing

Allotment of Rs. 4000 cr to NHB to provide

cheaper credit to low income group

segment. Positive for those players who

have offering in the below 40 lakhs

segment

MLDL during the quarter has launched ‘Happinest’-

affordable houses. The announcement in the

budget is aligned to the broader strategy of our

company to have products across price points.

Extremely positive for MLDL

44

Completed Projects

Location Name of the Project Area

(mn sqm)

Area

(mn sq ft)

PuneRoyale 0.06 0.63

The Woods 0.05 0.53

Great Eastern Plaza 0.01 0.15

Retreat 0.00 0.04

Nest 0.01 0.09

Le Mirage 0.01 0.12

NCRAura I 0.02 0.27

Aura II 0.02 0.23

Aura III 0.02 0.21

Chloris 0.04 0.39

Central Park 0.11 1.17

Great Eastern Plaza 0.01 0.07

Great Eastern Centre 0.00 0.05

Total Development : 0.83 mn sqm (8.92 mn sq ft)

Location Name of the Project Area

(mn sqm)

Area

(mn sq ft)

Mumbai Eminente 0.05 0.57

Splendour 0.07 0.78

Mahindra Park 0.02 0.19

Mahindra Heights 0.01 0.06

Mahindra Gardens 0.03 0.36

Great Eastern Links 0.03 0.35

Great Eastern Gardens 0.05 0.49

Fairwinds 0.00 0.01

Chennai Iris Court I 0.03 0.27

Iris Court II 0.03 0.30

Iris Court IIIA 0.02 0.16

Sylvan County 0.05 0.50

Aqualily Villas 0.04 0.46

Aqualily Apartments A 0.01 0.14

Aqualily Apartments B 0.03 0.32

45

Unsold inventory in completed projects

Notes:1. Completion shown is on total project cost which is equal to land + construction related costs2. Revenue Recognition happens when 25% of construction related costs, 25% of sales by area and 10 % of collections from customer is achieved 3. Based on MLDL’s share of units

Location Project Name CompanyMLDL

Holding

Development Potential MLDL’s

share of

units

% sold

(units)1

%

completion2

Sales Value

till date

(US$ mn)

Revenue

Recognised

till date

(US$ mn)3mn sqm mn sq ft units

Chennai Aqualily Villas C MRDL 96% 0.01 0.11 40 40 95% 100% 9 9

Aqualily Villas D MRDL 96% 0.01 0.12 37 37 76% 100% 8 8

Aqualily Apts A MRDL 96% 0.01 0.14 80 80 99% 100% 8 8

Aqualily Apts B MRDL 96% 0.03 0.32 178 178 89% 100% 16 16

Iris Court II MITL 96% 0.03 0.30 229 229 98% 100% 15 15

Iris Court III A MITL 96% 0.02 0.16 133 133 97% 100% 9 9

OVERALL 0.11 1.15 697 697 94% - 65 65

46

Disclaimer

This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase

or sell any securities.

This presentation should not be considered as a recommendation that any investor should subscribe for or purchase any securities of Mahindra

Lifespaces Developers Limited or its subsidiaries (together, the “Company”) and should not be used as a basis for any investment decision.

The information contained in this presentation is only current as of its date and has not been independently verified. No express or implied

representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information

presented or contained in this presentation.

None of the Company or any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss howsoever arising from any

information presented or contained in this presentation. Furthermore, no person is authorized to give any information or make any representation

which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or

made, should not be relied upon as having been authorized by or on behalf of the Company.

The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of

such revision or

changes. These materials are confidential, are being given solely for your information and for your use, and may not be copied, reproduced or

redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly,

any persons in possession of this presentation should Inform themselves about and observe any such restrictions.

This presentation contain certain statements of future expectations and other forward-looking statements, including those relating to our general

business plans and strategy, our future financial condition and growth prospects, and future developments in our sector and our competitive and

regulatory environment. In addition to statements which are forward looking by reason of context, the words ‘anticipates’, ‘believes’, ‘estimates’,

‘may’, ‘expects’, ‘plans’, ‘intends’, ‘predicts’, or ‘continue’ and similar expressions identify forward looking statements. All forward looking

statements are subject to risks, uncertainties and assumptions that could cause actual results, performances or events to differ materially from the

results contemplated by the relevant forward looking statement.

The information contained herein does not constitute an offer of securities for sale in the United States or in any other jurisdiction. Securities may

not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as

amended.

47

Thank You

Mahindra Lifespace Developers Limited

CIN L45200MH1999PLC118949

5th Floor, Mahindra Towers, Worli, Mumbai - 400 018| Tel:

022 6747 8600/ 6747 8601| Fax: 022 2497 5084

Website: www.mahindralifespaces.com