Mahindra Lifespace has announced the inauguration of multi-product special economic zone (SEZ) in Jaipur in a joint venture with the Rajasthan government.
This SEZ was set up 10 years ago, however, at that time, the company could not get small parcels of contiguous lands. Hence, it could not get a multi-product SEZ approval, said Arun Nanda, chairman of Mahindra Lifespaces.
"Now that we comply with the requirements of the multi-product SEZ, it means that the project has not changed physically but the number of customers and the customer segments has now broadened,” he said.
Talking about the new accounting standard, Nanda said, “I have never seen as much confusion as accounting standards (AS) 115 has created. The team is working on looking at the implications, we are evaluating all sort of things."
“Mid-market products and especially affordable housing is seeing good traction. Worst is over, things should move on,” added Nanda.