Established in 1994, Mahindra Lifespace Developers Limited (MLDL) is the real estate and infrastructure development arm of the Mahindra Group, bringing the Group's philosophy of 'Rise' to India's real estate industry through residential communities and business ecosystems. The company's development footprint spans 49.26 million sq. ft. (saleable area) of completed, ongoing and forthcoming residential projects across seven Indian cities, and over 5,000 acres of ongoing and forthcoming projects under development at its integrated developments and industrial clusters across four locations. Its portfolio comprises premium residential projects, value homes under the 'Mahindra Happinest' brand, and integrated cities and industrial clusters under the 'Mahindra World City' and 'Origins by Mahindra' brands.
The company operates across Mumbai, Pune, Nagpur, Ahmedabad, Delhi NCR, Jaipur, Hyderabad, Chennai, and Bengaluru. Within Pune specifically, MLDL has built out a multi-segment presence: Mahindra Happinest projects are situated across key urban and suburban regions including Pune (Tathawade), while flagship residential projects include L'Artista in Pune, among others. The March 2024 entry into Kharadi Annex represented the company's deliberate move into East Pune's most active IT-adjacent residential corridor.
In March 2024, Mahindra Lifespace Developers announced the launch of Mahindra Codename Crown in Kharadi Annex — a strategically located development four km from the World Trade Center. Situated on a 5.38-acre property, the project offered 2, 3 and 4 BHK homes and received RERA registration on March 4, 2024. Phase 1 set the foundation; it saw very strong sales.
On December 30, 2024, MLDL announced the launch of Phase 2 of this project under the new name Mahindra IvyLush. This phase introduces two new towers adding approximately 500 residential units, offering premium 2 and 3 BHK homes, and also features a standalone premium 4 BHK tower. The various phases have been registered with MahaRERA: Tower A and Tower B under P52100055161, Tower E under P52100055162 (valid up to 31/03/2030), and Tower C and Tower D under P52100078592 (valid up to 31/08/2030).
Homes at Mahindra IvyLush start at Rs. 93.92 lakh (all-inclusive). The project is located at Kharadi Annex, Sector R-14 of the integrated township, village Wagholi, Pune – 412 207.
Mahindra IvyLush includes spacious decks, enhanced cross-ventilation, senior-friendly washrooms, and a range of other climate-responsive features. These are not incidental choices — they reflect a company-wide design standard that MLDL applies across its residential portfolio. As a pioneer in Net Zero homes in India, Mahindra Lifespaces is committed to building only Net Zero homes from 2030 onwards; the company has already launched India's first three Net Zero residential developments — one Net Zero Energy and two Net Zero Energy+ Waste. MLDL was the first real estate company in India to commit to the global Science Based Targets initiative (SBTi), and has maintained a 100% Green portfolio since 2014, working towards carbon neutrality by 2040.
Mahindra Lifespaces is the recipient of over 90 awards for its projects and ESG initiatives. For a buyer at Kharadi Annex, this track record matters: it signals that the sustainability features embedded in IvyLush are part of a documented, publicly accountable commitment rather than project-specific marketing.
Kharadi has grown into Pune's premier IT hub with over 11 million sq. ft. of office space. The area hosts global companies like Credit Suisse, Zensar, and Mphasis, with several new tech parks under construction. For MLDL, whose residential portfolio has historically clustered around IT corridors in Mumbai, Pune, and Bengaluru, Kharadi Annex fits the same locational logic that has underpinned its successful launches elsewhere.
Kharadi Annex sits just 5–10 minutes from major business zones like EON IT Park, World Trade Center, Magarpatta, and Kalyani Nagar. With over 200 IT and multinational companies in the EON IT Cluster and easy access to Pune Airport just 8 km away, the area continues to attract professionals and investors. The area links well through the Pune-Ahmednagar Road and is set to benefit further from the upcoming Metro Line 2.
On the social infrastructure front, the project is surrounded by educational institutions including Wellington College International Pune, EuroSchool Kharadi, and Poddar International School. The EON IT Park's commercial precinct features prominent tenants such as Cognizant, Wipro, and Vodafone within proximity.
The average property rate in Kharadi in 2025 ranges between Rs. 8,000–12,700 per sq. ft., depending on the project, location, and amenities offered. With continuous infrastructure upgrades, property prices in Kharadi are appreciating by 8–10% annually, making it one of the stronger micro-markets for investors and homebuyers. Average rental yields range between 3.5–4%, with capital appreciation potential over the medium term.
Kharadi's average rate stands at approximately Rs. 9,174 per sq. ft., with rapid development fueled by the EON IT Park and other commercial establishments making it a hotspot for both commercial and residential real estate. Mahindra IvyLush's all-inclusive entry pricing from Rs. 93.92 lakh positions it competitively within this band, particularly given the MahaRERA registration, phased delivery timelines, and the brand assurance that comes with a listed entity.
Upcoming projects including the Pune Metro Line 2 extension, a River Rejuvenation Project, and the Pune Ring Road are expected to improve Kharadi's connectivity further, adding to long-term appreciation prospects.
Kharadi Annex is not MLDL's first address in Pune. In September 2023, Mahindra Lifespaces announced the launch of the third phase of Mahindra Happinest Tathawade, a 'Fusion Homes' residential development in Pune. With most of its Phase 1 and 2 inventory already sold out, it became one of the fastest-selling developments in the Pimpri-Chinchwad micromarket. Vimalendra Singh, Chief Sales and Service Officer at MLDL, described Pune as a key market driven by end-user demand, improving social and urban infrastructure, increasing employment opportunities, and growing demand for differentiated homes with sustainable lifestyles.
The Kharadi Annex entry — targeting a premium end-user at a different price and configuration point from Happinest Tathawade — demonstrates the company's intent to operate across Pune's residential segments simultaneously. IvyLush is positioned as the higher end of that range: a gated, climate-responsive, MahaRERA-compliant community in one of East Pune's most established employment addresses.
