Mahindra Lifespaces Developers (MLIFE) is a mid and premium housing
developer catering to strong demand in tier-1 cities and small metros in the
country. Apart from real estate development, MLIFE also operates two integrated
business cities – Mahindra World City (MWC) Chennai and Jaipur [special
economic zones (SEZ) and domestic tariff area (DTA)]. MLIFEs strong balance
sheet (FY2013E D/E ratio – 0.24x), good corporate governance, diversified land
bank and solid brand name sets it apart from many of its peers. We also prefer
MLIFEs high turnover real estate business model, which is more focused on
development rather than land bank accumulation. We Initiate Coverage on the
stock with a Buy recommendation.

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