Mahindra and Mahindra (M&M) today said there is no slowdown in its real estate projects, even as there is slump in demand.
"We are not slowing down on any of our projects. Jaipur is rocking, Chennai is doing well, city-based projects such as Faridabad are also doing well," Mahindra and Mahindra Executive Arun Nanda told reporters here on the sidelines of India Economic Summit.
Fundamentals of real estate have not changed. Nanda said, there were no funding issues for its projects and the company's affordable housing projects are not going to disappear.
"We have actually got cash in the bank," he said, adding that there is a huge demand in Rs 30-40 lakh apartments segment. He, however, said the housing loan segment is facing problems and investors are not coming forward.
"Demand has been put on back-burner and interest rates are hurting people," he said.
Nanda also said that the group is awaiting SEBI approval for the initial public offering of Mahindra Holidays and Resorts.
