Mumbai: Mahindra Lifespace Developers Ltd., the real estate and infrastructure development arm of the $15.4 billion Mahindra Group, released its triple bottom-line focused Sustainability Report today, based on the Global Reporting Initiative (GRI) guidelines. The report has been assessed at A+ as per the GRI - G3 guidelines, indicating the highest level of transparency and voluntary disclosure. Mahindra Lifespaces is the first company in the Real Estate Sector in India to publish a GRI compliant Sustainability Report.
Mahindra Lifespaces has always been conscious of the need to strike a harmonious balance between the inevitable need for urbanization, the responsibility towards sustainability, and a healthy bottom line. This ‘Business with a Purpose’ focus of Mahindra Lifespaces is aligned with the Mahindra brand’s Rise philosophy of driving positive change through alternative thinking and accepting no limits.
Photo Caption: From L to R: Mr. Amit Pal, Sr. General Manager, Quality Assurance & Innovation Initiatives, Real Estate Sector, Mahindra Group, Ms. Anita Arjundas, Managing Director & CEO, Mahindra Lifespaces Developers Ltd & Member of the Group Executive Board, Dr. Aditi Haldar, Director - GRI Focal Point India, Mrs. Beroz Rumie Gazdar, Sr. Vice President – Group Sustainability, Mahindra & Mahindra Limited.
The first standalone Sustainability Report explores how Mahindra Lifespaces’ defines and implements its strategy, identifies material issues and addresses its responsibilities not only to all stakeholders but more importantly to the environment. It highlights the Company’s economic, environmental, social and governance performance across all aspects of the business and organization.
Commenting on the achievement, Ms. Anita Arjundas, Managing Director & CEO, Mahindra Lifespaces Developers Ltd & Member of the Group Executive Board, said, “We recognize that urban growth is inevitable; but it needs to be tempered by a strong responsibility towards scarce resources and environmental conservation. Our endeavor has been to adopt business strategies that meet the needs of our organization and our stakeholders while protecting, sustaining and enhancing human and natural resources. Be it Green Homes from Mahindra Lifespaces or new Urban Centers from Mahindra World City, our focus has always been on Sustainable Urbanisation. We are proud to be the first organization in the real estate industry to have embraced the triple bottom line approach to sustainability and to present the first GRI A+ rated Sustainability Report of Mahindra Lifespaces”.
Mahindra Lifespaces has followed the Global Reporting Initiative (GRI) Sustainability Reporting G3 Guidelines which is the most widely adopted non-financial reporting framework in the world and used to help communicate sustainability performance while encouraging transparency and accountability. Third party assurance has been given by KPMG after having audited the disclosures. The Mahindra Lifespaces ‘Sustainability Report’ has achieved an A+ rating for meeting the requirements of GRI - G3 guidelines. Once published, this report can be viewed worldwide in GRI’s ‘Sustainability Disclosure Database’.
GRI (Global Reporting Initiative) is a non-profit organization which works towards a sustainable global economy by providing organizational reporting guidance. The Framework enables all organizations to measure and report their economic, environmental, social and governance performance - the four key areas of sustainability. A sustainable global economy should combine long term profitability with social justice and environmental care, and GRI has pioneered and developed a comprehensive Sustainability Reporting Framework that is widely used around the world. This transparency and accountability builds stakeholders’ trust in organizations, and can lead to many other benefits.
Mahindra Lifespaces has been at the forefront of ‘Transforming urban landscapes by creating sustainable communities’. It has done this by making its residential and integrated business city developments environment friendly, reducing the carbon footprint and enabling communities to reduce theirs. Thoughtful master planning, adopting best practices in development, and building trust based community relationships while ensuring financial prudence has allowed Mahindra Lifespaces to continuously create self sustaining environments.