No slowdown in real estate projects: M&M

Mahindra and Mahindra said on Monday 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 Ltd Executive Arun Nanda told reporters in New Delhi 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 there is a huge demand in Rs 30 to 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 Securities and Exchange Board of India's approval for the initial public offering of Mahindra Holidays and Resorts Ltd.