Our Value Creation Approach
1.1. How we create value: Our Value Creation Model
As a leading real estate developer, we are committed to delivering value to customers; to creating decent employment opportunities; and to driving positive change in the communities around our projects. To enable a million people to live, smile and prosper by building homes, industrial parks and cities that provide integrated ecosystems through design, experience & acceleration, we rely on our value creation model. It leverages financial, manufactured, human, natural, intellectual, and relationship capital to create value for our stakeholder. Our value creation process is based on pillars of our Sustainability Policy - Sites, Product, Offices and Communities. It is inclusive of stakeholder requirements and enables us to focus on material issues for long term sustainability of the organisation while mitigating risks and leveraging opportunities.
Our value creation model is aligned to the strategic pillars of our sustainability policy. It enables us to deliver impacts that enhance customer , environmental , associate and community well-being.
1.2. Material Issues for value creation
Our materiality process applies integrated thinking to identify matters that may influence our ability to create value in the short medium, and long term. We, at Mahindra Lifespaces, incorporate material topics that have a direct or indirect impact on our ability to create, preserve, or erode economic environmental, and social value for ourselves, our stakeholders, the environment, and society in our strategy and decision-making processes.
The sustainability focus areas of Mahindra Lifespaces have been identified on the basis of a structured materiality assessment conducted in 2018-19 in line with the GRI standards. Our material assessment is aligned with changing regulatory requirements, business context due to Covid pandemic, market needs, customer preferences, evolving sustainability and climate discourse, commitment to Science based Targets initiative, and Mahindra Group commitments. We performed an extensive engagement exercise with internal and external stakeholders to understand their needs and expectations and strive for inputs pertaining to sustainability. These inputs were then mapped on a materiality matrix based on importance to stakeholders as well as to Mahindra Lifespaces, prioritised, and validated by the senior leadership.
The issues identified through deep consultations with leadership and stakeholders have been mapped as per the 4 areas of well being, governance, economic performance and supply chain.
1.3. For whom do we create value: Creating value for stakeholders through engagement
Determining the nature of our stakeholders and understanding the importance of engaging with them is crucial to determine issues material to our company and lays the foundation of our ability to create value. We embrace a people-centric and stakeholder inclusive approach to creating value. This means that stakeholder engagement is integrated into every step of our value creation process. Our stakeholder engagement process is used for fostering and nurturing relationships with our stakeholders, which help in strengthening strategy development and decision making. Proactive and transparent communication channels enable us to identify and address the needs, expectations, and concerns of our diverse stakeholder groups and gain valuable insight for sustainable value creation. We identify our stakeholders based on three key dimensions – importance and influence, physical proximity, and dependency factor. Identified stakeholder groups are then prioritised based on their ability to influence and be influenced by Mahindra Lifespaces. We classify our prioritised stakeholders under inner and outer coterie.