How much do those large round bales weigh - 2000lbs? maybe the tractor will do it I don't know but moving 4000lb of hay at once with a 4900lb tractor doesn't seem like a good idea?
Some of the most frustrating "tractoring" moments I have had over the years have been trying to do things where my tractor was just not big enough. It takes forever, doesn't work right, and is very hard on your tractor to be working it at its maximum capability.
I went from a 47hp, to a 90hp, and now have 135 hp. Do I really need that big of a tractor? No but it does what I ask of it easily and faster. Even though I bought it used I think I will get more life out of it working it well below the capacity than using a smaller tractor maxed out.
I would not be set on new. Buy something used and you will get a lot more for your dollar. I have owned 4 tractors and my least favorite (and the one that gave me the most problems) was the one I bought new.
It sounds like you are going to be doing some bigger chores and not the typical compact tractor stuff so you would benefit from something larger.
What does that Mahindra cost - close to 30k? I am not knocking it but you could buy a heck of a lot more in a used tractor for that much.