Shares of Mahindra Lifespace Developers Ltd (MLDL) rallied over 6% on Friday after the real estate and infrastructure development arm of the Mahindra Group secured two orders worth ₹2,050 crore. The company informed exchanges that it has acquired land in Bengaluru and secured a redevelopment project in Mumbai, collectively offering a revenue potential of ₹2,050 crore, according to the company’s statement in a BSE release on Thursday.
Boosted by the development, Mahindra Lifespace Developers' share price rose as much as 6.2% to ₹647.7 apiece on the BSE today. The stock opened higher at ₹631.25 against the previous closing price of ₹610.05 on the BSE.
Mahindra Lifespaces has been selected as the preferred partner for redeveloping seven residential societies in the Borivali West neighbourhood of Mumbai. This project offers an estimated Gross Development Value (GDV) of approximately ₹1,800 crore.
Additionally, the company has acquired 2.37 acres of land in Singasandra, South Bengaluru, adjacent to its Mahindra Zen project, which was well-received at its launch. “The land is estimated to have a developable potential of approximately 0.25 million square feet, with a Gross Development Value of around ₹250 crore,” the company states in a release.
Amit Kumar Sinha, managing director & CEO of Mahindra Lifespace Developers Ltd, stated, “These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of ₹2050 crore, mark a significant milestone in our growth trajectory. Our third redevelopment project in Mumbai, with a GDV of ₹1800 crore, reinforces our commitment to urban renewal by creating value in established neighbourhoods. Simultaneously, our ₹250 crore GDV land acquisition in Bengaluru's Singasandra area positions us to further capitalise on the city's robust real estate demand.”
“Both deals align with our focus on high-potential markets and underscore Mahindra Lifespaces' dedication to delivering quality living spaces across diverse urban landscapes. As we strengthen our presence in key markets, we remain poised for sustained growth and value creation in India's dynamic real estate sector,” Sinha adds.
The company also mentioned that a board of directors meeting is scheduled for July 24, 2024, to consider the unaudited standalone and consolidated financial results for the first quarter ending on June 30, 2024.
Mahindra Lifespace's development footprint spans 37.33 million sq ft of completed, ongoing, and upcoming residential projects across seven Indian cities. Additionally, it manages over 5,000 acres of ongoing and forthcoming projects in its integrated developments and industrial clusters across four locations.
