The shares of one of India’s leading real estate development companies gained 2.2 percent to an intraday high of ₹614.95 per share on Thursday after the company achieved ₹800 crores in sales in three days after the sale of residential projects in Mumbai.
On Thursday, the shares of Mahindra Lifespace Developers Ltd. closed at ₹604 a share, up 0.59 percent on the National Stock Exchange, The company has a market capitalization of ₹9,370 crore.
Mahindra Lifespace Developers Ltd., the real estate and infrastructure development arm of the Mahindra Group, has sold India’s first Net Zero Waste and Energy residential project, Mahindra Vista, located in Kandivali East, Mumbai. Within just three days of its recent launch, the project garnered an impressive ₹800 crore in sales.
The company aims to power all residential projects exclusively with renewable energy, anticipating savings of around 18 lakh kWh through active and passive energy conservation. Additionally, the initiative plans to divert approximately 8 lakh kg of waste from landfills, equivalent to 786 trucks of waste.
The project also includes water conservation measures, like low-flow fixtures, sewage wastewater treatment and reuse, and efficient irrigation systems, with a targeted 53% reduction in water usage from external sources.
The company’s operational revenue has declined by 56 percent year on year from ₹187 crores in Q3FY23 to ₹82 crores in Q3FY24, while net profit increased by 47 percent from ₹34 crores to ₹50 crores.
Mahindra Lifespace Developers Ltd. shares gained 15 percent in the last six months and 64 percent in a year.
Mahindra Lifespace Developers Ltd. is engaged in the business of developing real estate, residential facilities, and commercial complexes, and through its subsidiary companies, is involved in various infrastructure projects including the development of SEZs and industrial clusters.
Mahindra Lifespace’s development portfolio comprises premium residential projects, under the brand name Mahindra Happinest and integrated cities and industrial
clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands, respectively.
Written by Omkar Chitnis
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