The shares of one of India’s leading real estate development companies surged 6 percent to an intraday high of ₹647.70 per share on Thursday, after company announced the completion of a redevelopment project for an estimated Gross Development Value of ₹2,050 crores.
On Friday, at 11:50 a.m. the shares of Mahindra Lifespace Developers Ltd. were quoted at ₹627.85 a share, up 2.92 percent on the National Stock Exchange, The company has a market capitalization of ₹9,741 crore.
What News:
According to Mahindra Lifespace Developers Limited’s (MLDL) exchange filing, Mahindra Lifespace announced the closure of two deals totaling ₹ 2,050 crore in Gross Development Value (GDV). The deal includes a third redevelopment project in Mumbai and a land parcel in Bengaluru.
Mahindra Lifespaces has been chosen as the preferred partner for the redevelopment of seven residential societies in the prestigious Borivali West neighborhood of Mumbai. This project is estimated to have a Gross Development Value of approximately ₹ 1,800 crore.
Additionally, the company has recently acquired 2.37 acres of land in Singasandra, South Bengaluru. The new land acquisition is estimated to have a developable potential of approximately 0.25 million square feet, with a Gross Development Value of around ₹ 250 crore
About the Company: 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.
The Mahindra Lifespace Developers Ltd aims to power all residential projects exclusively with renewable energy, expecting to save around 18 lakh kWh through both active and passive energy conservation. Additionally, this initiative plans to divert approximately 8 lakh kg of waste from landfills, equivalent to 786 truckloads.As per Management report.
Mahindra Lifespace Developers Ltd. has a development footprint that includes 37.33 million square feet of completed, ongoing, and upcoming residential projects across seven Indian cities.
Additionally, the company manages and develops over 5000 acres of ongoing and future projects within its integrated developments and industrial clusters at four locations.
Financials: The company’s operational revenue has declined by 65 percent year on year from ₹607 crores in FY22-23 to ₹212 crores in FY23-24, while net profit declined by 4.8 percent from ₹103 crores to ₹98 crores.
Mahindra Lifespace Developers Ltd. shares gained 10 percent in the last six months and 32 percent in a year.
Written by Omkar Chitnis
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