Mahindra Lifespace Developers' sale bookings grow 32% to Rs 399 crore in Q2

Realty firm Mahindra Lifespace Developers' sale bookings rose 32 per cent to Rs 399 crore during September quarter 2022-23 on better housing demand.

Its sale bookings stood at Rs 303 crore in the year-ago period, according to an investors' presentation.

Mahindra Lifespace, a part of business conglomerate Mahindra Group, reported an over two-fold jump in sale bookings at Rs 1,001 crore for April-September 2022-23 from Rs 449 crore in the year-ago period.

The company had achieved sale bookings of Rs 1,028 crore in the housing segment in 2021-22.

Mahindra Lifespace has almost reached the last year's number in six months only and hence it is expecting a significant growth in 2022-23.

The company does not provide annual sale bookings guidance.

However, Mahindra Lifespace is targeting a 2.5-fold jump in annual sale bookings at Rs 2,500 crore in next three years from Rs 1,028 crore in last financial year.

Last week, the company - one of the leading real estate developers in the country - reported a consolidated net loss of Rs 7.7 crore for September quarter on higher expenses. Its net profit stood at Rs 6.5 crore in the year-ago period.

Total income stood at Rs 73.8 crore in September quarter as against Rs 65.7 crore in the corresponding period of the previous year.

Total expenses increased to Rs 115 crore in July-September from Rs 54 crore in the year-ago period.

"In what is seasonally a weak quarter for residential real estate, Mahindra Lifespace garnered Rs 399 crore of pre-sales taking us to over Rs 1,000 crore of residential sales for the first half of the fiscal," said Arvind Subramanian, Managing Director and CEO of Mahindra Lifespace Developers.

The launch of Mahindra Nestalgia project in Pimpri, Pune was well-received, reaffirming product and brand strengths and the depth of its sales franchise, he said.

"Industrial leasing too maintained strong momentum, clocking Rs 68 crore. With a record first half behind us, and some exciting new launches in the pipeline, we are shaping up for a strong finish to the year in line with our growth aspiration," Subramanian said.

To grow housing business, Mahindra Lifespace is looking to acquire land parcels through outright purchases as well as forming partnerships with landowners, which can generate sales worth up to Rs 4,000 crore.

The company has 32.14 million square feet of completed, ongoing and forthcoming residential projects across seven big cities in India. It also has over 5,000 acre of ongoing and forthcoming projects under development/management at its integrated industrial parks across four locations.