Mahindra Lifespace Developers added 2.83% to Rs 627.30 after the company bagged two deals in Bengaluru and Mumbai aggregating to Rs 2,050 crore in gross development value (GDV).
The real estate developer has been chosen as the preferred partner for the redevelopment of seven residential societies in prestigious Borivali West, Mumbai neighborhood. This project offers an estimated GDV of approximately Rs 1800 crore. The project will be developed under states cluster redevelopment policy.Further, the company has recently acquired 2.37 acres of land in Singasandra, South Bengaluru, located next to its existing Mahindra Zen project. The land is estimated to have a developable potential of approximately 0.25 million square feet, with a GDV of around Rs 250 crore.
Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group. The company's development footprint spans 35.06 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.
The companys consolidated net profit stood at Rs 71.48 crore in Q4 FY24, steeply higher than Rs 0.54 crore in Q4 FY23. Revenue from operations soared 94.40% to Rs 14.29 crore in Q4 FY24.
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