Mahindra Lifespace Developers added 1.74% to Rs 574.40 after the company said that it has purchased approximately 2.0 acres of land in Whitefield, East Bengaluru.
The land is estimated to have a developable potential of approximately 0.2 million square feet of saleable area and a gross development value (GDV) of approximately Rs 225 crore, primarily comprising mid-premium residential apartments.
Located in the vibrant area of Whitefield, the site offers connectivity to tech parks and commercial offices, complemented by social infrastructure that includes educational institutes, healthcare facilities, and retail options.
Amit Kumar Sinha, managing director & CEO, Mahindra Lifespace Developers, said: "This acquisition marks yet another significant step in our strategy of expanding our footprint in key micro markets and reinforces our vision to create sustainable urban communities.
We look forward to bringing our expertise and innovation to this new project, further enhancing our presence in Bengaluru. The city's strong market potential makes it a strategic choice for our continued growth."
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 real estate developers consolidated net profit jumped 50.6% to Rs 50 crore in Q3 FY24 as against Rs 33.2 crore recorded in Q3 FY23. However, revenue from operations tumbled 56.13% to Rs 81.99 crore in Q3 FY24 from Rs 186.90 crore posted in the corresponding quarter previous year.
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