Mahindra Lifespace Secures Two Lucrative Deals Worth ₹2050 Cr, Shares Surge 6%
Mahindra Lifespace Developers Ltd has secured two deals worth ₹2050 crore, bolstering its presence in high-potential markets and underscoring its commitment to delivering quality living spaces.
Mahindra LifespaceReal EstateInfrastructure DevelopmentRedevelopment ProjectLand AcquisitionReal EstateJul 05, 2024
The redevelopment project in Mumbai's Borivali West neighbourhood is expected to generate an estimated Gross Development Value (GDV) of approximately ₹1800 crore. Meanwhile, the acquired land in Singasandra, South Bengaluru, is estimated to have a developable potential of approximately 0.25 million square feet, with a GDV of around ₹250 crore.
Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace Developers Ltd, stated that these strategic moves mark a significant milestone in the company's growth trajectory. He emphasized that the deals align with the company's focus on high-potential markets and demonstrate its commitment to delivering quality living spaces across diverse urban landscapes.
Mahindra Lifespace's development footprint spans 37.33 million sq ft of completed, ongoing, and upcoming residential projects across seven Indian cities. The company also manages over 5,000 acres of ongoing and forthcoming projects in its integrated developments and industrial clusters across four locations.
The news boosted Mahindra Lifespace Developers' share price, which rose as much as 6.2% to ₹647.7 apiece on the BSE. The company has scheduled a board of directors meeting for July 24, 2024, to consider the unaudited standalone and consolidated financial results for the first quarter ending on June 30, 2024.
Frequently Asked Questions
What is the total value of the two deals secured by Mahindra Lifespace?
The total value of the two deals is ₹2050 crore.
Where are the two deals located?
One deal is located in Mumbai's Borivali West neighbourhood, and the other is located in Singasandra, South Bengaluru.
What is the estimated Gross Development Value (GDV) of the redevelopment project in Mumbai?
The estimated GDV of the redevelopment project in Mumbai is approximately ₹1800 crore.
How much developable potential does the acquired land in Bengaluru have?
The acquired land in Bengaluru has a developable potential of approximately 0.25 million square feet.
What is the significance of these deals for Mahindra Lifespace?
These deals mark a significant milestone in Mahindra Lifespace's growth trajectory and demonstrate its commitment to delivering quality living spaces across diverse urban landscapes.
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