Mahindra Lifespace to enter new markets; lines up new launches

Leading commercial and residential property developer Mahindra Lifespace Developers (MLDL) plans to enter new destinations such as Hyderabad and Nagpur by this fiscal-end, a top company official said.

The company has also lined-up a few new projects for the launch within this period, the official said.

"In Nagpur (at the MIHAN SEZ), we plan an 1.3-million sq ft of development in the next 6-months. This will be a combination of villas and apartments.
    
"In Hyderabad, we have a land-parcel of 10-acres and we plan to launch our project there towards end-this fiscal," Mahindra Lifespace Developers Managing Director & CEO Anita Arjundas told PTI here today.
    
The company plans to develop around 1-million sq ft here as a joint development, the land-owner being Om Metals, she said.
    
The company will also be launching a mid-market project at Ghatkopar in Mumbai by end-this fiscal. This will comprise 2.25-lakh sq ft and "we are in the process of obtaining the necessary approvals," Arjundas said.
    
In Chennai, the company plans to launch its second project (8-lakh sq ft) christened Iris Court in the third-quarter, she said.
    
It is also exploring the possibility of entering the Bangalore market, the Mahindra company official said.
     
Mahindra Lifespace Developers has had a satisfying Q2 FY11, Arjundas said, adding growth both in the top-and- bottomline has been driven by brisk sales.
    
"Sales offtake in our projects has been very robust and we expect this to continue going forward; customers are returning and this is good news," she said.
    
In Q2 FY 11, the company clocked an income of Rs 88.98 crore, as against Rs 63.52 crore, up 40 per cent. Its PAT stood at 24.66 crore, up 42 per cent, as against Rs 17.34 crore in the year-ago period.
    
Sales of residential units by the company (together with its subsidiaries) more than doubled for the half-year ended September, at Rs 348 crore as against Rs 152 crore in the previous year corresponding period.
    
Asked about fund-raising plans, Arjundas said there were none presently. "At the stand-alone level, we are a zero-debt company," she said.
    
The company expects to maintain its sales traction and momentum going forward in the remaining quarters of this fiscal, she said.