Mahindra Lifespace records sales of Rs 350 crore at new Bengaluru-based project

Mahindra Lifespace Developers said that it has sold homes worth Rs 350 crore in two days at Mahindra Zen, which is Bengaluru's first 'net zero waste + energy' residential project.

Post its launch, the project recorded bookings for over 150 homes within 2 days, which is nearly 65% of the launched inventory.

The company stated that against the backdrop of rising environmental concerns, Mahindra Lifespaces' innovative offering has resonated strongly with homebuyers, reaffirming the company's position as a leader in sustainable real estate development.

Vimalendra Singh, chief business officer (Residential), Mahindra Lifespace Developers, said: The successful sales of Mahindra Zen reinforces our commitment to environmentally responsible development and highlights the growing preference for sustainable living among our customers in Bengaluru.

As pioneers of Net Zero homes in the country, we aim to contribute to reducing the environmental impact of real estate and are delighted with the response that our project has received. This achievement highlights the increasing awareness and desire among homebuyers to contribute to a greener future.

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.

The scrip shed 0.26% to currently trade at Rs 625.30 on the BSE.

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