Mahindra Lifespace shares rally up to 6% on bagging deals worth Rs 2,050 cr

Shares of Mahindra Lifespace Developers zoomed 6.1 per cent at 647.70 per share on the BSE in Friday’s intraday trade. This came after the company, in an exchange filing, said that it has closed two deals aggregating to Rs 2,050 crore in gross development value (GDV). These deals include securing a third redevelopment project in Mumbai and acquiring a prime land parcel in Bengaluru

The real estate and infrastructure development arm of the Mahindra Group revealed in a statement that it has been chosen for the redevelopment of seven residential societies in Borivali West, Mumbai. The project offers an estimated gross development value of approximately Rs 1,800 crore.

The company has also recently acquired 2.37 acres of land in Singasandra, South Bengaluru. The land is estimated to have a developable potential of approximately 0.25 million square feet, with a Gross Development Value of around Rs 250 crore, the company said. 

“Both deals align with our focus on high-potential markets and underscore Mahindra Lifespaces' dedication to delivering quality living spaces across diverse urban landscapes,” said Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers.

Mahindra Lifespace Developers reported a marginal decline in consolidated net profit to Rs 97.89 crore for the fourth quarter of fiscal year 2023-24, compared to Rs 101.43 crore in the previous year. The company's total income for FY24 dropped to Rs 279.12 crore from Rs 659.56 crore in FY 2022-23.

At 11:24 AM; the stock of the company was trading 2.81  per cent higher at Rs 627.20 per share on the BSE. In comparison the BSE Sensex fell 0.38 per cent to 79,741 levels.