Mahindra Lifespace Developers' shares rose 6.1 percent to 647.70 per share on the BSE during Friday's intraday trade. This comes after the company announced in an exchange filing that it has finalized two transactions totaling Rs 2,050 crore in Gross Development Value (GDV). These transactions include winning a third redevelopment project in Mumbai and purchasing a premium land lot in Bengaluru. The Mahindra Group's real estate and infrastructure development business said in a statement that it has been chosen to redevelop seven residential societies in Borivali West, Mumbai. The project has an estimated gross development value of around Rs 1,800 crore.
"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. The company also recently acquired 2.37 acres of land in Singasandra, South Bengaluru, which is estimated to have a developable potential of approximately 0.25 million square feet and a Gross Development Value of around Rs 250 crore.
Mahindra Lifespace shares rally up to 6% on bagging deals worth Rs 2,050 cr. On Friday, intraday trading saw a 6.1% increase in Mahindra Lifespace Developers' stock at 647.70 per share on the BSE. The company had said in an exchange filing that it had closed two deals totaling Rs 2,050 crore in Gross Development Value (GDV), which included securing a third redevelopment project in Mumbai and acquiring a prime land parcel in Bengaluru.
The Mahindra Group's real estate and infrastructure development division said in a statement that it has been selected to rehabilitate seven residential societies in Mumbai's Borivali West. An estimated Rs 1,800 crore in gross development value is offered by the project. Additionally, the business just bought 2.37 acres of land in South Bengaluru's Singasandra. According to the firm, the land has a gross development value of about Rs 250 crore and a developable potential of about 0.25 million square feet. Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace Developers, stated, "Both deals align with our focus on high-potential markets and underscore Mahindra Lifespaces' dedication to delivering quality living spaces across diverse urban landscapes."
In the fourth quarter of fiscal year 2023-24, consolidated net profit fell to Rs 97.89 crore, down from Rs 101.43 crore the previous year. The company's overall income for FY24 decreased to Rs 279.12 crore from Rs 659.56 crore in FY 2022-23. At 11:24 a.m., the company's stock was trading 2.81% higher on the BSE at Rs 627.20 per share. In comparison, the BSE Sensex declined 0.38% to 79,741 levels.
