Mahindra Life Share Price Jump on ₹2,050 Crore Project Wins

On July 5, the share price of Mahindra Lifespace Developers rose by 5% during early trading after the company finalized two real estate transactions with a gross development value (GDV) of ₹2,050 crore. 

At 09:21 AM IST, Mahindra Lifespace Developers share price was trading at ₹640.90 on the BSE, reflecting an increase of ₹30.85 or 5.06%. The company announced in an exchange filing that it has been selected as the preferred partner for redeveloping seven residential societies in Borivali West, Mumbai. This project, which will be undertaken under the state's cluster redevelopment policy, is expected to have a gross development value (GDV) of around ₹1,800 crore. 

The company has secured 2.37 acres of land in Singasandra, South Bengaluru, adjacent to its current Mahindra Zen project, which had a highly successful launch. The land is estimated to have a developable potential of approximately 0.25 million square feet, with a GDV of around ₹250 crore.

A board of directors meeting is planned for July 24, 2024, to review the unaudited standalone and consolidated financial results of the company for the first quarter ending June 30, 2024. 

"Mahindra Lifespaces has been chosen as the preferred partner for the redevelopment of seven residential societies in prestigious Borivali West, Mumbai neighbourhood. This project offers an estimated Gross Development Value of approximately ₹1,800 crore. The project will be developed under state’s cluster redevelopment policy," according to the company’s stock exchange filing.

Valued at approximately ₹1,800 crore, this project represents the company's third redevelopment venture in Mumbai. It will be carried out under the state's cluster redevelopment policy, aiming to provide residents with modern and upgraded living spaces. 

Alongside its success in Mumbai, Mahindra Lifespaces has acquired a prime 2.37-acre land parcel in Singasandra, South Bengaluru. This new acquisition is located next to the company's existing Mahindra Zen project, which received an exceptional response at its launch. 

Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers Ltd, said, “These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of ₹,2050 crore, mark a significant milestone in our growth trajectory.

“Our third redevelopment project in Mumbai, with a GDV of ₹1,800 crore, reinforces our commitment to urban renewal by creating value in established neighbourhoods. Simultaneously, our ₹250 crore GDV land acquisition in Bengaluru's Singasandra area positions us to further capitalise on the city's robust real estate demand."