Mahindra Lifespace surges 8% on foray into society redevelopment in Mumbai

With the current addition, it has exceeded its guidance of land bank addition worth Rs 2,500 crore of development value, every year for FY23, ICICI Securities said.

Shares of Mahindra Lifespace Developers surged 8 per cent to Rs 374.50 on the BSE in Thursday’s intra-day trade in an otherwise weak market after the company said it forayed into society redevelopment space and will be developing two adjacent housing societies in the Santacruz suburb of Mumbai.

Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group. “The company and the two societies will execute definitive documents upon completion of due diligence. The project will offer Mahindra Lifespace a revenue potential of around