Mahindra Lifespace Developers rose 3.99% to Rs 360.85 after the company announced its foray into society redevelopment in Mumbai.
Mahindra Lifespaces has been selected as the preferred partner to redevelop two adjacent residential societies in Santacruz West, one of the prime residential neighbourhoods in Mumbai. The company and the two societies will execute definitive documents upon completion of due diligence. The project will offer Mahindra Lifespaces a revenue potential of around Rs 500 crore.Commenting on the new project, Arvind Subramanian, managing director and CEO, Mahindra Lifespaces, said, "Society redevelopment offers an attractive avenue for new real estate development in fully built-out neighbourhoods in Mumbai. It enables homeowners in existing properties to upgrade to bigger and better homes that are equipped with world-class amenities and contemporary features. We foresee redevelopment as an exciting opportunity for reputed real estate developers like Mahindra Lifespaces and expect to build a meaningful presence in this space over the coming years."
Mahindra Lifespace Developers' development footprint spans 32.14 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.
On consolidated basis, the company reported net loss of Rs 7.74 crore in Q2 FY23 as compared to net profit of Rs 6.52 crore in Q2 FY22. Revenue from operations grew 17.8% to Rs 69.79 crore in Q2 FY23 over Q2 FY22.
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