Mahindra targets Rs 8-10 Bn sales in housing

20 Jun 2024 CW Team

Due to growing demand, real estate company Mahindra Lifespace Developers Ltd. plans to significantly boost its yearly sales of residential and commercial space to Rs 80?10 billion by the 2027?2028 fiscal year. Mahindra Lifespace, a Mumbai-based company, sold residential and commercial space for Rs 2,698 crore in the most recent fiscal year, compared to Rs 22 billion in the 2022?2023 fiscal year. In its most recent presentation at an investor meeting, Mahindra Lifespace stated that its two verticals, an industrial park and a residential area, are expected to generate revenues between Rs 80 and Rs 10 billion in the fiscal year 2027?2028. In addition to aggressively purchasing land, Mahindra Lifespace has been collaborating with landlords to create residential properties. It has also started working on Mumbai's housing societies' renovations. Mahindra Lifespace had a slight decrease in consolidated net profit to Rs 0.97 billion in the previous fiscal year despite decreased revenue. The previous year's net profit was Rs. 1.01 billion. The company's overall revenue decreased from Rs 6.59 billion in 2022?2023 to Rs 2.79 billion in the most recent fiscal year. Amit Sinha, Managing Director and CEO of Mahindra Lifespace Developers, mentioned that they closed FY24 with their highest ever annual sales, driven by successful launches throughout the year. On the operational front, Mahindra Lifespace had achieved its highest ever pre-sales of Rs 23 billion in the residential business during the last fiscal year (with a saleable area of 2.47 million sq ft and a RERA carpet area of 1.84 million square feet). Additionally, the company had achieved land leasing of 119.4 acres in the industrial business for Rs 3.70 billion. It was noted that Mahindra Lifespace, established in 1994, had a development footprint spanning 37.33 million sq ft of completed, ongoing, and forthcoming residential projects across seven Indian cities. The company also had over 5,000 acres of ongoing and forthcoming projects under development or management at its integrated developments and industrial clusters across four locations

Infrastructure Urban

07 Jul 2026

IHC and Adani to Invest US$11.5 bn in Odisha Aluminium Project

Abu Dhabi's International Holding Company (IHC) will invest US$11.5 bn in an integrated aluminium project in the eastern Indian state of Odisha in a joint venture with the Adani Group, a state official said. The official said the announcement represented the country's largest foreign investment in mining and metallurgy. Officials said the venture would span both mining and metallurgical activities across several facilities in the state. The project has been described as integrated, encompassing upstream bauxite extraction and downstream smelting and metallurgy, and is intended to develop a com..

Air India and SIAEC to Explore MRO Joint Venture in India

Air India and SIA Engineering Company (SIAEC) have signed a memorandum of understanding (MoU) to explore the formation of a maintenance, repair and overhaul joint venture in India. The MoU, signed on Friday, will examine collaboration to develop India as a global aviation MRO hub and to serve growing needs across the Indian and regional markets. SIA Engineering Company, part of the Singapore Airlines Group which holds a 25.1 per cent stake in Air India, will bring technical expertise alongside Air India's established airline operations network. The partnership builds on existing cooperation be..

Assam and Centre Review Aviation Projects Push Silchar Airport Approval

Assam and the Centre on Thursday, July two reviewed a series of aviation infrastructure projects aimed at strengthening air connectivity across the state, with the proposed greenfield airport at Silchar emerging as a key priority. The review formed part of broader efforts to position Assam as a major aviation and logistics hub for the north east. Officials outlined timelines and preparatory work that they said would guide the next stages of project approvals. The Chief Minister met the Union Civil Aviation Minister at Rajiv Gandhi Bhavan in New Delhi and described the meeting as very productiv..