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

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