Mahindra Lifespace Gets Projects Worth Rs 2,050 Crore

Mahindra Lifespace Developers Ltd. has secured projects worth Rs 2,050 crore in Bengaluru and Mumbai.

The real estate firm was chosen as the preferred partner for the redevelopment project of seven residential societies in Mumbai, with a gross development value of Rs 1,800 crore, an exchange filing said on Thursday.

The redevelopment project will be under state's cluster redevelopment policy.

The real estate and infrastructure arm of Mahindra Group has also acquired 2.37 acres of land in Singasandra, Bengaluru, with a gross development value of Rs 250 crore. The land is next to the company's existing Mahindra Zen Project and has a developable potential of approximately 0.25 million square feet.

“As we strengthen our presence in key markets, we remain poised for sustained growth and value creation in India's dynamic real estate sector,” said Amit Kumar Sinha, managing director and chief executive officer, Mahindra Lifespace Developers.

Shares of Mahindra Lifespace Developers closed 2.85% higher at Rs 610.70 per share, compared to a 0.06% advance in the NSE Nifty 50.