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June 17, 2024

Mahindra Lifespace Targets Rs 8-10K Crore Sales in Housing and Industrial Sectors by 2028

Mahindra Lifespace Developers Ltd, a prominent real estate and infrastructure firm based in Mumbai, has set an ambitious goal to significantly boost its annual sales of housing properties and industrial spaces. The company aims to achieve sales worth Rs 8,000-10,000 crore by the fiscal year 2027-28, riding on the growing demand in these sectors.

In the last fiscal year, Mahindra Lifespace recorded sales of residential properties and industrial spaces amounting to Rs 2,698 crore, a notable increase from Rs 2,268 crore in the previous year. This optimistic outlook was shared during a recent investor presentation, where the company outlined its strategy to reach the Rs 8,000-10,000 crore sales target across its two primary verticals: residential and industrial parks.

To drive this growth, Mahindra Lifespace has been actively acquiring land and forming partnerships with landowners for the development of residential projects. The company has also ventured into the redevelopment of housing societies in Mumbai, expanding its footprint in the city’s competitive real estate market.

Despite a challenging fiscal year that saw a slight dip in net profit, the company remains optimistic about its future. Mahindra Lifespace reported a consolidated net profit of Rs 97.89 crore last fiscal, down from Rs 101.43 crore the previous year, attributed to lower income. The total income for the last fiscal was Rs 279.12 crore, a significant drop from Rs 659.56 crore in 2022-23.

In a statement, Amit Sinha, Managing Director and CEO of Mahindra Lifespace Developers, expressed confidence in the company’s strategic direction. “We closed FY24 with our highest ever annual sales driven by successful launches throughout the year,” he noted.

Operationally, Mahindra Lifespace achieved its highest ever pre-sales figures in the residential segment, reaching Rs 2,328 crore. This translates to a saleable area of 2.47 million square feet and a RERA carpet area of 1.84 million square feet. The industrial business also saw significant traction, with land leasing activities covering 119.4 acres and generating Rs 370 crore in revenue.

Since its establishment in 1994, Mahindra Lifespace has developed a substantial footprint in the Indian real estate market. The company’s portfolio spans 37.33 million square feet of completed, ongoing, and upcoming residential projects across seven cities in India. Additionally, Mahindra Lifespace manages over 5,000 acres of ongoing and forthcoming projects at its integrated developments and industrial clusters in four key locations.

As the real estate and infrastructure development arm of the Mahindra Group, Mahindra Lifespace continues to leverage its extensive experience and strategic partnerships to drive growth and innovation in the sector. The company’s proactive approach to land acquisition and redevelopment, coupled with its commitment to quality and customer satisfaction, positions it well to meet its ambitious sales targets and deliver value to its stakeholders.

With the demand for both residential and industrial spaces on the rise, Mahindra Lifespace is poised to capitalize on these opportunities and achieve its sales targets by 2028. The company’s strategic initiatives and robust pipeline of projects underscore its commitment to sustaining growth and enhancing its market presence in the years to come.

Read more Business related news on R9 News
Jhumpa Lahiri

Jhumpa Lahiri

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