Tag: Mahindra Lifespaces

Mahindra Lifespaces targets ₹2,500 crore business in FY25

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mahindra Lifespaces has set an ambitious target for its residential business for the fiscal year 2025. With a projected guidance of ₹2,500 crore for residential business, the real estate major is poised for substantial growth building on its commendable performance of ₹2,300 crore in sales during FY23.

Speaking to CNBC-TV18, Amit Kumar Sinha, MD & CEO, Mahindra Lifespaces said, “We have two businesses, residential and industrial, so last financial year we had roughly ₹1,800 crore on the pre-sales residential side and roughly ₹500 crore on the industrial side. We will have healthy growth on the residential side; we have had very successful launches and our pipeline is very strong for the following year.”

He added, “We have not given guidance for FY24, but we have given guidance of FY25 externally, which is ₹2,500 crore on the residential side.”

Sinha underscored the company’s decision to concentrate on key markets such as Mumbai, Pune, and Bangalore while maintaining a presence in the National Capital Region (NCR).

Sinha outlined a vision to achieve a target revenue of ₹8,000 to ₹10,000 crore in these markets over the next five years, representing a fivefold increase.

“In these markets, we are thinking of achieving ₹8,000 to 10,000 crore, which is 5x in five years. We need ₹45,000 crore worth of projects, which is a very tall order. However, we already have a healthy portfolio in terms of the gross development value (GDV) pipeline with ₹5,000 crore that we are already tracking. Our Thane land parcel number is roughly ₹8,000 to 10,000 crore, so one-third of that 45,000 crore is already with us; we will add another one-third of that through what’s very common in Mumbai and the western part of India, a joint development agreement.”

In line with its commitment to sustainability, Mahindra Lifespaces is pioneering the concept of net-zero building complexes. Sinha said, “By doing net zero building, we can solve multiple problems and provide a home which is closer to dream home, but also a healthy home for individuals, as well as for the company, as well as for the planet and that is what we are trying to achieve. Our efforts are making strong progress.”

Also Read | Mahindra Lifespaces ends higher on ₹800 crore sales in Mumbai residential project

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Mahindra Lifespaces acquires 5.38-acre land in Pune’s upscale Wagholi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Realty firm Mahindra Lifespace Developers Ltd on Thursday (October 12) said it has acquired a 5.38-acre land parcel in the sought-after locale of Wagholi, Pune.

This strategic acquisition holds the potential for over 1.5 million square feet of saleable area, marking a promising development in the real estate landscape.

Wagholi, an upscale area in east Pune, offers an ideal setting for this venture, as it boasts a well-established social infrastructure.

Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers, said Wagholi is a high-potential micro market of Pune. It has a growing demand for high-quality residential spaces, ready to be absorbed.

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“The proposed land parcel is located within a well-planned Kharadi-Wagholi micro-market, boasting robust social amenities and civic infrastructure. This land acquisition reaffirms our commitment to Pune and is aligned with our strategy to further solidify our presence in the city’s pivotal micro-markets,” Sinha added.

Among the many conveniences in the vicinity are renowned educational institutions like Wellington College International, Euro School, and Poddar International School, catering to the educational needs of residents.

Further, major commercial centres, including the prestigious World Trade Centre and EON Free Zone, are situated nearby.

Shares of Mahindra Lifespace Developers Ltd ended at ₹523.50, down by ₹4.55, or 0.86 percent, on the BSE.

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Mahindra Lifespaces wins Rs 850 cr Mumbai society redevelopment project

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Real estate and infrastructure development business Mahindra Lifespaces on Monday informed that it has bagged a project to redevelop a residential society situated at Malad, (West), Mumbai. The project holds a revenue potential of Rs 850 crore.

Commenting on the company’s second redevelopment project, Director Amit Sinha said, “We are happy to announce this addition to our society redevelopment portfolio. We foresee society redevelopment as an exciting opportunity for reputed real estate developers like Mahindra Lifespaces.”

“In a city like Mumbai, with few prospects for greenfield construction due to a scarcity of vacant land parcels, redevelopment offers an exciting route for growth while enabling existing property owners to upgrade to larger, better residences with modern facilities,” he added.

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Earlier, in January 2023, the company had won its first society redevelopment project in Mumbai’s Santacruz West, Mumbai. At that time, the project had a revenue potential of Rs 500 crore.

On April 5, the company announced that its joint venture company Mahindra Industrial Park Chennai Ltd. has executed a lease agreement with Mitsubishi Electric India Ltd. for around 52 acres of land at its industrial cluster in Chennai – Origins by Mahindra.

Mahindra Lifespaces develops integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands. The company has developed more than 10.77 million square feet of space in the Mumbai Metropolitan Region and delivered homes to more than 15,000 customers across India.

The real estate company has an overall footprint spanning 32.97 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities.

The shares of Mahindra Lifespaces ended 1.5 percent higher at Rs 373 per share.

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Mahindra Lifespaces Joint Venture enters into lease pact with Mitsubishi Electric for 52-acre land

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mahindra Lifespace Developers Ltd. on Wednesday announced that its joint venture company Mahindra Industrial Park Chennai Ltd. has executed a lease agreement with Mitsubishi Electric India Ltd. for around 52 acres of land at its industrial cluster in Chennai – Origins by Mahindra.

Mitsubishi Electric, a electric and electronic equipment manufacturing major, will set up a manufacturing plant at Origins by Mahindra.

Mahindra Industrial Park Chennai Ltd. is a joint venture between Mahindra World City Developers Ltd. and Sumitomo Corporation of Japan.

Mahindra Lifespaces develops integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands.

The company is developing its industrial cluster Origins by Mahindra over 307 acres under the first phase in Chennai.

The Chennai cluster is strategically located on NH-16 (Part of Golden Quadrilateral). Origins by Mahindra has proximity to three major ports— Chennai Port, Ennore Port and Kattupalli Port.

Origins by Mahindra is also the first industrial cluster in Tamil Nadu to be awarded with the IGBC Green Cities’ ‘Platinum’ rating.

Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development arm of the Mahindra Group.

Last month the company transferred 9.24 acres of residential land to Alliance Group for the development of a multi-storey residential project under their brand, Urban Rise.

This project will be an addition to Mahindra World City’s existing residential and commercial offerings, a statement had said. MWC Chennai already houses 2,500 families spread across multi-format residential options ranging from value to the premium segment.

Shares of Mahindra Lifespaces ended 0.6 percent higher at Rs 357.65.

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Mahindra Lifespaces arm transfers over 9 acres of land on perpetual lease to Alliance Budget Housing India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Property developers, Mahindra Lifespace Developers, on Wednesday said that its arm, Mahindra World City Developers, has transferred 9.24 acres of land on perpetual lease within the Mahindra World City, Chennai to Alliance Budget Housing India for the development of a multistorey residential project.

“We are excited to welcome Alliance Group into the Mahindra World City. MWC Chennai is an integrated city with a thriving industrial zone combined with social amenities including a school, a hospital, a retail zone, multiple hotels, and a premium club. The proposed development will add to the offerings of MWC Chennai, and further strengthen the value proposition of this integrated city,” said Amit Sinha, Director and Board member, Mahindra Lifespaces Developers.

The land transferred to Alliance Budget Housing India will be used for developing a multi-storey residential project named, Urban Rise. Furthermore, the land is part of Mahindra World City (MWC), Chennai and the development will be executed by Alliance Group.

This project will be an addition to Mahindra World City’s existing residential and commercial offerings, a statement said.  MWC Chennai already houses 2,500 families spread across multi-format residential options ranging from value to the premium segment.

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Set up in 1994, Mahindra Lifespace Developers development footprint spans 32.97 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities.

In January, the company secured a re-development project in Mumbai.

Stocks of Mahindra Lifespaces settled at Rs 335.55 apiece, up over 2.3 percent, when the market closed today, March 29. 2023.

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Redevelopment projects an attractive opportunity of growth, says Mahindra Lifespaces

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mumbai has limited opportunities for Greenfield development and the only viable opportunity for any new development is through redevelopment. The redevelopment market is estimated to be worth over Rs 30,000 crore.

Mahindra Group’s realty arm Mahindra Lifespace Developers Ltd. views redevelopment projects as an attractive opportunity of growth.

Speaking to CNBC-TV18, Arvind Subramanian, MD & CEO, Mahindra Lifespaces, said, “Many of the suburbs are well built-out, so there is no vacant land available and society redevelopment offers that opportunity to do good modern, contemporary developments in these neighbourhoods.”

The company has bagged a project to redevelop two adjacent residential societies in Santacruz West, Mumbai in January 2023. This particular redevelopment project has a revenue potential of Rs 500 crore. It will be developed on land measuring approximately 1.27 acres of land.

The company saw healthy growth in the bookings for quarter three and most recently, in its conference call, maintained guidance for Rs 2,500 crore in sales by FY25.

“Between FY24 and early FY25, we will be on the cusp of that runrate,” he said.

The company, in its conference call, mentioned that the demand for sub-Rs 40 lakh category is on the weaker side.

“We are starting to see some tightness in demand in the Happiness segment and particularly in the Rs 30-40 lakh ticket sizes,” he explained.

According to him, this tightness of demand is a combination of factors. “Interest rates have gone up and with inflation, the affordability for families has been constrained over the last few quarters,” he mentioned.

Also Read | Mahindra Lifespaces ends higher on winning first society redevelopment project

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Mahindra Lifespaces ends higher on winning first society redevelopment project

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Mahindra Life” isinid=”INE813A01018″ bseid=”532313″ nseid=”MAHLIFE” sector=”Construction & Contracting – Civil” exchange=”nse”]

Mahindra Group’s realty arm Mahindra Lifespace Developers Ltd. gained 3 percent in intraday trade on Thursday after the company announced that it has bagged a project to redevelop two adjacent residential societies in Santacruz West, Mumbai.

The redevelopment project has a revenue potential of Rs 500 crore. It will be developed on land measuring approximately 1.27 acres of land.

Mahindra Lifespaces and the two housing societies will enter into definitive documents after the due diligence.

Mumbai has limited opportunities for greenfield development and the only viable opportunity for any new development is through redevelopment. The redevelopment market is estimated to be worth over Rs 30,000 crore.

Santacruz West is one of the prime residential neighbourhoods in Mumbai. Mahindra Lifespaces has developed more than 10.77 million square feet of area in the Mumbai Metropolitan Region.

Mahindra Lifespaces last week announced the purchase of 4.25 acres of land in South Bengaluru, Karnataka. The land is estimated to have a developable potential of approximately 4.6 lakh square feet of saleable area and a gross development value of approximately Rs 400 crore primarily comprising premium residential apartments.

The latest land acquisition in Bengaluru falls in line with the company’s strategy of bolstering its presence in the IT hub of the country.

In November 2022, the real estate major launched a residential project named Mahindra Citadel Phase 1 in Pimpri Chinchwad, near Pune.

Shares of Mahindra Lifespaces ended 3.18 percent higher at Rs 358.85 on Thursday.

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Mahindra Lifespaces acquires 4.25 acres land in South Bengaluru

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Mahindra Life” isinid=”INE813A01018″ bseid=”532313″ nseid=”MAHLIFE” sector=”Construction & Contracting – Civil” exchange=”nse”]

Realty firm Mahindra Lifespace Developers Ltd. has announced the acquisition of 4.25 acres of land in the Singasandra area of South Bengaluru.

The real estate and infrastructure development arm of the Mahindra Group expanded its third project in Bengaluru, by purchasing the land parcel in a strategically located site just off Hosur Road, which is estimated to have a development potential of nearly 4.6 lakh square feet.

The purchased land’s Gross Development Value (GDV) stands at approximately Rs 400 crore, which will majorly comprise premium residential apartments.

The latest land acquisition in Bengaluru falls in line with the company’s strategy of bolstering its presence in the IT hub of the country.

The new site gives Mahindra Lifespaces the advantage of access to well-developed social infrastructure with proximity to healthcare facilities, educational institutions, and retail markets.

The site is close to Electronics City, which is India’s largest IT and electronics hub, while being a 25-minute drive from Koramangala. The company looks forward to launching the first phase of this project before the end of the current financial year.

In November 2022, the real estate major launched a residential project named Mahindra Citadel Phase 1 in Pimpri Chinchwad, near Pune.

Shares of Mahindra Lifespaces ended 0.8 percent lower at Rs 359.1 apiece on the BSE on Friday.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow