Mahindra Lifespace Targets Rs 2050cr Revenue from New Projects

New Delhi, July 4 (PTI) Realty firm Mahindra Lifespace Developers Ltd on Thursday said it has acquired land in Bengaluru and bagged a redevelopment project in Mumbai with a combined revenue potential of Rs 2,050 crore.

In a regulatory filing, the company informed about the "closure of two deals aggregating to Rs 2,050 crore in Gross Development Value (GDV)".

These strategic moves include securing a third redevelopment project in Mumbai and acquiring a prime land parcel in Bengaluru, it added.

Mahindra Lifespaces has been chosen as the preferred partner for the redevelopment of seven residential societies in the prestigious Borivali West, Mumbai neighbourhood.

The company has recently acquired 2.37 acres of land in Singasandra, South Bengaluru. The land is estimated to have a developable potential of approximately 0.25 million square feet, with a Gross Development Value of around Rs 250 crore.

Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd, said, "These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of Rs 2050 crore, mark a significant milestone in our growth trajectory. Our third redevelopment project in Mumbai, with a GDV of Rs 1,800 crore, reinforces our commitment to urban renewal by creating value in established neighbourhoods."

"Simultaneously, our Rs 250 crore GDV land acquisition in Bengaluru's Singasandra area positions us to further capitalize on the city's robust real estate demand," he added.

Mahindra Lifespace development footprint spans 37.33 million sq ft of completed, ongoing and forthcoming residenal projects across seven Indian cities. It also has over 5,000 acres of ongoing and forthcoming projects under development/ management at its integrated developments/industrial clusters across four locations.