Mahindra Lifespace eyes Rs 8-10K crore sales in housing, industrial spaces by FY28

New Delhi, June 17 (PTI) Realty firm Mahindra Lifespace Developers Ltd is targeting a sharp increase in its annual sales of housing properties and industrial space to Rs 8,000-10,000 crore by 2027-28 fiscal on rising demand.

Mumbai-based Mahindra Lifespace sold residential properties and industrial space worth Rs 2,698 crore in the last fiscal as against Rs 2,268 crore in the 2022-23 financial year.

According to the latest presentation in an investor meet, Mahindra Lifespace has mentioned about the target to achieve Rs 8,000-10,000 crore worth of sales in the 2027-28 fiscal in its two verticals -- residential and industrial park.

Mahindra Lifespace has been actively buying land and also partnering with landlords for the development of residential properties. It has also entered into the redevelopment of housing societies in Mumbai.

During the last fiscal, Mahindra Lifespace reported a marginal decline in consolidated net profit to Rs 97.89 crore on lower income.

Its net profit stood at Rs 101.43 crore in the preceding year.

The company's total income fell to Rs 279.12 crore last fiscal from Rs 659.56 crore in 2022-23.

Mahindra Lifespace is the real estate and infrastructure development business of Mahindra Group.

Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers, had said, "We closed FY24 with our highest ever annual sales driven by successful launches throughout the year."

On the operational front, Mahindra Lifespace achieved its highest ever pre-sales of Rs 2,328 crore (saleable area - 2.47 million square feet, RERA carpet area 1.84 million square feet) in residential business during the last fiscal year.

The company also achieved land leasing of 119.4 acres in the industrial business for Rs 370 crore.

Established in 1994, Mahindra Lifespace's development footprint spans 37.33 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities.

It also has over 5,000 acre of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.