Mahindra Lifespace rallies on bagging Rs 850-crore redevelopment project

Mahindra Lifespaces

Mahindra Lifespace Developers Limited gained 3 percent in the morning trade on April 25 after the real estate and infrastructure development arm of the Mahindra Group said it was selected as a partner to redevelop a residential society in Mumbai.

The project in the Malad West neighbourhood would offer Mahindra Lifespaces a revenue potential of nearly Rs 850 crore, the company said in an exchange filing.

“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,” Amit Sinha, director and board member, Mahindra Lifespace, said.

In a city like Mumbai, with few prospects of greenfield construction due to a scarcity of land, redevelopment offered an exciting route for growth, he said.

“We at Mahindra Lifespaces will continue to evaluate more such opportunities to grow our residential portfolio in Mumbai," Sinha said.

At 9.40 am, the stock was trading 1.96 percent higher from the previous close at Rs 380 on National Stock Exchange.

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Stock performance

Mahindra Lifespace Developers is a Rs 5,939.22-crore construction and real estate enterprise by market capitalisation. The stock has given a return of 4.36 percent since the start of 2023 and 145 percent over the past 5 years, comfortably outperforming the Nifty realty index.

The benchmark Nifty realty index has lost 1.16 percent of its in 2023 and has given a return of 35.96 percent over the last 5 years.

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