Subramanian added that the company was in advance negotiation with landowners for either outright purchase of land or formation of joint venture to develop housing projects.
Total income also fell drastically to Rs 22.09 crore in the first quarter of 2020-21 fiscal year from Rs 120.30 crore in the corresponding period of the previous year, according to a regulatory filing.
Shares of the company rose a day after it said the Ministry of Commerce and Industry approved a partial de-notification to its subsidiary.
The company's total expenses for the period grew to Rs 314.54 crore as against Rs 87.57 crore in Q2 FY19, mainly attributable to the project cost.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 21 points gain or 0.18 percent. Nifty futures were trading around 11,380-level on the Singaporean Exchange.
ICICI Direct recommended hold rating on Mahindra Lifespace Developers with a target price of Rs 380 in its research report dated July 29, 2019.
ICICI Direct recommended hold rating on Mahindra Lifespace Developers with a target price of Rs 410 in its research report dated April 25, 201
Jayant Manmadkar, the Chief Financial Officer and Key Managerial Personnel of the Company has submitted his resignation from the service of the company effective April 30, 2019.
Total income also fell to Rs 137.37 crore in October-December 2018 from Rs 185.64 crore in the corresponding period of the previous year.