Tuesday, July 23, 2024

Mahindra Lifespace Targets Rs 8,000-10,000 Crore in Housing and Industrial Sales by FY28

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Mahindra Lifespace Developers Ltd, a prominent real estate firm, is aiming to significantly boost its annual sales of housing properties and industrial spaces sales targets to Rs 8,000-10,000 crore by the FY28, driven by rising demand.

Based in Mumbai, Mahindra Lifespace sold residential properties and industrial spaces worth Rs 2,698 crore in the last fiscal year, up from Rs 2,268 crore in the 2022-23 financial year. According to the latest investor presentation, the company has set a target to achieve Rs 8,000-10,000 crore in sales by FY28 across its residential and industrial park verticals.

The company has been actively acquiring land and partnering with landlords to develop residential properties. Additionally, it has ventured into the redevelopment of housing societies in Mumbai. Despite these efforts, Mahindra Lifespace reported a slight decline in consolidated net profit to Rs 97.89 crore due to lower income in the last fiscal year, compared to Rs 101.43 crore the previous year. Total income fell to Rs 279.12 crore from Rs 659.56 crore in 2022-23.

Mahindra Lifespace, the real estate and infrastructure development arm of the Mahindra Group, has a broad development footprint. The company has completed, ongoing, and upcoming residential projects covering 37.33 million square feet across seven Indian cities. Additionally, it manages over 5,000 acres of ongoing and forthcoming projects at its integrated developments and industrial clusters in four locations.

housing projects

Amit Sinha, Managing Director & CEO of Mahindra Lifespace Developers, noted, “We closed FY24 with our highest-ever annual sales, driven by successful launches throughout the year.” The company achieved its highest-ever pre-sales of Rs 2,328 crore, translating to a saleable area of 2.47 million square feet (RERA carpet area of 1.84 million square feet) in the residential business last fiscal year. In the industrial sector, Mahindra Lifespace successfully leased 119.4 acres of land for Rs 370 crore.

Mahindra Lifespace continues to see India as a crucial market due to the growing economy and expanding middle class, which presents substantial growth opportunities. The company’s strategic focus remains on expanding its presence in both existing large markets and new smaller tier III and IV locations.

By 2027-28, Mahindra Lifespace aims to double its store count to 4,000, reflecting its commitment to capturing the robust demand for housing and industrial spaces in India. With a planned capital expenditure of Rs 250 crore for FY25, the company is poised for sustained growth in the coming years.

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