Mahindra Lifespace Developers Ltd aims to increase its annual sales of housing properties and industrial space to Rs 8,000-10,000 crore by the 2027-28 fiscal year due to rising demand.
In the last fiscal, the Mumbai-based company sold residential properties and industrial space worth Rs 2,698 crore, up from Rs 2,268 crore in the 2022-23 financial year.
In a recent investors presentation, Mahindra Lifespace outlined its target to achieve Rs 8,000-10,000 crore in sales by the 2027-28 fiscal year in its residential and industrial park verticals.
Mahindra Lifespace has been acquiring land and partnering with landlords to develop residential properties. It has also entered the redevelopment of housing societies in Mumbai.
Last fiscal year, Mahindra Lifespace reported a slight decline in consolidated net profit to Rs 97.89 crore due to lower income. The net profit was Rs 101.43 crore the previous year. The company's total income fell to Rs 279.12 crore 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 of Mahindra Lifespace Developers, said, "We closed FY24 with our highest ever annual sales driven by successful launches throughout the year."
Operationally, 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 the residential business 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 manages over 5,000 acres of ongoing and forthcoming projects at its integrated developments and industrial clusters across four locations.
(With inputs from PTI.)
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