Mahindra Lifespace Developers’ shares rise on securing redevelopment project in Mumbai

The project will offer Mahindra Lifespaces a revenue potential of around Rs 500 crore.

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Share price of Mahindra Lifespace Developers rose 5 percent intraday on January 19 after the company secured a redevelopment project in Mumbai.

Mahindra Lifespace Developers has been selected as the preferred partner to redevelop two adjacent residential societies in Santacruz West, Mumbai. The company and the two societies will execute definitive documents upon completion of due diligence.

The project will offer Mahindra Lifespaces a revenue potential of around Rs 500 crore, company said in its release.

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“Society redevelopment offers an attractive avenue for new real estate development in fully built-out neighbourhoods in Mumbai. It enables homeowners in existing properties to upgrade to bigger and better homes that are equipped with world-class amenities and contemporary features,” said Arvind Subramanian, managing director and chief executive officer at Mahindra Lifespaces.

“We foresee redevelopment as an exciting opportunity for reputed real estate developers like Mahindra Lifespaces and expect to build a meaningful presence in this space over the coming years,” he added.

A meeting of the board of directors is scheduled to be held on February 2, 2023 to consider, unaudited standalone and consolidated financial results of the company for the third quarter and nine months period ending on December 31, 2022