A prominent realty firm in India, Mahindra Lifespaces Developers posted a combined net profit of Rs.12.74 crore for the June quarter. The firm reported a net loss of Rs.4.27 crore in the preceding year.
According to the regulatory filing, “The total income of the company surged to Rs.206.70 crore during the period between the month of April and June of the financial year from Rs. 110.05 crore in the consistent period of the past financial year”.
Upon the operational metrics, Mahindra Lifespaces reached pre-sales & sales bookings of Rs.1, 019 crore only in residential segment.
It attained land leasing of 18.8 acres in the integrated cities and the industrial groups business for Rs.76.1 crore.
Expressing to this, Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace Developers Ltd said, "We continue to see strong momentum in our residential business. We have added healthy GDV (gross development value) in line with our 5X aspiration."
The real estate arm of Mahindra Group, the Mahindra Lifespace has a developmental presence of 37.95 million sq.ft of finished, ongoing and upcoming residential projects spanning over seven cities in India.
Also, it has more than 5,000 acres of ongoing and upcoming projects under management at its combined industrial groups among four locations.
In the beginning of the month, the parent company of Mahindra Lifespaces, Mahindra Developers Ltd announced that it has procured a land in Bengaluru and sacked a redevelopment project in Mumbai containing seven residential communities’ orders with a joined income capability of Rs. 2,050 crore Mahindra Lifespaces has sought to increase its presence in the real estate markets of Mumbai, Pune, and Bengaluru.
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