1 month ago
The two -acre land parcel in Whitefield has a gross development value of approximately Rs 225 crore, the company has said
March 28, 2024 / 09:43 AM IST
The Mahindra Lifespace stock has climbed 72 percent in the last year.
Shares of Mahindra Lifespace Developers advanced over 4 percent in the early trade on March 28 after the company announced purchasing a 2-acre plot of land in Whitefield in east Bengaluru.
The land is estimated to have a developable potential of approximately 0.2 million square feet of saleable area and a gross development value of
approximately Rs 225 crore, primarily comprising mid-premium residential apartments.
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The locality offers good connectivity to tech parks and commercial offices, along with a robust social infrastructure including educational institutes, healthcare facilities, and retail options, it said.
"The city's strong market potential makes it a strategic choice for our continued growth," Amit Kumar Sinha, managing director of the company said in a press release on March 27.
At 9.20 am, the stock was trading at Rs 576 on the Stock Exchange (NSE), up 2.2 percent from the previous close . The Mahindra Lifespace stock has climbed 72 percent in the past year.
Last week, the real estate developer acquired a 9.4-acre land parcel in Bengaluru's eastern IT corridor. The company said the land in Whitefield will have a development potential of 1.2 million sq ft of mid-premium apartments with a gross development value of Rs 1,700 crore.
The company has projected a revenue guidance of Rs 2,500 crore for residential business for the fiscal year 2025, the management told CNBC TV-18. The company will concentrate on key markets such as Mumbai, Pune, and Bengaluru while maintaining a presence in the Capital Region (NCR).
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