Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, announced today the closure of two deals with a combined Gross Development Value (GDV) of ₹2,050 crore. These deals include:
- A redevelopment project in Borivali West, Mumbai, comprising seven residential societies with an estimated GDV of ₹1,800 crore.
- The acquisition of a 2.37-acre land parcel in Singasandra, South Bengaluru, with an estimated GDV of ₹250 crore.
These strategic moves strengthen Mahindra Lifespace foothold in the Mumbai and Bengaluru real estate markets and signify a significant milestone in their growth trajectory.
The two Mahindra Lifespace projects are distinct in nature:
1. Borivali West, Mumbai (Redevelopment Project):
- Involves the redevelopment of seven existing residential societies under the state’s cluster redevelopment policy.
- Aims to revitalize the neighborhood by replacing old buildings with modern, well-planned residential complexes.
- Will likely include a mix of apartments, amenities, and open spaces.
- Estimated Gross Development Value (GDV): ₹1,800 crore.
- This is Mahindra Lifespace third redevelopment project in Mumbai, demonstrating their commitment to urban renewal.
2. Singasandra, South Bengaluru (Land Acquisition):
- Acquisition of a 2.37-acre land parcel adjacent to their existing Mahindra Zen project.
- Estimated developable potential of approximately 0.25 million square feet.
- Likely to be developed into a residential project catering to the growing demand in Bengaluru.
- Estimated Gross Development Value (GDV): ₹250 crore.
- This move aligns with Mahindra Lifespace strategy to expand their presence in high-growth markets.
Both projects represent significant investments and contribute to Mahindra Lifespace overall growth strategy. While the Borivali project focuses on urban renewal and redevelopment, the Singasandra project targets new residential development in a prime location. Both projects aim to create value for stakeholders and contribute to the development of their respective regions.
Mahindra Lifespace share price performance on July 4, 2024: NSE: MAHLIFE stock to watch on July 05,
Mahindra Lifespace share price experienced a positive trend today, July 4, 2024. It opened at ₹598.00 and reached a high of ₹618.40 during the day. The stock closed at ₹613.25, marking Change of 3.28% increase from the previous closing price of ₹595.85.
The stock showed a positive trend throughout the day, closing significantly higher than its opening price. This surge in price was may likely influenced by the announcement of the two major deals the company closed on the same day, with a total estimated value of ₹2,050 crore. Lets hope for tomorrow 5th July’ 2024.