Mahindra Lifespaces wins its first society redevelopment project in Mumbai

Shares of Mahindra Lifespaces have surged more than 5% in today's trade.

 On January 18, 2023, the company informed about its foray into society redevelopment in Mumbai. Mahindra Lifespaces has been selected as the preferred partner to redevelop two adjacent residential societies in Santacruz West, one of the prime residential neighbourhoods in 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.

 Mahindra Lifespace Developers Limited is the real estate and infrastructure development arm of the Mahindra Group.

 Arvind Subramanian, Managing Director and CEO, Mahindra Lifespaces, said, “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. 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.”

 Today, the stock opened at Rs 353.00 with a high and low of Rs 377.55 and Rs 352.95. The stock closed trading at Rs 356.30, up by 5.27%.

 In the last six months, the shares of the company have given more than 1% returns and on a YTD basis, the stock has given about -1.5% returns. The BSE group 'A' stock has a face value of Rs 10.

 The stock has a 52-week high of Rs 545.55 and a 52-week low of Rs 239.40. The company has a ROCE of 0.54% and an ROE of 4.22%, with a market capitalisation of Rs 5,656 crore.