Mahindra Lifespace Developers shares rise 6% after bagging projects worth Rs 2,050 crore 

After two big real estate deals were announced, shares of Mahindra Lifespace Developers, the Mahindra Group’s real estate and infrastructure development section, jumped 6% in early morning trading to hit ₹647 each.

In an exchange filing, the company announced closing deals worth ₹2050 crore in gross development value (GDV). These moves include obtaining a third redevelopment project in Mumbai and acquiring a great land parcel in Bengaluru, which will strengthen the company’s step in two of India’s fastest-growing real estate markets.

The company stated that it has been selected as the preferred partner for the renovation of seven residential societies in Mumbai’s posh Borivali West area. The projected total development value of this project is around ₹1800 crore. The project will be carried out under the state’s cluster redevelopment policy.

It also stated that it acquired  2.37 acres of land in Singasandra, South Bengaluru, which is next to its current Mahindra Zen project, which drew a huge amount of curiosity at launch. The land’s total development value is projected to be roughly ₹250 crore and it has a developable potential of about 0.25 million square feet.

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