Mahindra Lifespace Developers Ltd, a leading real estate firm based in Mumbai, is setting ambitious targets to significantly boost its annual sales to Rs 8,000-10,000 crore by the fiscal year 2027-28. This sharp increase is driven by rising demand in both housing properties and industrial spaces.
Record Sales Performance in FY 2023-24
In the last fiscal year, Mahindra Lifespaces achieved sales of Rs 2,698 crore, a notable rise from Rs 2,268 crore in the 2022-23 financial year. According to the latest investor presentation, the company aims to achieve Rs 8,000-10,000 crore in sales across its residential and industrial park verticals by FY 2027-28.
Strategic Land Acquisitions and Partnerships
To meet these targets, Mahindra Developers has been actively acquiring land and forging partnerships with landowners for the development of residential properties. The company has also ventured into the redevelopment of housing societies in Mumbai, enhancing its portfolio and market reach.
Financial Performance and Challenges
Despite a marginal decline in consolidated net profit to Rs 97.89 crore due to lower income, Mahindra Real Estate Developers remains optimistic about future growth. The company's total income dropped to Rs 279.12 crore in the last fiscal year from Rs 659.56 crore in 2022-23.
Operational Highlights
Amit Sinha, Managing Director & CEO of Mahindra Lifespaces Developers, noted, "We closed FY24 with our highest ever annual sales driven by successful launches throughout the year." The company recorded its highest ever pre-sales of Rs 2,328 crore in the residential sector, covering a saleable area of 2.47 million square feet and a RERA carpet area of 1.84 million square feet.
In the industrial sector, Mahindra Builders achieved land leasing of 119.4 acres, generating Rs 370 crore.
Extensive Development Footprint
Since its establishment in 1994, Mahindra Lifespaces Limited has developed a footprint spanning 37.33 million square feet across seven Indian cities. The company also manages over 5,000 acres of ongoing and forthcoming projects at its integrated developments and industrial clusters across four locations.
Mahindra Developers Ltd is a crucial part of the Mahindra Group's real estate and infrastructure development business, continuously striving to meet the growing demand for quality housing and industrial spaces in India.
