Amit Sinha News

Indian Oil Corporation (IOC). The administration has officially received the information of preliminary consent; after which it has made IOC the bronze sponsor of the National Games.

Mahindra Lifespace Developers Ltd and Actis have formed a joint venture platform 'Ample Parks' for the development of industrial and logistics parks and will build their first 70-acre project in Chennai. Actis, a leading global investor in sustainable infrastructure, and Mahindra Lifespace have formally launched a joint venture Ample Parks, an indian industrial and logistics real estate developer and operator, according to a company statement. The joint venture (JV) Ample Parks aims to acquire and develop about 1.5 million square metres of greenfield and brownfield sites in key markets across India over the next few years. The JV aims to establish itself as a leading industrial and logistics real estate solutions provider to global and local corporations.

Mahindra Lifespace Developers Ltd has reported a marginal decline in consolidated net profit to Rs 97.89 crore during the last fiscal year on lower income. Its net profit stood at Rs 101.43 crore in the preceding year. According to a regulatory filing on Friday, the company's total income fell to Rs 279.12 crore last fiscal from Rs 659.56 crore in 2022-23.

Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has decided not to undertake a joint development on a nearly 5-acre land parcel in Mumbai’s western suburb Dahisar owing to significant delays in fulfilment of certain conditions precedent. The company had finalised the terms for this project in October 2021 and the development was estimated to provide around half a million sq ft of carpet area. The terms of this joint development were subject to conditions precedent including regulatory clearances and approvals for effective development of the land parcel in a timely manner. “In the best interest of the company, owing to significant delays in fulfilment of certain conditions precedent, the same shall be discontinued and shall not be pursued,” the company said. Mahindra Lifespace Developers recently acquired 5.38 acres of land in Wagholi locality of Pune. The land is estimated to have a development potential of over 1.5 million sq ft of saleable area. For the quarter ended September, the company has recorded pre-sales of Rs 455 crore for 0.68 million sq ft saleable area in its residential business. The company has a healthy pipeline of business development with Gross Development Value {GDV) of over Rs 5,000 crores, Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers told investors during its September quarter earnings call. The company has multiple launches coming up in the second half of the current financial year.

Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has recorded pre-sales of Rs 455 crore for 0.68 million sq ft saleable area in residential business for the quarter ended September. The company’s collections in residential business during the quarter stood at Rs 311 crore. The developer launched 0.47 million sq ft of saleable area as part of its phase 3 at Tathawade in Pune. “The real estate industry is witnessing strong tailwinds especially in the mid-premium and premium segments.

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