Mahindra Lifespace Developers records Rs 455 crore pre-sales in July-September
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.
This gives us confidence for our upcoming launches over the next few months. Our industrial leasing business has a strong pipeline driven by domestic consumption and China+1 themes,” said Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers.
In the industrial leasing business, Mahindra Lifespace Developers recorded land leasing worth Rs 32.2 crore for a total 9.9 acres.
The company’s consolidated net loss for the quarter stood at Rs 19 crore as against loss of Rs 7.7 crore a year ago and a loss of Rs 4.3 crore in the first quarter of 2023-24.
Total income stood at Rs 25.7 crore as against Rs 73.8 crore a year ago and Rs 110.1 crore in the previous quarter.
The company has recently acquired 5.38 acres of land in Pune’s Wagholi locality with a development potential of over 1.5 million sq ft saleable area.
For the first half of 2023-24, the company’s consolidated net loss stood at a loss of Rs 23.2 crore as against a profit of Rs. 67.7 crore in the first half of 2022-23.
The consolidated total income for the period stood at Rs 135.8 crore as against Rs 191.2 crore a year ago.
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