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Mahindra Lifespaces rises on planning to launch four new housing projects by March 2021

Mahindra Lifespace Developers is currently trading at Rs. 284.80, up by 1.45 points or 0.51% from its previous closing of Rs. 283.35 on the BSE.

The scrip opened at Rs. 285.80 and has touched a high and low of Rs. 291.50 and Rs. 282.75 respectively. So far 731 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 428.25 on 01-Feb-2020 and a 52 week low of Rs. 171.20 on 07-May-2020.

Last one week high and low of the scrip stood at Rs. 293.90 and Rs. 274.55 respectively. The current market cap of the company is Rs. 1454.08 crore.

The promoters holding in the company stood at 51.47%, while Institutions and Non-Institutions held 26.65% and 21.88% respectively.

Mahindra Lifespaces is planning to launch four new housing projects, comprising over 900 units, in Mumbai, Pune and Chennai by March next year (2021) as part of its expansion plan for future growth. The company’s sales booking improved in the second quarter and are likely to be strong on festive demand during the October-December period. The demand for residential properties has improved post lockdown, which was imposed to curb the spread of COVID-19 pandemic, driven by the salaried class who have a predictable income source.

The company has achieved a sales booking of Rs 115 crore in the second quarter and Rs 154 crore during the first six months of this financial year. It collected around Rs 200 crore from customers during the first half. Mahindra Lifespaces has so far completed projects totalling about 17.48 million sq ft, with another 7.6 million sq ft under construction and forthcoming. The company is developing integrated cities and clusters in Chennai and Jaipur as Mahindra World City.

Mahindra Lifespace Developers is the real estate and infrastructure development business of the $19 billion Mahindra Group, and a pioneer of sustainable urbanization in India.

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