Mahindra Lifespace Aims for ₹8000-10,000 Crore in Housing and Industrial Sales by FY28
Realty firm Mahindra Lifespace Developers Ltd has set an ambitious target to significantly increase its annual sales of housing properties and industrial spaces to ₹8,000-10,000 crore by the fiscal year 2027-28.
In the last fiscal year, Mahindra Lifespace sold residential properties and industrial spaces worth ₹2,698 crore, a notable increase from ₹2,268 crore in FY 2022-23. Despite this growth in sales, the company experienced a marginal decline in its consolidated net profit, which fell to ₹97.89 crore from ₹101.43 crore the previous year. The company's total income also saw a significant drop to ₹279.12 crore from ₹659.56 crore in the previous fiscal year. This decline was attributed to various market conditions and operational challenges that the company faced during the year.
During a recent investor presentation, Mahindra Lifespace highlighted its strategic plans to achieve this new target across its two verticals: residential and industrial parks. The company has been actively acquiring land and partnering with landlords to develop new residential properties. It has also ventured into the redevelopment of housing societies in Mumbai, a move that is expected to further boost its residential portfolio. The redevelopment of these housing societies is particularly strategic, given Mumbai's space constraints and the high demand for modern, upgraded living spaces.
Amit Sinha, Managing Director & CEO of Mahindra Lifespace Developers, expressed optimism about the company's future. He noted that FY24 concluded with the company's highest ever annual sales, driven by successful property launches throughout the year. On the operational front, Mahindra Lifespace recorded its highest ever pre-sales of ₹2,328 crore in the residential sector, covering a saleable area of 2.47 million square feet. This success was driven by a combination of strategic location selection, competitive pricing, and effective marketing campaigns that resonated well with potential buyers.
In the industrial sector, the company carried on good deals, with land leasing of 119.4 acres for ₹370 crore. These achievements underscore the company's robust operational performance and strategic focus on expanding its industrial footprint.
Mahindra Lifespace, the real estate and infrastructure development arm of the Mahindra Group, manages over 5,000 acres of ongoing and forthcoming projects across four key locations. The company's extensive portfolio and strategic initiatives position it well to capitalize on the growing demand for real estate and industrial spaces in India. Mahindra Lifespace’s integrated developments and industrial clusters are designed to offer a comprehensive ecosystem for businesses and residents alike, enhancing the overall value proposition for stakeholders.
As the real estate sector continues to evolve, Mahindra Lifespace's proactive approach and strategic investments are expected to drive sustained growth and profitability in the coming years.
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