Mahindra Lifespace Developers sells 150 homes in its residential project Mahindra Zen in just two days
Upstox
2 min read • Updated: April 19, 2024, 1:57 PM
Summary
Mahindra Lifespace Developers said the project witnessed a significant response from homebuyers, with over 150 homes booked within just two days, comprising nearly 65% of the launched inventory. Located at Manipal County Road, off Hosur Road, Mahindra Zen consists of two towers, each with G+25 floors. The sold inventory amounts to ₹350 crore, the company said in an exchange filing.
Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, announced the launch of its residential project Mahindra Zen. The project witnessed a significant response from homebuyers, with over 150 homes booked within just two days, comprising nearly 65% of the launched inventory.
The location of Mahindra Zen offers easy access to major business parks and IT hubs like Electronic City, the company stated. Located at Manipal County Road, off Hosur Road, Mahindra Zen consists of two towers, each with G+ 25 floors. The sold inventory amounts to ₹350 crore, Mahindra Lifespace said in an exchange filing. However, shares of the company were trading 0.6% lower on Friday.
Mahindra Lifespace Developers’ development footprint spans 3.5 crore square feet of completed, ongoing and forthcoming residential projects across seven Indian cities and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/ industrial clusters across four locations.
Recently, the company had announced the purchase of approximately 2 acres of land in Whitefield, East Bengaluru. The land is estimated to have a developable potential of approximately 2 lakh square feet of saleable area and a gross development value of approximately ₹225 crore, primarily comprising mid-premium residential apartments, the company had said.
During the third quarter of fiscal year 2024, Mahindra Lifespace Developers reported a 56% drop in its consolidated operating revenue at ₹82 crore. However, net profit rose over 46% year-over-year to ₹50 crore supported by a significant drop in expenditure.
Earnings before interest tax, depreciation and amortisation (EBITDA) rose over 685% to ₹43.2 crore during the quarter. The company’s net debt to equity ratio increased to 0.16 compared to 0.03 in the same quarter a year ago.
Shares of Mahindra Lifespace Developers rose over 14% since the beginning of the year. The stock has gained over 72% in last one year.