Mahindra Lifespace Developers to purchase land in Bombay, Pune, MMR

13 Sep 2022 , 09:57 AM

CEO and Managing Director of the firm, Arvind Subramanian, has stated that the company is aiming to purchase new land parcels for business development in three main cities: Bengaluru, Pune, and the Mumbai Metropolitan Region (MMR).

He emphasized that the transaction pipeline is solid and that the business has already bought a land parcel this fiscal with a Gross Development Value (GDV) of Rs1,700 crore. He stated that the new land purchase should cost between Rs3,000 and Rs4,000 crores in terms of GDV and that the company had far exceeded expectations in developing new business prospects.

On Monday, Mahindra Lifespace Developers’ shares erased most of their early gains and closed just slightly higher.The stock started trading at Rs 541.95 before rising 2.37 percent to reach its 52-week high on BSE at Rs 550.40. It lost those gains, though, and closed the day 0.35 percent higher at Rs 539.55.

On the NSE, a similar movement was also observed. The stock started the day at Rs539 and closed at Rs540, up 0.78 % from the previous close. Meanwhile, the 30-share benchmark index Sensex finished at a three-week high of 60,115.13 points, up 321.99 points or 0.54 %.