Shares of Mahindra Lifespace Developers Ltd rallied 5% on 5 July after the company announced closing two real estate deals with a gross development value (GDV) of Rs 2,050 crore. 

In its regulatory filing, the company said, “Mahindra Life has been chosen as the preferred partner for the redevelopment of seven residential societies in Borivali West, Mumbai. This project offers an estimated GDV of approximately Rs 1,800 crore. The project will be developed under the state’s cluster redevelopment policy.”

The company has also acquired 2.37 acres of land in Singasandra, South Bengaluru, which is beside its existing Mahindra Zen project that received a tremendous response during its launch. This land is estimated to have a development potential of around 0.25 million square feet with a gross development value of around Rs 250 crore. 

The Board of Directors are also set to meet on 24 July to consider and approve the unaudited standalone and consolidated financial results of the company for the April-June quarter for the fiscal year 2024-25. 

Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers Ltd said, “These strategic moves in Mumbai and Bengaluru, with a combined GDV potential of ₹2050 crore, mark a significant milestone in our growth trajectory. Our third redevelopment project in Mumbai, with a GDV of ₹1800 crore, reinforces our commitment to urban renewal by creating value in established neighbourhoods.”

At 12:58 pm, the shares of Mahindra Lifespace were trading 2.68% higher at Rs 627.05 on NSE.