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Shares of Mahindra Lifespace Developers touched their 52-week high in early morning trade on Monday, September 12, after the realty firm said it was looking to acquire a few land parcels this fiscal year to build housing projects with sales potential of Rs 3,000-4,000 crore.

Shares of the company gained 2.37 percent and touched an intraday high of Rs 550.4, its 52-week high level on the BSE. At 11:49, shares of Mahindra Lifespace were trading at Rs 539, up by 0.3 percent from the previous close on the BSE.

In an interview with news agency PTI, the company's Managing Director (MD) and Chief Executive Officer (CEO), Arvind Subramanian, said Mahindra Lifespace is looking to acquire new land parcels for business expansion in three focus cities — Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

"Last year, I had set guidance of Rs 2,500 crore worth of the new land acquisition. All these numbers are GDV, so the sales value of the new land that we acquire and not the cost of land acquisition. We did Rs 3,800 crore last fiscal year and this year we have already done Rs 1,700 crore. We will certainly be doing at least an equivalent amount in the rest of the year," Subramanian said.

According to the company, they have already acquired a land parcel with a gross development value (GDV) of $1,700 crore this fiscal year, and there are plenty of deals in the pipeline as well.

Also read: Mahindra Lifespace eyes land parcels to build housing projects with Rs 4,000 crore sales potential

Subramanian further added that the company is well above the guidance in creating new business development opportunities, according to the GDV, with the new land acquisition in the Rs 3,000- Rs 4,000 crore range.

Mumbai-based Mahindra Lifespace Developers, a part of the Mahindra Group, is one of the leading real estate players in the country. The company's market cap recently touched $1 billion (about Rs 8,000 crore).

The company also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated industrial parks across four locations.

Mahindra Lifespace Developers reported a consolidated net profit of Rs 75.70 crore in the first quarter of this fiscal year. The company had posted a net loss of Rs 14.04 crore in the year-ago period.

The total income fell to Rs 117.34 crore during the April-June quarter of the 2022-23 fiscal from Rs 154.20 crore in the year-ago period.

(With inputs from PTI)

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