Realty firm Mahindra Lifespace Developers Ltd is targeting a sharp increase in its annual sales of housing properties and industrial space to ₹8,000-10,000 crore by 2027-28 fiscal on rising demand.

Mumbai-based company sold residential properties and industrial space worth ₹2,698 crore in the last fiscal as against ₹2,268 crore in FY 2022-23.

According to the latest presentation in an investor meet, Mahindra Lifespace has mentioned about the new targetin its two verticals, residential and industrial park.

Mahindra Lifespace has been actively buying land and also partnering with landlords for development of residential properties. It has also entered into redevelopment of housing societies in Mumbai.

Financial portfolio

During the last fiscal, Mahindra Lifespace reported a marginal decline in consolidated net profit to ₹97.89 crore on lower income.

Its net profit stood at ₹101.43 crore in the preceding year.

The company's total income fell to ₹279.12 crore last fiscal from ₹659.56 crore in 2022-23.

Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers, had said, "We closed FY24 with our highest ever annual sales driven by successful launches throughout the year."

On the operational front, the company recorded its highest ever pre-sales of ₹2,328 crore (saleable area - 2.47 million sq ft, RERA carpet area 1.84 million sq ft) in residential business during the last fiscal year.

The company also achieved land leasing of 119.4 acres in the industrial business for ₹370 crore.

Mahindra Lifespace is the real estate and infrastructure development business of Mahindra Group.

It has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.

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