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Shares of Mahindra Lifespace Developers Ltd. gained nearly 7% on Wednesday, September 17, after the company secured projects to redevelop two housing societies in Mumbai.
In a stock exchange filing on Tuesday, the company said it has been selected as the redevelopment partner for two housing societies in the Diamond Garden area of Chembur, Mumbai.
The projects, cumulatively spanning nearly 4.4 acre, have a combined gross development potential of around ₹1,700 crore, the company said.
The projects will deliver sustainable, well-planned homes equipped with modern amenities and strong connectivity, Mahindra Lifespace said. The initiative reflects the company's continued focus on society redevelopment, a segment that is gaining traction in Mumbai’s real estate market amid rising demand for quality residential projects, it added.
“Redevelopment remains a key growth driver, enabling us to bring premium living solutions to high-demand neighbourhoods like Chembur," Vimalendra Singh, Chief Business Officer – Residential, Mahindra Lifespace Developers, said.
Shares of Mahindra Lifespace Developers gained 6.6% to hit an intraday high of ₹393.8 apiece on Wednesday. The stock was up 2.5% at 378.7 apiece around 2.15 pm. It has gained 11.3% in the past month, 36.7% in the last six months but has declined 11.5% this year, so far.
Also Read: BEL, GRSE, other defence peers surge up to 7% on order wins, buying interest
In a stock exchange filing on Tuesday, the company said it has been selected as the redevelopment partner for two housing societies in the Diamond Garden area of Chembur, Mumbai.
The projects, cumulatively spanning nearly 4.4 acre, have a combined gross development potential of around ₹1,700 crore, the company said.
The projects will deliver sustainable, well-planned homes equipped with modern amenities and strong connectivity, Mahindra Lifespace said. The initiative reflects the company's continued focus on society redevelopment, a segment that is gaining traction in Mumbai’s real estate market amid rising demand for quality residential projects, it added.
“Redevelopment remains a key growth driver, enabling us to bring premium living solutions to high-demand neighbourhoods like Chembur," Vimalendra Singh, Chief Business Officer – Residential, Mahindra Lifespace Developers, said.
Shares of Mahindra Lifespace Developers gained 6.6% to hit an intraday high of ₹393.8 apiece on Wednesday. The stock was up 2.5% at 378.7 apiece around 2.15 pm. It has gained 11.3% in the past month, 36.7% in the last six months but has declined 11.5% this year, so far.
Also Read: BEL, GRSE, other defence peers surge up to 7% on order wins, buying interest
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