Mahindra Lifespaces to jointly develop 4.8-acre land parcel in Dahisar.

Mahindra Lifespace Developers, the real estate arm of Mahindra Group, has finalised terms for a joint development on a 4.8-acre land parcel in Dahisar East, Mumbai, the company said in a BSE filing.

This is company's first project in Dahisar and will offer approximately 5 lakh sq. ft. of carpet area.

"Our foray into Dahisar is in line with our focus on high performing micro-markets with strong demand for projects by trusted brands. We have seen success with this strategy and will continue to expand our residential business in well-established suburbs with a track record of quick absorption," said Arvind Subramanian, MD & CEO of the company.

The company recently reported a consolidated net profit of Rs. 13.23 crore for the quarter ended September 2021. Its net consolidated total income stood at Rs. 65.70 crore in Q2 FY22, a growth of 75 per cent from Rs. 37.42 crore it registered in the similar quarter last year.

Consolidated cost of debt stood at 6.7% while standalone cost of debt stood at 5.7%. The company has market capitalisation of Rs. 4,258 crore as of September 30, 2021.

ET