Mahindra Lifespace Developers jump over 2% on land acquisition plan

Shares of Mahindra Lifespace Developers touched its 52-week high in the morning trade on Monday after the realty firm said it is looking to acquire a few land parcels this fiscal to build housing projects.

Shares of the company opened at ₹541.95 on Monday, then gained 2.37 per cent to touch ₹550.40, its 52-week high level on the BSE.

Similar movement was seen on the NSE. The stock opened at ₹539 and later touched its 52-week high of ₹539.30 apiece.

The company’s Managing Director and Chief Executive Officer Arvind Subramanian said it is looking to acquire new land parcels for business expansion in three focus cities: Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.

He highlighted that the company already acquired a land parcel this fiscal that has a Gross Development Value (GDV) of ₹1,700 crore and the deal pipelines are strong.

In terms of the GDV, he said the new land acquisition should be in the ₹3,000-4,000 crore range and the company was well above the guidance in creating new business development opportunities.