Mahindra Developers likely to close 4-5 land acquisitions
Mahindra Lifespace Developers Ltd is planning to drop its idea to procure four to five lands as it is looking forward to plan new projects.
So far, the company has signed eight memorandum of understanding (MoUs) for land acquisition. The managing director of the company revealed that two out of eight deals have been closed in the last quarter of 2012. It recently closed another deal and the remaining deals are in different stages. It is planning to look over them and close them as soon as possible.
Earlier, the company was planning to sign its all memorandums. The deals which are under due diligence stage will be closed by recently raised Rs 500 crore through non-convertible debentures.
The three deals which are being concluded includes two in Mumbai and one in Bangalore. The Mumbai deals include Boisa site and Nicomet site on the Andheri-Kurla road.
Boisa site spreads across three 14.5 acre of land with a development potential of 5.5 lakh sq ft. The relator is planning to develop an affordable housing project on this site. The Nicomet site spreads across three acres of land with development potential of 3.6 lakh sq ft
The Bangalore parcel include 4.5 acre site in Bannerghatta Road with development potential of 6 lakh sq ft.
Approvals and designing works at Boisar site has been completed. While on Nicomet site, an architect has been appointed with other formalities to be completed soon. The company is yet to start construction at Bangalore site.
Mahindra Lifespace had signed a joint agreement on a five acre mill land near Byculla Zoo in Mumbai. The developer invested Rs 70 crore in this land deal. Currently, the partners are looking to sell land and share consideration equally. In this regard, the company had already issued a mandate to Cushman & Wakefield.
The company announced 95 percent increase in its consolidated net profit for the first quarter of 2013. The total earnings of the company in same quarter increased 32 percent to Rs 368 crore. It is expecting to finish five million sq ft development in next fiscal.
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affordable housing project, land acquisition, Mahindra developers, Mahindra Lifespace Developers Ltd, memorandum of understanding, MoU
