Mahindra Lifespace Developers Ltd
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BSE Code:
532313
NSE Code:
MAHLIFE
Business Profile
Business Profile
Mahindra Lifespace Developers (MAHINLIFE), a Mahindra Group company, is engaged in real estate development and construction. It was formed in December 2001 when GESCO Corporation and Mahindra Realty & Infrastructure Developers combined operations. Earlier known as Mahindra Gesco Development, it got its present name with effect from Nov. 29, 2007.
The ISO 9001:2000 certified company has developed 2.6 million sq. ft. of residential property over the past decade, establishing itself as a premium brand. It has undertaken residential projects like Mahindra Heights, G.E. Gardens, Mahindra Park, Mahindra Gardens, and many more. Commercial projects include G.E. Galleria, G.E. Plaza in Pune and Delhi, and G.E. Centre in Delhi. It has undertaken large commercial and residential projects for various top corporate entities like Intel, Microsoft, and Motorola in Mumbai, Pune and Delhi. Four of its projects, namely Mahindra Eminente and Mahindra Splendour in Mumbai, Mahindra Royale in Pune, and Mahindra Chloris in Faridabad are registered for the prestigious LEED certification for Green Buildings.
Recent awards include the Award of Excellence in the category of planning, research, and communications by the St. Louis Chapter of ASLA in 2007 and Award of Excellence in the category of planning by the Central States Conference of ASLA in 2008. The company has executed India`s first SEZ based on the public private partnership (PPP) model with 94% of the industrial land committed for leasing at its Chennai project. A joint venture is in place with Knight Frank of UK, international property consultants and property management providers, and with Semb Corp of Singapore, a leading international construction company dealing with infrastructure and project management in the Far East.
Mahindra Residential Developers, a subsidiary company, signed an agreement early 2008 with ARCH Capital Asian Partners, an affiliate of Ayala Land and Ayala Corporation, to undertake the development of a gated residential community in approximately 55 acres within the company`s pioneering special economic zone at Mahindra World City, New Chennai. An agreement was signed in Colombo between the Board of Investments of Sri Lanka and Mahindra Lifespaces Developers for developing a special economic zone (SEZ) at Katunayeke in Sri Lanka. In consortium with B.E. Billimoria & Co., a residential project over is to be developed over 25 acres of land at multi-modal internal hub airport (MIHAN) at Nagpur.
The registered office of the company is located at Mahindra Towers, 5th Floor, Worli, Mumbai-400018.
Financials
Mahindra Lifespace Developers registered a steep drop of 20.08% in net profit of Rs 97.5 million for the quarter ended June 2008 from a profit of Rs 122 million for the quarter ended June 2007.
Net sales rose 38.38% to Rs 482.1 million for the quarter ended June 2008 from Rs 348.4 million for the quarter ended June 2007.
Total income rose 13.82% to Rs 539.6 million for the quarter ended June 2008 from Rs 474.1 million for the quarter ended June 2007.
The earnings per share (EPS) of the company stood at Rs 2.39 for the quarter ended June 2008.
Recent Developments
29-AUG-08
The Chief Minister of Rajasthan inaugurated Mahindra World City`s IT SEZ - part of the 2,600 acre multi-product SEZ in Jaipur.
30-JUN-08
Mahindra World City, Jaipur signs a memorandum of understanding with Vamani Overseas to set up a 4-acre campus in its handicraft zone.
06-MAY-08
Mahindra Lifespaces consortium with B.E. Billimoria & Co. (BEBL) has jointly won a residential development project over 25 acres of land at multi-modal internal hub airport (MIHAN) at Nagpur. The consortium will form a special purpose vehicle to undertake the project in which the company will hold 70% and BEBL the balance 30%.
05-MAY-08
Mahindra World City, a prestigious project by the company in Chennai, bags world renowned awards in architecture and design.
- Award of Excellence in the category of planning, research, and communications by the St. Louis Chapter of ASLA in 2007.
- Award of Excellence in the category of planning by the Central States Conference of ASLA in 2008.
21-APR-08
Mahindra Lifespace Developers has entered into a joint venture agreement between its subsidiary company, Mahindra Residential Developers (MRDL) and ARCH Capital Asian Partners, an affiliate of Ayala Land and Ayala Corporation.
12-FEB-08
An agreement was signed in Colombo between the Board of Investments of Sri Lanka and Mahindra Lifespaces Developers for developing a special economic zone (SEZ) at Katunayeke, Sri Lanka. The SEZ, stretched over 65 acres for a mixed-use development including an IT Park, will be located opposite the Bandarnayake International Airport. This SEZ would involve development of around 3 million sq. ft. of built-up space.
Future Plans
The company plans to invest in two new subsidiaries, viz. Mahindra World City (Jaipur) and Mahindra World City (Maharashtra), which will develop two new SEZs of 3,000 acres each in partnership with the governments of Rajasthan and Maharashtra for multi product SEZs near Jaipur and Lonavala.
The company has planned three SEZs in Jaipur, Thane, and Karla (near Pune). The company is expanding into Tier II cities and pursuing residential properties in SEZs.