Mahindra Lifespace rises on plan to open offices in key overseas market

28 May 2015

Mahindra Lifespace Developers is currently trading at Rs. 455.90, up by 5.25 points or 1.16% from its previous closing of Rs. 450.65 on the BSE.

The scrip opened at Rs. 456.00 and has touched a high and low of Rs. 464.05 and Rs. 450.00 respectively. So far 1,193 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 659.00 on 31-Jul-2014 and a 52 week low of Rs. 425.00 on 28-May-2014.

Last one week high and low of the scrip stood at Rs. 468.20 and Rs. 448.00 respectively. The current market cap of the company is Rs. 1,869.00 crore.

The promoters holding in the company stood at 50.83% while Institutions and Non-Institutions held 30.17% and 18.89% respectively.

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, is planning to open offices in key overseas markets to assist NRIs in buying its properties in India, with an aim to increase the contribution of international sales in its total revenues to up to 25% over next few years. There are some NRIs who look at Indian real estate market as an investment opportunity while there are others who are looking at buying first homes.

The company had recently opened its first international office in Dubai which will address the needs of non-resident Indians in the Gulf Cooperation Council (GCC) region. After GCC, the company is likely to set up a similar office in other key markets like USA and Singapore. There is a significant demand from NRIs in the GCC, primarily in markets like Tamil Nadu, Karnataka, Kerala and Andhra Pradesh, while those in the US and Singapore are also looking at cities like Mumbai, Pune, NCR, Nagpur and Bengaluru, among others.

Mahindra Lifespace Developers, the real estate development business of the $16.5 billion Mahindra Group, is a leader in sustainable urbanization, through the creation of residential and integrated large format development across India. Mahindra Lifespaces has a footprint of over 7.3 million sq ft of completed projects and over 11.3 million sq ft of ongoing and forthcoming projects. The company has pioneered the concept of an integrated business city through ‘Mahindra World City’ developments in Chennai and Jaipur.

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