Anand Mahindra, Chairman of Mahindra Group, announced on Friday that the market capitalisation of its realty firm Mahindra Lifespace has surpassed USD 1 billion, proving critics wrong that the company could not survive without transacting in black money. According to him, the achievement validated the Group’s entry into the real estate sector. Mahindra Lifespace Developers Ltd is the Mahindra Group’s real estate wing. It is publicly traded on stock exchanges.
At 1128 hrs, Mahindra Lifespace Developers shares were trading at Rs 519.75 per share on the BSE, up 2.29%. The company’s market capitalisation was Rs 8,032.51 crore.
This morning, Mahindra Lifespace surpassed a market capitalisation of USD 1 billion and became the Group’s next ‘unicorn.’ “When I first entered the real estate sector in the late 1980s through Mahindra Ugine, I was told that we would not survive unless we transacted in black money.”
“But that was precisely why I felt we had to enter the sector and prove the sceptics wrong,” he tweeted.
Mahindra Lifespace Developer, based in Mumbai, is one of the country’s leading real estate firms. Mahindra Lifespace Developers Ltd, founded in 1994, has a development footprint of 32.14 million square feet of completed, ongoing, and upcoming residential projects in seven Indian cities.
Mahindra Lifespace Developers Ltd announced an investment of Rs 500 crore in April to build India’s first net-zero energy housing project in Bengaluru, consisting of approximately 550 units.
The company also announced that beginning in 2030, it will only develop net-zero housing projects, and that it will become carbon neutral by 2040, ten years ahead of the Paris Agreement targets.