Mahindra Lifespaces and B E Billimoria Secure MIHAN Residential Project
Mahindra Lifespaces and B E Billimoria have jointly secured a bid to develop a substantial 25-acre residential project at the Multi-modal International Hub Airport (MIHAN) in Nagpur. This ambitious undertaking will be executed through a dedicated special purpose vehicle (SPV), with Mahindra Lifespaces holding a 70% stake and B E Billimoria contributing the remaining 30% equity.
Project Details and Timeline
The broader MIHAN project encompasses the comprehensive development of an airport, an aircraft maintenance area, along with a dedicated special economic zone (SEZ) and the necessary support infrastructure. In the initial phase of the residential development, Mahindra Lifespaces is slated to develop 1.6 million square feet of built-up area over the next 36 months. This phased approach allows for effective management and timely completion of the construction.
Mahindra Lifespaces Financial Performance
Mahindra Lifespaces reported robust financial performance for the fourth quarter ending March 31, 2008. The company achieved a total income of Rs 69.03 crore, marking a significant 83% increase compared to Rs 37.80 crore during the same period in the previous year. Furthermore, its total income for the entire fiscal year 2008 reached Rs 219.96 crore, which represents a substantial 35% growth from Rs 163.26 crore in the prior fiscal year. This positive financial trajectory underscores the company's strong position within the real estate sector.