Indian real estate developers aim for 3,000 acres in land deals in FY24, a 59% increase from last year, driven by increased land availability and high demand.
Mahindra Lifespace Developers Ltd. acquired 9.4 acres in Bengaluru for a Rs. 1,700 crore residential project, focusing on mid-premium housing and spanning 1.2 million sq ft.
The real estate sector faced a significant decline in today’s stock market, with Unitech leading the fall with a 51% drop.
Mahindra Lifespace Developers Ltd may explore private equity funding for future projects but has no current plans to dilute its stake, according to Vice-Chairman Arun Nanda.
Realty stocks surge in afternoon trade, with BSE Realty index up 3.7%. DLF leads with a 7% gain, followed by other prominent players like Unitech and India Bulls Real Estate.