The real estate and infrastructure development business of the Mahindra Group has collected Rs 297 crore in residential business, recording a sequential growth of 122%, the company said in a regulatory filing.
“Residential housing demand has been strong across markets and we have recorded broad-based growth in our sales and collections. In fact, Q3 sales and collections have been higher than the entire H1 FY21…In the residential segment, Q4 promises to be exciting for us with important project launches lined up and a few land acquisition deals expected to conclude,” Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers.
According to him, the company is witnessing a “meaningful uptick” in enquiries in its industrial parks business, and expects a build-up in leasing volumes over the coming quarters.
The developer has leased 17.2 acres land for Rs 33 crore in its Integrated Cities and Industrial Clusters business.
For the quarter, the company has reported consolidated net loss of Rs 11 crore as against Rs 13 crore in the previous quarter. Total income rose to Rs 70 crore from Rs 37 crore in the September quarter.
The company’s consolidated cost of debt stood at 7.5%, while it stood at 4.9% on a standalone basis.