Shares of Mahindra Lifespace Developers soared 8% to Rs 374.50 in intraday trade on the BSE on Thursday after the company said it would venture into society redevelopment space and develop two adjoining housing societies in Mumbai’s Santa Cruz suburb.

Mahindra Lifespace Developers is the real estate and infrastructure development arm of Mahindra Group. “The company and the two associations will sign the final documents after completing due diligence. The project will bring in the revenue potential of around Rs 500 crore for Mahindra Lifespace,” the company said in a bourse filing.

Mahindra Lifespace has developed over 10.77 million square feet of space in the Mumbai metropolitan area. The release added that the company had delivered homes to more than 14,800 satisfied clients across India, covering a total area of ​​32.14 million square feet of completed, ongoing and upcoming residential projects across seven Indian cities.

Mahindra Lifespace had earlier announced an increase in the land bank with a revenue potential of Rs 2,100 crore in FY23. The current growth has surpassed the FY23 land bank guidance of Rs 2,500 crore in annual development value.