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Real estate and infrastructure development arm of the Mahindra Group, Mahindra Lifespace Developers, has posted 18 per cent rise in net profit at Rs 33 crore for the quarter-ended December 31, 2010, compared with Rs 28 crore logged in the same period last year.
Total income was up 43 per cent at Rs 156 crore (Rs 109 crore).
Sale of residential units (together with those of its subsidiaries) increased 50 per cent to Rs 581 crore for the nine-month period ended December 31, 2010, against Rs 386 crore. The corresponding area sold was 1.16 million sq.ft., compared with 0.86 million sq.ft.
During the quarter, Mahindra Integrated Township, a subsidiary of the company, launched a residential project within Mahindra World City, Chennai.
Mahindra World City Developers added five industrial customers at Mahindra World City, taking the total number to 55, of which 35 are operational. It also inked a deal with Duet Hotels, a UK-based hotel fund, to set up a business hotel at Mahindra World City.
Mahindra World City, Jaipur, has 28 customers, of which three are operational and nine have begun construction including ICICI Bank and State Bank of India.
This apart, 10 companies have entered into memorandum of understanding with MWC- Jaipur.
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