Mahindra Lifespace is eyeing Rs 500 crore from annual lease business. | Tech US News

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Mahindra Lifespace Developers is targeting an annual revenue of Rs 500 crore from lease deals by the end of 2024, its chief business officer, Raja Ram Pai, told ET.

The company has seen an increase in lease deals at its industrial parks in Chennai and Jaipur, and has also added new parks. In the second quarter of FY23, the company leased 22.3 acres of land to nine companies for Rs 68 crore, while nine customers paid Rs 118 crore for 42.3 acres in the previous quarter at Mahindra World City in Jaipur.

“Our target is to achieve a leasing business of Rs 500 crore in the next two years and we are well on our way to achieving this milestone,” Pai said.

In FY22, 110.6 acres of land was leased to 18 customers for Rs 298 crore.

According to Pai, the government’s ‘Gati Shakti’ infrastructure program and the National Logistics Policy will create hubs and nodes that will help fuel growth.

“As far as development is concerned, some will be in the city and some will be outside the city. But the aim is primarily to be able to meet the demands of the various 3PL and e-commerce customers,” Pai said.

Mahindra Lifespace Developers recently entered into an agreement with Actis, a global investor in sustainable infrastructure, to establish a joint venture platform for the development of industrial and logistics real estate facilities across India. can go.

“The sector is growing quite rapidly. We are seeing a lot of interest from private equity players as well as developers who are branching out into small-sized land areas for industrial and warehouse development,” the executive said. .

The company said the National Capital Region (NCR) and Mumbai may be the main hubs, but the sub-units may actually be spread 100 or 150 km away from the city.

“We are looking at how the hubs and nodes are actually working. We are studying all the government announcements for scope of opportunities. The National Logistics Policy has been a very viable setup,” Pai said. “We’re also looking at the next set of cities where this growth is going to emerge.”

By the end of June 2022, the Mahindra Group’s IC and IC (Integrated Cities and Industrial Clusters) businesses in India, which include industrial sites, generated direct employment for over 62,613 people and a turnover of Rs 1,38,386 crore. Made exports.

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