The milestone has vindicated the Group's entry into the real estate sector, he said.
At BSE the shares of Mahindra LifeSpace were up by 2.29% and were trading at ₹519.75 (11:28 AM). The market capitalization of the company was ₹8,032.51 crore.
This morning, @life_spaces crossed a market cap of $1bn and became the next ‘unicorn’ in our Group. I remember when I entered the Real Estate sector in the late ‘80s via Mahindra Ugine, I was told that we would not survive without transacting in black money, tweeted Anand Mahindra.
"My gratitude to Arun Nanda who led the sector & to the @life_spaces team led by Arvind for getting us to this milestone & vindicating our entry," Mahindra said.
Arun Nanda officially retired as the company's Chairperson (Non-Executive Non-Independent) on 28 July. The company's board of directors approved the appointment of Ameet Hariani, a Non-Executive Independent Director, as the new Chairperson.
Mahindra Lifespace Developers Ltd's Managing Director and CEO are Arvind Subramanian.
Mahindra Lifespace Developer, based in Mumbai, is one of the country's leading real estate developers.
Mahindra LifeSpace Developers Ltd was established in 1994. Its footprint span 32.14 sq ft of residential projects (completed, ongoing and upcoming) across seven Indian cities.
The company also has over 5000 acres of ongoing/forthcoming projects at its integrated development/industrial clusters across four locations.
Mahindra Lifespace Developers Ltd announced in April an investment of ₹500 crore to develop India's first net-zero energy housing project in Bengaluru. The housing project will cover 550 units.
The company also announced that starting from 2030, it will only develop net-zero housing projects, and it aims to become carbon neutral by 2040, ten years ahead of the Paris Agreement targets.
With Inputs from PTI.
