The real estate and infrastructure development arm of the Mahindra Group, Mahindra Lifespace Developers, posted an 18 per cent rise in net profit at Rs 17 crore for the quarter-ended June 30, against Rs 14 crore logged in the same period last year.
Operating income was up 20 per cent at Rs 81 crore (Rs 68 crore).
During the quarter, the sales of residential units by the company (together with those of its subsidiaries) rose 87 per cent to Rs. 172 crore (Rs. 92 crore). The corresponding area sold was 0.34 million sq.ft. (201 units) compared to 0.15 million sqft (81 units) in the previous year.
At Mahindra World City-Chennai the total number of customers, as of Q1FY12 were 58, of which 37 are operational. Holiday Inn Express is set to operate a Business Hotel there.