Mahindra Lifespaces, the real estate arm of the Mahindra Group, reported a widening of its net loss to Rs 18.93 crore in the second quarter of the financial year 2023-24. This figure represents a significant increase from the previous quarter when the company reported a net loss of Rs 11.85 crore.

The company's total income during the period also witnessed a decline, reaching Rs 59.34 crore compared to Rs 64.68 crore in the first quarter. This drop in income can be attributed to a decrease in new project launches and slower sales due to the ongoing COVID-19 pandemic and the resulting economic impact.

Mahindra Lifespaces' Chief Financial Officer, Arvind Jalota, stated that the widening net loss was primarily due to higher project costs and costs related to the acquisition of additional land parcels.

Despite the challenging market conditions, the company's management remains