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Mahindra Lifespace Developers Ltd, the real estate arm of the Mahindra Group, acquired a 13.46-acre parcel of land in Pune's Nande-Mahalunge locality to develop a residential project with an estimated development potential of INR 3,500 crore. The firm, which withheld details of the seller, also unveiled plans to redevelop four housing societies in Malad (West), Mumbai, projecting around INR 800 crore in revenue from the sale of the free-sale component.
Mahindra Lifespace Developers Ltd announced earlier this week that it had acquired a 13.46-acre land parcel in the upscale neighbourhood of Nande-Mahalunge, Pune, for the development of a large-scale residential project. According to the company's regulatory filing, the project is expected to yield a total development potential of approximately INR 3,500 crore. The company, a subsidiary of the Mahindra Group, did not disclose the seller's identity or the transaction value of the deal. Advertisement
In addition to this, Mahindra Lifespace revealed that it would undertake the redevelopment of four housing societies located in Malad (West), Mumbai. The project, which spans about 1.65 acres, is anticipated to generate revenue of around INR 800 crore from the sale of the free-sale component.
The company currently has a development footprint of about 49.26 million sq ft of saleable area across seven cities in India, encompassing completed, ongoing, and forthcoming residential projects. Furthermore, Mahindra Lifespace is engaged in the development and management of over 5,000 acres of integrated developments and industrial clusters across four locations.
Mahindra Lifespace's recent acquisition in Pune and its redevelopment initiative in Mumbai highlight the company's continued focus on strengthening its residential portfolio in key urban markets. With an extensive presence across major Indian cities and integrated projects spanning thousands of acres, the company continues to consolidate its position as a prominent player in the country's real estate landscape.
Source - PTI
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